“After several consecutive quarters of unfavorable sports results, [the second quarter] is on track to deliver a record sports margin outcome,” Jefferies Equity Research analyst James Wheatcroft reported in a 27 July investor note.
Wheatcroft resumed coverage of Flutter Entertainment, putting a price target of £284 (US$379) per share on the stock, which was trading at £220 (US$293). This was equivalent to Jefferies US$380 per share price target for Flutter’s stateside-traded stock.
Wheatcroft revealed that, internationally, second-quarter revenue margins for sports betting were tracking at a record 10%. May’s 11.2% margins and June’s 12.5% ones lifted the result well above the long-term average of 9.5%.
Singling out Oregon, Wheatcroft reported margins of as much as 15% for baseball and basketball wagering.
