Flutter Entertainment plc is a sports betting and gaming company operating in the United States, the United Kingdom, Ireland, Australia, Italy, and internationally. It offers sportsbooks, iGaming products such as blackjack, roulette, slots, poker, and rummy, lottery products, and sports betting products including Betfair betting exchanges, daily fantasy sports, and horse racing wagering under the TVG brand. Its services are provided through websites such as fanduel.com, tvg.com, betfair.com, paddypower.com, paddypower.ie, sportsbet.com.au, pokerstars.com, sisal.it, maxbet.rs, and adjarabet.com, under brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Adjarabet, and MaxBet, as well as live poker tours and events. The company also provides business-to-business pricing and risk management services. Formerly known as Paddy Power Betfair plc, it changed its name to Flutter Entertainment plc in 2019, was incorporated in 1958, and is headquartered in New York, New York.
Prediction markets squeeze Flutter, but court ruling and Burry bets lift it
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Prediction markets steal share and slow growth Kalshi and Polymarket are taking sports bettors with fees as low as 1.2% versus 7-10% at traditional books, and they avoid the same rules. Flutter's stock is down about 60% this year and it projects only 12% growth for 2026, far below past years.
This is the core force behind Flutter's big decline and slow growth outlook.
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Meta building its own prediction market app Meta is developing a prediction market platform called Arena, initially with game-style points but possibly real money later. It will use Instagram and Facebook to attract users. Flutter shares dipped nearly 2% on the news, as this adds another deep-pocketed competitor to the space.
A new well-funded entrant increases competitive pressure on Flutter's FanDuel.
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Flutter to delist from London, trade only on NYSE Flutter plans to leave the London Stock Exchange and keep its shares only on the New York Stock Exchange under FLUT. This concentrates trading in US hours and may change who owns the stock. It is not a direct hit to the business, but it could affect liquidity and the shareholder base over time.
This is a major capital-structure change that affects how investors trade and own FLUT.
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Michael Burry bets on Flutter, sees regulation curbing prediction markets Investor Michael Burry disclosed a large position in Flutter, bought around $107 a share, and later added more. He expects regulators to crack down on prediction markets, which would remove a key competitive threat. His bet signals confidence and may draw other investors to the stock.
A high-profile investor's bet and regulatory thesis directly counters the main negative driver.
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Court ruling against prediction markets lifts Flutter The Ninth Circuit ruled that sports-related event contracts are sports bets, not federally regulated derivatives, dealing a blow to Kalshi, Crypto.com, and Robinhood. This creates a split with another court, likely sending the issue to the Supreme Court. Flutter shares rose 6% on the news.
This is a concrete legal win that could slow prediction markets' expansion and directly boosts Flutter's stock.
Q3 2026
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Prediction markets squeeze Flutter, but court ruling and Burry bets lift it
▼
Prediction markets steal share and slow growth Kalshi and Polymarket are taking sports bettors with fees as low as 1.2% versus 7-10% at traditional books, and they avoid the same rules. Flutter's stock is down about 60% this year and it projects only 12% growth for 2026, far below past years.
This is the core force behind Flutter's big decline and slow growth outlook.
▼
Meta building its own prediction market app Meta is developing a prediction market platform called Arena, initially with game-style points but possibly real money later. It will use Instagram and Facebook to attract users. Flutter shares dipped nearly 2% on the news, as this adds another deep-pocketed competitor to the space.
A new well-funded entrant increases competitive pressure on Flutter's FanDuel.
◆
Flutter to delist from London, trade only on NYSE Flutter plans to leave the London Stock Exchange and keep its shares only on the New York Stock Exchange under FLUT. This concentrates trading in US hours and may change who owns the stock. It is not a direct hit to the business, but it could affect liquidity and the shareholder base over time.
This is a major capital-structure change that affects how investors trade and own FLUT.
▲
Michael Burry bets on Flutter, sees regulation curbing prediction markets Investor Michael Burry disclosed a large position in Flutter, bought around $107 a share, and later added more. He expects regulators to crack down on prediction markets, which would remove a key competitive threat. His bet signals confidence and may draw other investors to the stock.
A high-profile investor's bet and regulatory thesis directly counters the main negative driver.
