Flutter Entertainment jumps after unveiling $5bn share buyback
Flutter Entertainment PLC (LSE:FLTR) gained over 9% on Wednesday after unveiling plans at its investor day to buy back US$5 billion (£3.7 billion) worth of shares. This came as the Betfair owner said its total addressable US market was set to grow to US$63 billion by 2030, one and a half times larger than initially forecast.
Flutter's big decision: Capital returns or more M&A?
Next week's Flutter Entertainment PLC (LSE:FLTR) investor day comes as the Paddy Power and FanDuel-owner faces a big decision on its capital-allocation policy. Specifically, should the betting powerhouse use its rapidly accelerating US-generated profits to give shareholders a short-term serotonin boost in the form of buybacks, or should it play the long game and pursue more company acquisitions?
Paddy Power-owner Flutter to acquire Italian gaming business
FanDuel and Paddy Power-owner Flutter Entertainment PLC (LSE:FLTR) has tabled a €2.3 billion (£1.9 billion) offer for Playtech PLC (LSE:PTEC)'s Italian gaming operator Snaitech. The offer follows a confirmation that talks were underway between the two in August.
Flutter's Brazil acquisition a ‘sensible move'
Paddy Power-owner Flutter Entertainment PLC (LSE:FLTR)'s $350 million acquisition of a controlling stake in Brazilian gaming company NSX Group ticks to boxes for brokerage Shore Capital Markets. “We see this as a sensible move, further expanding and accelerating its growth profile, consistent with its expansion profile and medium-term leverage ratios,” said Shore Cap analysts.
Paddy Power-owner Flutter bets on Brazil
Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) has acquired a 56% stake in NSX Group, a leading Brazilian betting operator known for its Betnacional brand. The acquisition was valued at approximately $350 million.
Flutter's FanDuel retains dominant position in US sports betting market
Paddy Power and FanDuel owner Flutter Entertainment PLC (LSE:FLTR)'s secondary share listing on the London Stock Exchange is well bid this Monday, with the stock adding 1.75% to 16,315p. In a broker note, Jefferies analysts remarked that FanDuel continues to outperform its competitors in the US.
Flutter hit with $330m copyright infringement in Georgia, plans to appeal
Betfair and FanDuel owner Flutter Entertainment PLC (LSE:FLTR) said it will appeal the $330 million damages that a court in the former Soviet nation of Georgia has awarded against the FTSE 100 bookmaker over a copyright infringement case. The Court of First Instance ruled against Flutter and its local partner Spribe over a trademark claim filed by Aviator LLC, a former shareholder of the Irish company's Georgian subsidiary Adjarabet.
Flutter's flying US business leads investment bank to hike target
The impressive performance from Flutter Entertainment PLC's (LSE:FLTR) fast-growing FanDuel business in the US has led Deutsche Bank to up its share price target for the bookmaker. First-half results provided a "strong finale" to the sector's recent results season, said analyst Simon Davies, hiking his target to £187.17 from £175.89, versus the last closing price just over £160, and reiterating a 'buy' rating.
Flutter underpinned by US growth potential, says broker
Flutter Entertainment PLC (LSE:FLTR) second quarter to June was consistent with rival Entain in reporting a stronger-than-anticipated performance with full-year guidance nudged up accordingly, notes Shore Capital. Standouts were the US which grew 39%, the UK (+17%) helped by the Euros, International up 17% (strong Italy) with Australia as the weak spot.
Flutter boosted by US growth and 'favourable' Euro results
Flutter Entertainment PLC (LSE:FLTR) shot up 12% as its US business FanDuel delivered results well ahead of expectations in its first quarterly update since departing the London Stock Exchange for New York. Concerns about FanDuel's half had followed a disappointing update from rival DraftKings after a run of losing results, but Flutter raised its guidance for the year highlighting its US arm.
Flutter guidance in focus as first results after US move due
Flutter Entertainment PLC (LSE:FLTR)'s full-year guidance will be in full focus when the betting firm publishes second-quarter results on Tuesday, August 13. According to UBS, “material uncertainty” remains over whether Flutter can stick to guidance for adjusted pre-tax earnings of US$635 million to US$785 million in the US.
Flutter interims to reveal winning streak in first half, says Citi
Flutter Entertainment PLC (LSE:FLTR) is on course to post strong first-half numbers believe the analysts at US bank Citi. The Betfair, Paddy Power and FanDuel group should reveal strength across the portfolio, adds Citi, helped by favourable results outside of the US, especially the UK.
