Flutter Entertainment - Q2 a reminder of US positioning and investment opportunity

Davy Research
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As each quarter passes, Flutter Entertainment’s true prospects in the US become more apparent. Its position in the all-important sports betting market has improved again in Q2 from an already strong market-leading position. It is explained by the group’s best-in-class product offering and expertise, which is now coming to the fore as each state market becomes more established. Its performance in the most recent quarter (we estimate US sports betting market share was comfortably above 40%) is particularly impressive and is supportive of our estimated value of Flutter’s US division (c.$30bn). It also therefore shines a light on Flutter as a compelling investment opportunity at current levels.