▲
Court ruling against prediction markets lifts Flutter The Ninth Circuit ruled that sports-related event contracts are sports bets, not federally regulated derivatives, dealing a blow to Kalshi, Crypto.com, and Robinhood. This creates a split with another court, likely sending the issue to the Supreme Court. Flutter shares rose 6% on the news.
This is a concrete legal win that could slow prediction markets' expansion and directly boosts Flutter's stock.
News & notes movingFLUT
United States
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DraftKings Falls 4% on Pulled-Forward Prediction-Market Spending
DraftKings shares fell 4% to $20.92 in Wednesday morning trading after chief executive Jason Robins signaled the company will lift marketing and customer promotions behind its prediction-markets business, potentially pulling forward investment previously contemplated for next year. Speaking with a Wells Fargo analyst on Tuesday, Robins said sportsbook handle rose 15% year over year month-to-date at the start of the National Football League season, that DraftKings still expects roughly $1 billion in adjusted EBITDA for the current year, and that its prediction-markets product is approaching a double-digit share of consumer volume in sports prediction markets. Flutter Entertainment, the parent of FanDuel, slipped 1% to $87.60 on the same spending concern, while Robinhood Markets rose 0.8% to $125.27, a split that separates platforms paying to acquire prediction-market customers from those whose customers arrive through an existing brokerage app. Robins also said the regulatory and legal position of prediction markets remains unsettled and outside the company's control. DraftKings is building the business against established venues including Kalshi and Polymarket, and Flutter is pursuing its own push through FanDuel Predicts.
DKNG · Capital · Negative DraftKings will pull forward marketing and promotion spending behind prediction markets, lifting costs and pressuring near-term profitability.
FLUT · Capital · Negative Flutter slipped on the same spending concern as it pursues its own FanDuel Predicts push, implying similar customer-acquisition costs.
HOOD · Competition · Positive Robinhood rose as the split favors platforms whose prediction-market customers arrive via an existing brokerage app rather than paid acquisition.
DraftKings and Flutter Jump After Ninth Circuit Rules Prediction Markets Are Gambling
The Ninth Circuit Court of Appeals ruled that sports-related event contracts offered by prediction-market platforms are sports bets rather than swaps under federal commodities law, clearing the way for Nevada to apply its gaming regulations to them. Shares of DraftKings Inc. gained up to 10% and Flutter Entertainment plc rose up to 8% on August 28 following the decision. The court denied requests for injunctive relief from Kalshi, Crypto.com, and Robinhood, all of which had sought to block the Nevada Gaming Control Board from shutting down their sports-related event contract offerings in the state. Prediction-market platforms and the Commodity Futures Trading Commission have argued that such contracts fall under exclusive federal jurisdiction as swaps, while 44 states have countered that the products are sports betting disguised in financial terms and should face the same state-level gambling regulations as licensed sportsbooks. The ruling reduces a significant structural threat to DraftKings and Flutter, though Kalshi's September 9 petition for rehearing and any eventual Supreme Court review remain key developments to watch.
DKNG · Regulation · Positive Ninth Circuit ruling that prediction-market event contracts are sports bets clears Nevada to apply gaming regulations, reducing a structural threat to DraftKings' licensed sportsbook business.
FLUT · Regulation · Positive Same Ninth Circuit ruling reduces the regulatory threat from prediction-market platforms to Flutter's licensed sports betting operations.
HOOD · Regulation · Negative Court denied Robinhood's request for injunctive relief, allowing Nevada to shut down its sports-related event contract offerings.
Crypto.com · Regulation · Negative Crypto.com's request for injunctive relief was denied, clearing Nevada to shut down its sports-related event contract offerings.
Kalshi · Regulation · Negative Kalshi's request for injunctive relief was denied, clearing Nevada to shut down its sports-related event contracts.
NFL Betting Growth Stalls as Prediction Markets Rise
The American Gaming Association estimates Americans will legally wager $29.5 billion on the 2026 NFL season, nearly flat from last year's $29.4 billion, as prediction markets curb growth. AGA President Bill Miller says backdoor sports betting on prediction platforms has stalled legal handle, operating outside regulatory frameworks in the 40 jurisdictions where sports betting is legal and bypassing bans in 11 others. Sports bets make up about 80% of Kalshi's volume, including an estimated $5.1 billion from users aged 18 to 20, below the legal age in most jurisdictions. The NFL has renewed and expanded official partnerships with DraftKings, FanDuel, and Fanatics Betting and Gaming, signaling continued support for licensed sportsbooks.
