PM Capital’s investment in global casino companies and our understanding of the local bookmaking industry added to our understanding of sports betting. PM Capital’s interest in Flutter emerged during our 2017 review of UK bookmaking sector, which included such companies as William Hill and Entain (at the time named GVC). Less understood is that Sportsbet is owned by Flutter Entertainment plc, a Dublin-based company that has its primary listing on the London Stock Exchange (LSE: FTLR). Some might have used Sportsbet’s App to bet on horse racing or other sports. Many Australian sports fans would be familiar with advertisements for Sportsbet. But Flutter’s US growth and profitability could exceed market expectations over the medium to long term and be a catalyst to re-rate its share price, in PM Capital’s view. 1 Concerns about US competition and regulatory uncertainty in the UK have weighed on sports-betting and online-gaming stocks. Flutter is trading 36% below its March 2021 high.The business can grow beyond its core geographies into new markets. Flutter has competitive advantages through its market-leading technology platform, production innovation, customer-acquisition capabilities and scale. ![]() Flutter is highly cash-generative due to its dominant positions in mature sports-betting markets, such as the UK and Australia.However, this has historically been through the ‘grey market’ with regulated betting in its infancy in the US. ![]() The US is estimated to be the world’s largest sports-betting market.
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