{"id":329501,"date":"2024-09-03T19:53:24","date_gmt":"2024-09-04T00:53:24","guid":{"rendered":"https:\/\/www.casino.org\/news\/?p=329501"},"modified":"2024-09-04T10:11:20","modified_gmt":"2024-09-04T15:11:20","slug":"flutter-entertainment-praised-in-new-coverage-by-morningstar","status":"publish","type":"post","link":"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/","title":{"rendered":"Flutter Entertainment Praised in New Coverage by Morningstar"},"content":{"rendered":"

Flutter Entertainment (NYSE: FLUT) won kudos in new coverage by Morningstar, with the research firm lauding the gaming company\u2019s capital allocation, in-house product development, and risk management assets, among other points.<\/p>\n

\"Flutter
The Flutter logo at a corporate office. The stock was praised by Morningstar. (Image: The Independent<\/em>)<\/figcaption><\/figure>\n

In a note out on Tuesday, analyst Dan Wasiolek initiated coverage of the FanDuel parent with a four-star rating (five is the highest) and a fair value estimate of $250. That implies potential upside of 18.4% from Tuesday\u2019s closing price.<\/p>\n

Flutter\u2019s construction of a daily fantasy sports product in July 2009 provided a first-mover lead to take advantage of a 2018 Supreme Court ruling that allowed for legalized sports and iGaming wagering in the US. As a result, Flutter holds a commanding 40% digital revenue share in the US,\u201d wrote Wasiolek.<\/p><\/blockquote>\n

Flutter owns 95% of FanDuel, which is half<\/a> of the US online sports betting (OSB) duopoly, with DraftKings (NASDAQ: DKNG) representing the other half. While the two companies are often joined at the hip, their share price performance hasn’t been in lockstep. Year to date, shares of the FanDuel owner are up nearly 18% while DraftKings is lower by 4.54%.<\/p>\n

Flutter’s Non-US Operations Help Stock’s Case<\/h2>\n

The FanDuel brand is one of the most valuable<\/a> in the gaming industry and highly recognizable to US daily fantasy sports (DFS) participants and sports bettors. Even so, many American bettors and some investors don\u2019t know that Flutter has significant operations outside of this country.<\/p>\n

\n

In addition to FanDuel, the Dublin-based company controls well-known brands including Betfair, Paddy Power, PokerStars, and Sisal, among others. That portfolio has enabled the operator to capture significant share in mature markets outside the US.<\/p>\n<\/div>\n

Outside the US, Flutter\u2019s decades of expertise in product development and risk management have also led to top revenue share. “The company holds 29% and 46% online gaming revenue share in its most mature markets of UK and Ireland (26% of 2023 sales) and Australia (12%), respectively,\u201d added Wasiolek.<\/p>\n

The analyst pointed out that Flutter has smartly integrated its parlay offerings and tech stack into Sisal since acquiring that firm in 2022<\/a>, allowing it to increase revenue share in Italy. Italy is an important market for Flutter because it\u2019s the Eurozone\u2019s third-largest economy and Europe\u2019s largest regulated gaming market after the UK.<\/p>\n

Flutter Thriving in Multiple Countries<\/h2>\n

At a time when smaller operators<\/a> are frequently waving the white flag in the US OSB space, and some midsized players are failing to grab share from FanDuel and DraftKings, Flutter is asserting earnings prowess in this country and others.<\/p>\n

It\u2019s doing so in such a way that earnings before interest, taxes, depreciation, and amortization (EBITDA) margins are expanding at an impressive pace.<\/strong><\/p>\n

\u201cThe company\u2019s UK and Australian segments still see over 20% EBITDA margins, despite stringent regulation and industry maturation in these regions,\u201d concluded Wasiolek. \u201cESPN Bet\u2019s aggressive entry into the US market in the past several months has not prevented share gains or expanding EBITDA margins at Flutter\u2019s FanDuel brand.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Flutter Entertainment (NYSE: FLUT) won kudos in new coverage by Morningstar, with the research firm lauding the gaming company\u2019s capital allocation, in-house product development, and risk management assets, among other points. In a note out on Tuesday, analyst Dan Wasiolek initiated coverage of the FanDuel parent with a four-star rating (five is the highest) and […]<\/p>\n","protected":false},"author":46,"featured_media":196458,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[10,19,1074],"tags":[81903,81871,80968],"acf":[],"yoast_head":"\nFlutter Entertainment Praised in New Coverage by Morningstar<\/title>\n<meta name=\"description\" content=\"Flutter Entertainment Praised in New Coverage by Morningstar.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Flutter Entertainment Praised in New Coverage by Morningstar\" \/>\n<meta property=\"og:description\" content=\"Flutter Entertainment Praised in New Coverage by Morningstar.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/\" \/>\n<meta property=\"og:site_name\" content=\"Casino.org\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Casino.OrgNews\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-04T00:53:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-04T15:11:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/flutter.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1240\" \/>\n\t<meta property=\"og:image:height\" content=\"700\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Todd Shriber\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@etfgodfather\" \/>\n<meta name=\"twitter:site\" content=\"@Casino_Org\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Todd Shriber\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/\",\"url\":\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/\",\"name\":\"Flutter Entertainment Praised in New Coverage by Morningstar\",\"isPartOf\":{\"@id\":\"https:\/\/www.casino.org\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/flutter.jpg\",\"datePublished\":\"2024-09-04T00:53:24+00:00\",\"dateModified\":\"2024-09-04T15:11:20+00:00\",\"author\":{\"@id\":\"https:\/\/www.casino.org\/news\/#\/schema\/person\/f4cecf70a5032bc4e60eb73fc86d4a85\"},\"description\":\"Flutter Entertainment Praised in New Coverage by Morningstar.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.casino.org\/news\/flutter-entertainment-praised-in-new-coverage-by-morningstar\/#primaryimage\",\"url\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/flutter.jpg\",\"contentUrl\":\"https:\/\/www.casino.org\/news\/wp-content\/uploads\/2021\/12\/flutter.jpg\",\"width\":1240,\"height\":700,\"caption\":\"The Flutter logo at a corporate office. 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