DKNG · Demand · Positive NFL renewed and expanded official partnerships with DraftKings, signaling continued support for licensed sportsbooks.
FLUT · Demand · Positive NFL renewed and expanded official partnerships with FanDuel, Flutter's brand, supporting licensed sportsbook demand.
Fanatics Betting and Gaming, LLC · Demand · Positive NFL renewed and expanded official partnerships with Fanatics Betting and Gaming, signaling continued support for licensed sportsbooks.
FanDuel · Demand · Positive NFL renewed and expanded official partnerships with FanDuel, signaling continued support for licensed sportsbooks.
Global Gambling Market to Reach $910.92 Billion by 2035
A new report from ResearchAndMarkets.com forecasts the global gambling market will grow to $910.92 billion by 2035, after reaching $576.72 billion in 2025 and $728.19 billion by 2030. The market, which grew at a CAGR of 14.1% since 2020, is expected to expand at 4.8% from 2025 to 2030 and 4.6% thereafter. Lotteries were the largest segment in 2025, accounting for 59.1% of the market, or about $341.13 billion, while sports betting is projected to be the fastest-growing type through 2030. Offline gambling dominated channels with $412.86 billion, but online gambling is set to grow fastest at 6.8% CAGR. High-value and VIP gamblers formed the largest end-user segment at $246.7 billion, and Asia-Pacific led regions with $197.51 billion, with the Middle East and Asia-Pacific expected to be the fastest-growing regions.
Ninth Circuit Rules Against Prediction Markets, Setting Up Supreme Court Fight
The Ninth Circuit Court of Appeals has rejected requests by prediction market platforms Kalshi and Crypto.com for injunctive relief against the Nevada Gaming Control Board, ruling that sports-related event contracts are not derivatives regulated by the federal government. The court also denied Robinhood's similar request. The platforms and the Commodity Futures Trading Commission argued that all event contracts are swaps under CFTC jurisdiction, but the court concluded that sports event contracts are sports bets, not swaps. This decision contradicts an April ruling by the Third Circuit, creating a circuit split that legal experts say makes Supreme Court review likely. Robinhood plans to appeal, while shares of DraftKings and Flutter Entertainment rose 7% and 6% respectively on the news.
Flutter Entertainment cancels its London Stock Exchange listing
Flutter Entertainment has officially cancelled its London Stock Exchange listing. The company said the delisting was in the best interests of the company and shareholders, citing the level of trading activity on the LSE, additional costs, and regulatory obligations. Flutter shares are now only traded on the New York Stock Exchange. The sports betting giant is due to report second quarter earnings on August 5, with analysts expecting revenue of $4.24 billion and earnings per share of $0.55.
California tribes target 2028 ballot measure to legalize online sports betting
California tribal leaders are aiming for a 2028 ballot measure to legalize online sports betting, according to Legal Sports Report. California Nations Indian Gaming Association Chair James Siva said during a podcast last week that tribes view 2028 as the target for placing a sports betting ballot initiative back before voters. The push follows the 2022 rejection of two competing measures, Proposition 26 and Proposition 27, which would have allowed in-person betting at tribal casinos and horse tracks or online and mobile betting outside tribal lands, respectively. Tribes are framing their new proposal as a safer, state-regulated alternative to the prediction markets industry. Sportsbook operators such as DraftKings, FanDuel, and BetMGM could benefit if the framework allows partnerships with tribes or other license pathways similar to prior California proposals.
AI firms back open-weight models, Burry expands chip shorts, and more
Stock index futures rose Monday as the U.S. and Iran paused military actions, easing Middle East conflict fears. More than 20 technology companies including Nvidia, Microsoft, Meta, IBM, Dell, and Palantir urged the U.S. government to support open-weight AI models, as the White House weighs restrictions on Chinese open-weight models over national security concerns. Michael Burry disclosed on Substack that he added to short positions in Micron and Nvidia, while increasing long holdings in Flutter and DraftKings. Bank of America Securities flagged that August through October has historically been the weakest rolling three-month stretch for the S&P 500, favoring gold, bonds, and the U.S. dollar. Waymo has received 83 parking citations totaling $9,325 since launching its Austin robotaxi service in 2024, with most violations involving tow-away zones. Comcast's Universal saw The Odyssey collect an estimated $87 million in its second weekend, bringing its domestic gross to about $286 million and worldwide total to more than $639 million.
