Flutter Entertainment plc

California tribal leaders are aiming for a 2028 ballot measure to legalize online sports betting, according to Legal Sports Report. California Nations Indian Gaming Association Chair James Siva said during a podcast last week that tribes view 2028 as the target for placing a sports betting ballot initiative back before voters. The push follows the 2022 rejection of two competing measures, Proposition 26 and Proposition 27, which would have allowed in-person betting at tribal casinos and horse tracks or online and mobile betting outside tribal lands, respectively. Tribes are framing their new proposal as a safer, state-regulated alternative to the prediction markets industry. Sportsbook operators such as DraftKings, FanDuel, and BetMGM could benefit if the framework allows partnerships with tribes or other license pathways similar to prior California proposals.

Stock index futures rose Monday as the U.S. and Iran paused military actions, easing Middle East conflict fears. More than 20 technology companies including Nvidia, Microsoft, Meta, IBM, Dell, and Palantir urged the U.S. government to support open-weight AI models, as the White House weighs restrictions on Chinese open-weight models over national security concerns. Michael Burry disclosed on Substack that he added to short positions in Micron and Nvidia, while increasing long holdings in Flutter and DraftKings. Bank of America Securities flagged that August through October has historically been the weakest rolling three-month stretch for the S&P 500, favoring gold, bonds, and the U.S. dollar. Waymo has received 83 parking citations totaling $9,325 since launching its Austin robotaxi service in 2024, with most violations involving tow-away zones. Comcast's Universal saw The Odyssey collect an estimated $87 million in its second weekend, bringing its domestic gross to about $286 million and worldwide total to more than $639 million.

Consumer discretionary casino operator stocks tracked by this publication rose an average of 16.5% since their latest earnings results, following a mixed first quarter in which aggregate revenues beat analyst consensus estimates by 1.6%. Flutter Entertainment reported revenues of $4.30 billion, up 17.4% year on year and 4.9% above expectations, while Monarch posted the biggest beat with revenues of $136.6 million, exceeding estimates by 5.2%. Bally's delivered the fastest revenue growth at 23.7% to $755.7 million but missed analyst estimates by 1.8% and had the weakest performance against EPS expectations. Wynn Resorts reported $1.86 billion in revenue, beating estimates by 1.8%, and Red Rock Resorts posted $507.3 million, in line with expectations.

Investor Michael Burry is placing bets against prediction markets like Kalshi and Polymarket, expecting a regulatory crackdown. In a Substack post, Burry disclosed new positions in DraftKings and Flutter Entertainment, buying Flutter at $107 per share and DraftKings at around $26 per share, with plans to potentially increase each holding. He argues that regulators will soon curb unregulated prediction markets, driving business to established, regulated sportsbooks that are already exploring their own prediction market offerings. DraftKings shares have fallen 45% from their 52-week high last September, while Flutter has declined 65% from its peak last August.

A bullish thesis on Flutter Entertainment plc argues the global online sports betting and iGaming company is undervalued relative to its long-term earnings potential. The thesis highlights FanDuel as a central asset worth a substantial portion of Flutter's enterprise value, supported by FOX's option to acquire an 18% stake at a predetermined valuation through 2030. Flutter holds leading market positions in the United States, United Kingdom, Italy, and Australia through brands including FanDuel, Betfair, Paddy Power, and PokerStars. The company is expected to benefit from U.S. market maturation, reduced promotional intensity, potential iGaming legalization in additional states, and a $5 billion share buyback program. Under conservative and consensus assumptions, the thesis projects equity value appreciation of approximately 130% to 240% by 2030, with more optimistic scenarios supporting share prices between $400 and $650.

Apptopia released a new report on DraftKings Inc, Flutter Entertainment PLC, Caesars Entertainment Inc, MGM Resorts International, Kalshi, and the broader online sports betting and prediction markets. The report found that sports bettors are skewing younger and represent each app's fastest growing user segment. It also provides an in-depth look at the 2026 World Cup's impact on OSB and prediction market apps during what is normally a slow period, analyzing inflections in downloads, daily active users, and average sessions per daily active user. Using its U.S. consumer device panel, Apptopia determined what percentage of World Cup bettors are new and what percentage were once churned but re-engaged by the event.