If Flutter Entertainment looks enviously at its peers in the United States, it’s not hard to see why. Shares in the FTSE 100 group, formed via the merger of Paddy Power and Betfair, have underperformed those of DraftKings and Caesars Entertainment since its reincarnation in 2019, despite more than doubling in value.
FanDuel, the American business in which it now owns a 95 per cent stake, might hold the top spot in the US online sports betting market, but, based upon forecast sales next year, it still trades at a discount versus stateside players. After all, Britain and other international markets still account for a chunk of revenue and for 40 per cent of Flutter’s value, according to Peel Hunt.
Executing on the opportunity opened
