FanDuel Owner’s Lead Over Entain Is Getting Ever Wider
- Flutter catalysts include growing US market, New York listing
- Entain seen losing market share to peer, JPMorgan analysts say
This article is for subscribers only.
Paddy Power owner Flutter Entertainment Plc has left UK betting rival Entain Plc trailing on the stock market over the past year, and JPMorgan Chase & Co. analysts don’t see that changing any time soon.
The broker upgraded Flutter to overweight on Wednesday, pinning its optimism on the firm’s strong position in the fast-growing US gambling market, where its FanDuel brand has about a 30% share. At the same time, analysts including Estelle Weingrod downgraded Ladbrokes and Coral owner Entain to neutral, saying the company “will need more time (and investments) to turn its overall trading and profitability momentum around.”