What's Going On With Sports Betting And Gambling Company Flutter Entertainment On Friday?
Portfolio Pulse from Anusuya Lahiri
Flutter Entertainment Plc (NYSE:FLUT) shares initially traded lower in the premarket session on Friday following the announcement of CFO Paul Edgecliffe-Johnson's departure, but later reversed losses and traded higher. Rob Coldrake, the new CFO, will focus on the American market. The company is shifting its primary share listing from London to New York due to the growing U.S. market. Challenges include a revived shareholder lawsuit and a new tax on sports betting in Illinois. Flutter reported strong fiscal 2023 results with significant revenue and EBITDA growth. The stock has lost 4% in the last 12 months. Investors can also gain exposure to the sector via VanEck Video Gaming And ESports ETF (NASDAQ:ESPO) and Global X Video Games & Esports ETF (NASDAQ:HERO).
May 31, 2024 | 1:53 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
VanEck Video Gaming And ESports ETF (NASDAQ:ESPO) may see positive sentiment due to Flutter Entertainment's strong fiscal results and strategic shift to the U.S. market.
Flutter's strong performance and strategic moves could positively impact ETFs focused on the gaming and esports sector, including ESPO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Flutter Entertainment shares initially dropped but later rose after announcing a CFO change and strong fiscal 2023 results. The company is shifting its primary listing to New York, facing some legal and tax challenges.
The initial drop in share price due to the CFO change was reversed by strong fiscal results and the strategic shift to the U.S. market. The legal and tax challenges are notable but not dominant in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
POSITIVE IMPACT
Global X Video Games & Esports ETF (NASDAQ:HERO) might experience a positive impact from Flutter Entertainment's strong fiscal results and focus on the U.S. market.
The positive news around Flutter Entertainment could boost sentiment for ETFs like HERO that are focused on the gaming and esports sector.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50