Flutter Entertainment Gains World Cup Users Despite Betting Margin Pressure, Wedbush Says

MT Newswires Live07-17

Flutter Entertainment (FLUT) added customers during the FIFA World Cup despite weaker-than-expected sports betting margins, Wedbush said in a note on Friday.

The brokerage reiterated an "outperform" rating and a $138 price target.

The brokerage said June sports betting handle across reporting US states rose about 28% year over year, while FanDuel's trailing four-week daily active users increased about 40%, supporting its view that the tournament was a strong customer acquisition event.

Wedbush said there was limited evidence that prediction market operators such as Kalshi significantly eroded FanDuel's market share despite aggressive advertising during the tournament.

While Kalshi's sports trading volume surged and digital advertising spending more than doubled from the prior month, FanDuel remained well positioned to retain users through its industry-leading hold rates and stronger customer engagement capabilities, it added.

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