Flutter Entertainment Share Price Forecast August 2021 – Time to Buy FLTR?
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Shares of Irish bookmaking holding company Flutter Entertainment have surged by close to 10% as a result of its US operations succeeding in more and more states in the country. Investors were impressed as Flutter Entertainment gained around £2.5 billion to reach a £29.4 billion valuation.
Flutter Entertainment – Technical Analysis
According to Flutter Entertainment’s financial statement, the company’s market cap is at £22.68 billion with total assets worth £16.992 billion. Revenue for 2020 was at £4.41 billion with a profit margin of 0.86%. This is up from the revenue of 2019, where the company earned just £2.14 billion. At the time of writing (August 11th 08:22 UTC+1), FLTR shares are worth £13885.
Oscillators for Flutter Entertainment such as Stochastic RSI Fast (3, 3, 14, 14)(96), Williams Percent Range (14)(−25), Bull Bear Power(2027) and Ultimate Oscillator (7, 14, 28)(55) are pointing towards a neutral action. On the other hand. Moving averages such as Simple Moving Average (30)(12744), Exponential Moving Average (50)(13060), Simple Moving Average (50)(13091) and Exponential Moving Average (100)(13454) are pointing towards a buying action.
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Recent Developments
Flutter Entertainment’s FanDuel company in the United States is expected to turn a profit as early as 2023. This is good news considering that the company had a huge amount of investment in technology as part of Flutter Entertainment’s expansion drive. After initially launching in the states of Virginia and Michigan, the company is operating across ten states now, with plans to launch in Arizona and Connecticut in the coming months. The company also expects states such as Ohio. Massachusetts and New York to join their ranks when they legislate next year.
Revenue for FanDuel’s first 6 months of operations climbed to reach £652 million, which accounts for a significant share of total revenues of over £3 billion. The group’s earnings were 2% lower year-on-year excluding an operating loss in the United States. Among other developments, the company has experienced a 52% year-on-year increase in its Australian market via its Sportsbet unit. It has also made significant progress in the United Kindom and Ireland. Its nearest competitors in the United States include BetMGM and DraftKings.
Should You Buy FLTR Shares?
Gambling is slowly starting to get legalised across the U.S. as more states are lining up to legalise sports betting and casinos due to demand from voters. While the industry doesn’t generate a lot of revenue currently, companies expect that the market could be greater than $40 billion in annual revenues over the next ten years. This puts Flutter Entertainment in a very advantageous position to capitalise on this growth opportunity.
The overall potential of the U.S. market is huge for any investor to ignore it, due to the country’s large population and appetite for sports. With the legal situation rapidly improving, analysts believe that almost 40 states could eventually be on the path to legalise sports betting. Flutter Entertainment which already has a line of reputable brands in place, will certainly benefit if this comes true.
Investors will find Flutter Entertainment the perfect vehicle to play the growth expected from the online gambling sector, not just in the United States but all across the world. The company has already established an international presence and is well-positioned to capture the expected growth from legislative changes in markets. It is also cheap compared to the shares of many of its competitors. Overall, investors might look to add FLTR shares to their portfolios at this time.
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