Flutter Entertainment plc (FLUT) is attracting renewed interest from value investors who see significant long-term upside in the global online sports betting and iGaming giant.
A bullish thesis surfaced on r/ValueInvesting, authored by user LowKey-Revolution36, arguing that Flutter’s current valuation is deeply disconnected from its long-term earnings potential.
Flutter’s shares were trading at $101.83 as of June 18th, with a trailing P/E of 121.78 and a forward P/E of just 13.50, according to Yahoo Finance.
The company holds leading market positions across the United States, the United Kingdom, Italy, and Australia through a portfolio of well-known brands including FanDuel, Betfair, Paddy Power, Sky Betting and Gaming, Sisal, Snai, Sportsbet, PokerStars, and Betnacional.
FanDuel remains a central asset within Flutter’s portfolio, with FOX holding an option to acquire an 18% stake in the platform at a predetermined valuation through 2030.
Beyond its core sportsbook operations, Flutter is building additional optionality through prediction markets, leveraging its long-standing expertise with the Betfair Exchange and new initiatives such as Betfair Predicts.
The company is expected to benefit from the continued maturation of the U.S. online gambling market, reduced promotional intensity among dominant operators, and potential iGaming legalization in additional states.
Flutter’s ongoing $5 billion share buyback program is also seen as a meaningful driver of shareholder value in the years ahead.
Management’s decision to establish a primary U.S. listing is viewed as positioning Flutter for eventual S&P 500 inclusion once earnings criteria are met, which could significantly broaden institutional investor demand.
Looking toward 2030, the thesis projects equity value appreciation ranging from approximately 130% to 240% under conservative and consensus assumptions, with more optimistic scenarios supporting share prices between $400 and $650.
The bullish case draws a comparison to a previously covered thesis on DraftKings Inc. (DKNG), though LowKey-Revolution36 emphasizes Flutter’s superior global scale and FanDuel’s embedded standalone value as key differentiators.
DKNG’s stock has depreciated by approximately 20.48% since that earlier coverage, lending additional weight to arguments favoring Flutter’s diversified international footprint.
Despite regulatory and taxation risks, Flutter’s scale, market leadership, and cash generation are viewed as creating an attractive asymmetric risk-reward profile for patient investors.
At the end of the first quarter, 57 hedge fund portfolios held FLUT, down from 79 in the previous quarter, suggesting some institutional repositioning despite the underlying bullish fundamentals.