Artificial Intelligence › HBM & AI Memory ▼Capital
MU · Capital · Negative Michael Burry disclosed adding to short positions in Micron.
NVDA · Capital · Negative Michael Burry disclosed adding to short positions in Nvidia.
DKNG · Capital · Positive Michael Burry increased long holdings in DraftKings, signaling positive investor sentiment.
FLUT · Capital · Positive Michael Burry increased long holdings in Flutter, signaling positive investor sentiment.
DELL · Regulation · Positive Dell joined other tech firms urging U.S. support for open-weight AI models, which could benefit its AI business if restrictions are eased.
PLTR · Regulation · Neutral Palantir is among 20+ tech firms urging U.S. to support open-weight AI models, but outcome is uncertain.
Casino operator stocks rise 16.5% on average after mixed Q1 earnings
Consumer discretionary casino operator stocks tracked by this publication rose an average of 16.5% since their latest earnings results, following a mixed first quarter in which aggregate revenues beat analyst consensus estimates by 1.6%. Flutter Entertainment reported revenues of $4.30 billion, up 17.4% year on year and 4.9% above expectations, while Monarch posted the biggest beat with revenues of $136.6 million, exceeding estimates by 5.2%. Bally's delivered the fastest revenue growth at 23.7% to $755.7 million but missed analyst estimates by 1.8% and had the weakest performance against EPS expectations. Wynn Resorts reported $1.86 billion in revenue, beating estimates by 1.8%, and Red Rock Resorts posted $507.3 million, in line with expectations.
Michael Burry Bets Against Prediction Markets, Buys DraftKings and Flutter
Investor Michael Burry is placing bets against prediction markets like Kalshi and Polymarket, expecting a regulatory crackdown. In a Substack post, Burry disclosed new positions in DraftKings and Flutter Entertainment, buying Flutter at $107 per share and DraftKings at around $26 per share, with plans to potentially increase each holding. He argues that regulators will soon curb unregulated prediction markets, driving business to established, regulated sportsbooks that are already exploring their own prediction market offerings. DraftKings shares have fallen 45% from their 52-week high last September, while Flutter has declined 65% from its peak last August.
Meta reportedly developing prediction market app, sending DraftKings and Flutter shares lower
Meta is reportedly developing a prediction market app called Arena, sending shares of DraftKings and Flutter Entertainment lower. The New York Times reported that Mark Zuckerberg has directed a small team to build a smartphone app that would initially use a points system rather than real money, though cash betting has not been ruled out. DraftKings fell more than 2% and Flutter nearly 2% following the report. The move comes as prediction markets have surged in popularity, with Kalshi and Polymarket drawing a combined $50 billion in trades in 2025 and over $130 billion so far in 2026. Meta previously experimented with a similar app, Forecast, which was shut down in 2022.
DKNG · Competition · Negative Meta's reported prediction market app Arena could compete with DraftKings' sports betting and prediction market offerings.
FLUT · Competition · Negative Meta's reported prediction market app Arena could compete with Flutter's prediction market and sports betting businesses.
META · Technology · Neutral Meta is developing a prediction market app, but the article does not indicate clear positive or negative impact on Meta's overall business.
Americans Bet Twice As Much On Sports Last Year As Amazon Earned, Anthony Pompliano Says
Americans wagered twice as much money on sports gambling last year as Amazon generated in net income, according to investor Anthony Pompliano. Pompliano cited data from Charlie Bilello, chief market strategist at Creative Planning, who said Americans wagered more than $165 billion on sports last year. The industry has expanded rapidly since the U.S. Supreme Court struck down the federal ban on sports betting in 2018. Despite the growth, shares of DraftKings have fallen 27.93% year to date and 40.08% over the past year, while Flutter Entertainment has declined 52.27% and 63.54%, respectively. The Roundhill Sports Betting & iGaming ETF, which holds companies including Flutter, DraftKings and MGM Resorts, has declined 20.93% over the past year.
Flutter Entertainment to delist from London and trade solely on NYSE
Flutter Entertainment plans to delist from the London Stock Exchange and keep its ordinary shares trading only on the New York Stock Exchange under ticker FLUT, concentrating liquidity in the US market. The stock currently trades at $97.85, down 10.2% over the past week and 55.2% year to date, with a consensus analyst target of $159.93. The move may affect trading habits, liquidity sources, and the shareholder base over time, while sharpening focus on US market hours and infrastructure.
