Flutter: bookie must capitalise on US success to override heavy UK going | opinion
email rounding up the latestA couple of racing certainties have lengthened the odds for Flutter and fellow UK-listed gambling companies lately. With the ending of Covid lockdowns, fewer people have been using online gambling as a distraction. More importantly, the Gambling Commission, the UK’s wagering watchdog, has been turning its attention to online betting. This follows tough curbs on bookies’ physical premises.
Since the US Supreme Court overturned the federal law that banned state betting on sports in 2018, Flutter has moved to grab share. It claims over half of the sports betting market, and a fifth of online casino gaming. In the past three years the US slice of group sales has jumped more than four times to 34 per cent.
Even after its recent share price surge, Flutter is down over a tenth year to date. Worries are deepening over the UK’s multiyear clampdown on bookies. Ebitda margins have been eroding steadily — from high to low teens in recent years — as its US business has expanded. This explains this year’s sluggish share performance and a valuation near three year lows.
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