On October 21, we noted:
Flutter Entertainment (SYM: FLUT) is attempting to push higher after Wells Fargo upgraded the stock to an overweight rating. The firm said investors should consider the stock after a recent pullback. Last trading at $234.65, the stock appears to have caught strong support and is just starting to pivot higher again. We’d like to see a near term retest of $252.84.
At the time, FLUT traded at about $229.
Today, it’s up to $236.80 after the British Chancellor of the Exchequer Rachel Reeves delivered her first budget, which did not include tax increases for gambling companies.”
We also have to consider that with football season underway, gambling stocks typically push higher. After all, according to the American Gaming Association, Americans are expected to spend about $35 billion on NFL games this year. That’s up from the $26.7 billion wagered a year ago.
Also, as noted by CBS Sports, “The NFL remains king, and more money is wagered on the NFL than any other league. The NFL also attracts six-figure wages (and sometimes seven-figure wagers) on a regular basis throughout the season.”
