Streetbeat News

PDYPY

Flutter Entertainment Plc

https://www.flutter.com/

CEO

Peter Jackson

Industry

Casinos (except Casino Hotels)

Open

104.25

Mkt cap

37B

Volume

32K

High

104.85

P/E Ratio

-494.05

52-wk high

105.33

Low

102.75

Div yield

N/A

52-wk low

74.00

Flutter Entertainment plc (NYSE:FLUT), parent of FanDuel, has listed on the NYSE, transitioning from its OTC listing under PDYPY. This move could impact DraftKings Inc (NASDAQ:DKNG) as investors may rotate from DraftKings to Flutter due to its new accessibility and status as a pure-play sports betting and gaming company. Flutter's Q4 revenue was up 15% YoY, with FanDuel holding a 43% gross revenue market share in the U.S. sportsbook market. Flutter's NYSE listing is seen as a strategic move to access deeper capital markets and align with its significant U.S. presence. Flutter is also the largest holding in the Roundhill Sports Betting & iGaming ETF (NYSE:BETZ) at 11.0%. Flutter shares are up 0.88% to $206.80.

Portfolio Pulse from Chris Katje

January 29, 2024 | 5:01 pm

Barstool Sports, founded by Dave Portnoy, may re-enter sports betting through a potential deal with DraftKings Inc (DKNG) after being sold back to Portnoy by PENN Entertainment (PENN). The deal with DraftKings would be a marketing partnership, promoting DraftKings odds and referring customers. The deal can't be finalized until after Super Bowl LVIII due to a lock-up agreement from the divestiture from PENN. PENN took an $850-million write-off on its Barstool acquisition and has since partnered with ESPN Bet, which is seeing initial success. DraftKings shares hit new 52-week highs, while PENN shares also saw an increase.

Portfolio Pulse from Chris Katje

January 24, 2024 | 6:28 pm

DraftKings Inc (NASDAQ:DKNG) was upgraded from Hold to Buy by Stifel analyst Jeffrey A. Stantial, with a price target increase from $40 to $45. The upgrade is based on factors such as same-state handle growth, hold-rate expansion, marketing discipline, and EBITDA upside. Stantial notes that competition risks, such as from PENN Entertainment's (NASDAQ:PENN) ESPN Bet, are easing, which may benefit DraftKings. Flutter Entertainment (OTC:PDYPY), the parent company of FanDuel, is also mentioned as a potential risk due to its planned NYSE listing. Other analysts have mixed views on DraftKings, with ratings ranging from Underperform to Buy and price targets between $28 and $50. DraftKings shares were down 2% to $36.90 on Friday.

Portfolio Pulse from Chris Katje

January 19, 2024 | 7:08 pm

BetMGM, a joint venture owned by MGM Resorts International (NYSE:MGM) and Entain, will air its first-ever Super Bowl commercial during Super Bowl LVIII on Feb. 11, featuring Tom Brady, Wayne Gretzky, and Vince Vaughn. Paramount Global Inc (NASDAQ:PARA)(NASDAQ:PARAA) is telecasting the event and charging $6 million to $7 million for 30-second ads. The ad is part of BetMGM's strategy to boost its brand and will coincide with in-person events in Las Vegas. DraftKings Inc (NASDAQ:DKNG) will not air a Super Bowl ad this year, while FanDuel, a unit of Flutter Entertainment ADR (OTC:PDYPY), will feature Rob Gronkowski. PENN Entertainment (NASDAQ:PENN) has also entered the sports betting market with ESPN Bet, increasing competition for BetMGM.

Portfolio Pulse from Chris Katje

January 19, 2024 | 3:21 pm

A bettor placed a $10 parlay bet with FanDuel, owned by Flutter Entertainment (OTC:PDYPY), on four league championships. With three wins secured, the bettor could win $24,592.90 if the Baltimore Ravens win Super Bowl LVIII. The bettor has the option to cash out now for $4,350.30 or let it ride. The Ravens, favored by DraftKings Inc (NASDAQ:DKNG), play the Texans in the NFL Divisional Round, broadcast by The Walt Disney Company (NYSE:DIS) networks.

Portfolio Pulse from Chris Katje

January 18, 2024 | 8:24 pm

An NFL fan bet against his favorite team, the Philadelphia Eagles, and won $2,125 on a $250 bet with FanDuel, owned by Flutter Entertainment (OTC:PDYPY). The Eagles lost to the Tampa Bay Buccaneers in the NFL Playoffs, televised by Walt Disney Co (NYSE:DIS)-owned ESPN, ESPN2, and ABC. The Eagles' poor performance against the spread and the absence of leading receiver A.J. Brown were factors in the bet.

Portfolio Pulse from Chris Katje

January 17, 2024 | 11:09 pm

The final week of the NFL season is approaching with playoff spots on the line. ESPN, ABC, and ESPN+ will air two games on Saturday, while NBC will broadcast the Sunday Night Football game. The NCAA Football Championship will see Michigan face Washington. The Detroit Pistons ended their 28-game losing streak. Big bets at FanDuel included a 35-cent bet turning into $100 and a $5 bonus bet into $3,396.92. Bet365 shared the most bet-on teams and players in various sports, highlighting the impact of Lionel Messi's move to MLS on soccer betting.

Portfolio Pulse from Chris Katje

January 06, 2024 | 1:10 pm

Needham analyst Bernie McTernan maintains a Buy rating and a $50 price target on DraftKings Inc (NASDAQ:DKNG), citing a strong weekend for sportsbooks during NFL Week 16, with only 2 of the top 5 favorites winning outright and none covering the spread. This was likely beneficial for DraftKings' financials. The article also mentions the performance of other companies' sports betting apps, with ESPN Bet from PENN Entertainment (NASDAQ:PENN) initially ranking first but falling to second place behind PrizePicks, while DraftKings ranked third and Flutter Entertainment's FanDuel (OTC:PDYPY) ranked fourth. The article notes the NFL games aired on platforms owned by Comcast Corporation (NASDAQ:CMCSA), Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA), and The Walt Disney Company (NYSE:DIS). DraftKings shares are up 220% year-to-date in 2023.

Portfolio Pulse from Chris Katje

December 26, 2023 | 8:00 pm

The NFL playoffs picture remains unclear, with only a few teams qualified. A bettor won $125K on a Brock Purdy MVP bet. The LA Dodgers signed Shohei Ohtani and Yoshinobu Yamamoto, becoming the betting favorite. The Detroit Pistons are nearing an NBA record losing streak, with a bet on them not winning another game. A FanDuel bettor has a parlay on NFL awards with potential for a big payout.

Portfolio Pulse from Chris Katje

December 23, 2023 | 2:47 pm

The sports betting weekly wrap highlighted several key events, including the Las Vegas Raiders' historic win over the Los Angeles Chargers streamed on Amazon Prime Video, upsets in Monday Night Football, the start of College Football bowl games on Walt Disney Company's channels, and the NFL playoff situation. The Los Angeles Dodgers became World Series favorites after signing Shohei Ohtani. DraftKings faces a class-action lawsuit over misleading bonus bet offers, and Vermont is set to launch online sports betting with DraftKings, Fanatics, and Flutter Entertainment's FanDuel in January.

Portfolio Pulse from Chris Katje

December 15, 2023 | 9:53 pm

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