Stock Take

Analysis: Flutter’s gamble on the US market has paid off

The betting giant has reached the ‘profitability inflection point’ stateside as it earns $63 million in the first half of the year

Peter Jackson, chief executive officer of Flutter Entertainment. Picture: Bloomberg

In May 2018 the market valuation of Paddy Power Betfair, as it was then known, jumped more than €400 million in one day.

The catalyst for the surge was confirmation from the group that it was in talks to merge its business in the United States with American company FanDuel in a bid to capitalise on what was expected to be a liberalisation of betting laws in the US.

Just over a year later the ...