Softness of handle for Flutter Entertainment subsidiary FanDuel does not equal cannibalization by prediction markets. That was the thesis of an 8 February investor note by Jefferies Equity Research analyst James Wheatcroft.
Noting that Flutter shares are down 30% in the first five weeks of 2026, Wheatcroft said that was not reflective of Jefferies’ views on the company. He pointed out that fourth-quarter cash flow in the United States was in line with expectations and that overall cash flow was s6% below consensus for 2026.
At Flutter’s upcoming earnings call, Wheatcroft said, he expected management to restate a lack of adverse fiscal effect from prediction markets and confidence in US opportunities, mid-term and long-term. Leadership’s “addressal of these two debates should pave the way for a refocus on attractive fundamentals and valuation.”
