What’s next for DraftKings as Flutter lists on the NYSE?

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Written on Jan 29, 2024

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Flutter Entertainment goes live on New York Stock Exchange today.
Here's what it means for those invested in rival DraftKings Inc.
DraftKings stock has more than tripled over the past 13 months.

DraftKings Inc (NASDAQ: DKNG) is in focus on Monday after rival Flutter Entertainment debuted on the New York Stock Exchange.

Why is Flutter news significant for DraftKings?

DraftKings sure has enjoyed stardom in recent years as the only listed pure play in sports betting.

But that could change now that Flutter Entertainment – the Dublin-headquartered firm behind the world’s largest sports betting and gaming operator (FanDuel) has completed its secondary listing on the NYSE.

Flutter news is particularly significant for those invested in DraftKings because FanDuel ended the final quarter of 2023 with a leading market share of 51% based on net revenue. According to Peter Jackson – the chief executive of Flutter Entertainment:

Additional listing will enable us to access deeper capital markets as well as making Flutter more accessible to U.S. investors and marks a new chapter in the history of Flutter Group.

$FLUT could steal the glory from $DKNG

Note that Flutter Entertainment may be a more attractive investment than DraftKings also because it is already profitable. So, it’s conceivable that $FLUT will eventually end up stealing some of the glory from $DKNG.

Today’s development unfolds a couple months after Amy Howe – head of FanDuel told CNBC that the gambling company is prepared to go up against its well-capitalised rivals.

Last week, analysts at Jefferies told clients in a research note that listing on the New York Stock Exchange could be a near-term catalyst for Flutter Entertainment.

His £210 ($266.38) price target suggests a close to 30% upside in the London-listed shares of the Irish firm.