With an approximate 70% to 80% market share, FanDuel and DraftKings remain the industry leaders in online sports betting (OSB) in the US. The adaptability and remarkable global reach of FanDuel’s parent business, Flutter Entertainment, are highlighted in a new Morningstar assessment, even if their leadership is evident.
Flutter’s Global Success and Market Strength
Morningstar, a leading research firm, recognized Flutter Entertainment for its strong presence in key international markets. Dan Wasiolek, a Morningstar analyst, praised Flutter’s extensive industry knowledge and experience, which has helped the company secure a significant market share globally. In the UK and Ireland, Flutter commands an estimated 29% and 46% of online gaming revenue, respectively, reflecting its dominance in mature markets.
Beyond Europe, Flutter also excels in Australia, where it holds around 12% of the market, ranking it among the top operators in the country. Wasiolek noted that Flutter’s integration of parlay features into its Sisal brand in Italy has further strengthened its position. Italy’s market is the second-largest in Europe, trailing only the UK. Despite stringent regulations and industry maturity, Flutter’s UK and Australian segments maintain over 20% EBITDA margins, underscoring the company’s resilience and profitability.
On the financial front, Morningstar has valued Flutter Entertainment at $250 per share, which represents an 18% premium over its recent price of $210.93. The firm awarded Flutter a four-star rating, just one star shy of the highest possible rating, further highlighting the company’s robust position in the industry.
Wasiolek also credited FanDuel’s strategic development of its daily fantasy sports product in 2009, which positioned the brand for success following the 2018 Supreme Court decision that allowed the expansion of sports betting. This early move helped Flutter secure approximately 40% of the digital revenue share in the US, demonstrating its long-term strategic planning and execution.
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