Flutter is the world's largest online betting shop, running sportsbooks and casino games under brands like FanDuel, PokerStars, and Paddy Power across the US, UK, Australia, and Europe. Think of it as the Amazon of gambling, with a site for every major market.
Money comes from player losses and betting margins across its global portfolio; in 2025 it earned USD 16.38B revenue but lost USD 0.38B net, with gross margin near 45% showing a solid, recurring base of betting fees.
Brand power and regulatory licenses create high switching costs, as US customers stick with FanDuel's UI and data edge over DraftKings, MGM Resorts, and Caesars. Still, escalating US marketing wars and state tax hikes erode this advantage, keeping it a durable
Sell (sector percentile 8) — value C, growth D-, profitability C-, momentum D, revisions B. Updated daily, sector-relative, identical for every user.
Key events, in time order
Q2 call confirms FIFA World Cup and acquisitions drove growth, offset by customer-friendly US sports results and higher taxes
Michael Burry increased Flutter position post-earnings, with trading post explaining rationale.
Q2 EPS of $0.49 missed estimates, down sharply YoY, FY guidance cut, CEO Peter Jackson to step down.
Institutional position change, reflecting quarterly rebalancing by a major investor
New angle: Burry may bet on prediction markets facing same rules as sportsbooks, reshaping competition
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