Shares of Flutter Entertainment, corporate parent of FanDuel, remain “under pressure,” according to J.P. Morgan analyst Estelle Weingrod. She offered this view in a 30 January investor note that marked the inception of J.P. Morgan coverage of Flutter.
Weingrod blamed the pressure on uncertainty and concern over slowing handle growth for Flutter products. Queried the analyst, “is it self-induced?” She also wondered whether strong online sports betting hold in November and December had left bettors short on liquidity. Prediction markets also were raised as a possible cause, potentially making inroads into FanDuel territory.
Those potent two months of OSB hold inspired Weingrod to raise her fourth-quarter cash-flow projection for Flutter 6.5% to US$341 million. Wall Street’s consensus forecast was US$330 million.