FLUT · Capital · Neutral Flutter plans to delist from LSE and trade solely on NYSE, concentrating liquidity in US market, which may affect trading habits and shareholder base.
Meta is building a prediction markets app called Arena
Meta Platforms is developing a prediction market platform internally called Arena, a source familiar with the plans confirmed to CNBC. The app will initially use a video-game style points system rather than real money, though cash may be introduced later, and it will operate separately from Instagram and Facebook while leveraging those platforms to attract users. Following the report, DraftKings shares fell more than 2% before paring losses to 1%, while FanDuel parent Flutter Entertainment also dipped nearly 2% but remained positive on the day. Robinhood, which offers prediction market contracts, also declined.
Flutter Entertainment Bullish Thesis Highlights FanDuel Value and 130% to 240% Upside by 2030
A bullish thesis on Flutter Entertainment plc argues the global online sports betting and iGaming company is undervalued relative to its long-term earnings potential. The thesis highlights FanDuel as a central asset worth a substantial portion of Flutter's enterprise value, supported by FOX's option to acquire an 18% stake at a predetermined valuation through 2030. Flutter holds leading market positions in the United States, United Kingdom, Italy, and Australia through brands including FanDuel, Betfair, Paddy Power, and PokerStars. The company is expected to benefit from U.S. market maturation, reduced promotional intensity, potential iGaming legalization in additional states, and a $5 billion share buyback program. Under conservative and consensus assumptions, the thesis projects equity value appreciation of approximately 130% to 240% by 2030, with more optimistic scenarios supporting share prices between $400 and $650.
Prediction Markets Kalshi and Polymarket Disrupt Traditional Sportsbooks DraftKings and FanDuel
Prediction markets like Kalshi and Polymarket are siphoning market share from traditional sportsbooks, contributing to sharp stock declines for DraftKings and Flutter Entertainment. Flutter is down about 60% since January 1 and DraftKings fell about 30% over the same period. Kalshi saw more than $1.3 billion in estimated revenue from sports contracts, roughly 20% of DraftKings' revenue, while the overall prediction market sector reached $31.2 billion in notional volume in May, with Kalshi accounting for 58% of that flow and Polymarket for 28%. These peer-to-peer platforms operate as clearinghouses charging fees as low as 1.2%, compared to the 7% to 10% taken by traditional sportsbooks, and they are not subject to the same federal and state regulations. DraftKings and FanDuel still control 75% to 80% of the traditional sports betting market, but their growth has slowed, with Flutter projecting 12% growth for 2026 and DraftKings guiding over 10%, far below prior year-over-year increases.
DKNG · Competition · Negative Prediction markets Kalshi and Polymarket are siphoning market share with lower fees and less regulation, contributing to DraftKings' stock decline.
FLUT · Competition · Negative Flutter's stock is down ~60% as prediction markets disrupt traditional sportsbooks, with Flutter projecting only 12% growth.
Flutter Entertainment shares fall after Barclays report shows May betting handle and revenue decline
Shares of Flutter Entertainment fell 4.3% in afternoon trading after a Barclays report showed the company's digital sports betting handle and revenue declined in May. The report indicated that Flutter's handle, the total amount wagered by customers, fell by 7%, while its gross gaming revenue dropped 11%. Despite maintaining a strong hold rate of 13.2%, the decline in overall betting activity and revenue likely concerned investors. The shares closed the day at $101.73, down 6.6% from the previous close.
World Cup snaps OSB and prediction market apps out of seasonal lull, Apptopia reports
Apptopia released a new report on DraftKings Inc, Flutter Entertainment PLC, Caesars Entertainment Inc, MGM Resorts International, Kalshi, and the broader online sports betting and prediction markets. The report found that sports bettors are skewing younger and represent each app's fastest growing user segment. It also provides an in-depth look at the 2026 World Cup's impact on OSB and prediction market apps during what is normally a slow period, analyzing inflections in downloads, daily active users, and average sessions per daily active user. Using its U.S. consumer device panel, Apptopia determined what percentage of World Cup bettors are new and what percentage were once churned but re-engaged by the event.
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