Flutter Entertainment's move from London to New York in 2023 initially looked promising as its US sportsbook, Fan Duel, grew. However, Fan Duel's performance has since weakened significantly. Revenue expectations for Flutter's US business have fallen by about a fifth annually through 2028, compared to forecasts made when the football season started in September 2025.
Despite this, Flutter's larger international operations remain more resilient, with revenue expectations down only slightly. The company's stock has dropped by about three-quarters since those 2025 forecasts, even though its overseas activities are performing much better. This divergence highlights a trend where US listing hopefuls face intense scrutiny on their US units, often overlooking overseas contributions.
Competitors like Draft Kings have also been affected by the changing gaming landscape, including the rise of prediction markets such as Kalshi. While a series of court battles over the legality of prediction markets could eventually tilt odds back in bookmakers' favor, Flutter currently serves as a cautionary tale for foreign companies listing in New York, where the market remains enticing in good times but unforgiving during downturns.
Source: Financial Times Companies · Summarized by HeadlinesBriefing