Rise and rise of US market signals shifting focus for sports betting giant
Just as bookmaker reaction to a performance on the racecourse can surprise, so can the stock market's response to a results announcement.
Flutter Entertainment's annual figures released on Thursday appeared to show a strong performance in 2022, and analysts seemed to be impressed, but the company's share price finished down by 5.63 per cent.
What the results showed was the strength of Flutter not just in the UK and Ireland, where it operates Paddy Power, Betfair and Sky Bet, but across the world. Sportsbet, Flutter's Australian arm, has more than 48 per cent of the online sports betting market there, while last year Flutter purchased the biggest operator in the huge Italian market in the shape of Sisal.
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- Saturday updates: nothing to separate Big Rock and Inspiral in the market as Lockinge principals drift - plus conditions quicken at Newbury
- Sunday Times Rich List: Reuben Brothers increase their wealth by £578m to feature in the top 20
- Resurgent Silvestre de Sousa aiming for another Group 1 - and he thinks Charyn could be the one
- Leading Derby contender Arabian Crown ruled out of Epsom due to a setback
- 'We'll have another crack at Notable Speech' - Owen Burrows eyes St James's Palace for Guineas fifth Alyanaabi