With the Super Bowl just days away, and March Madness nearing, keep an eye on gambling stocks, like Fan Duel parent, Flutter Entertainment (FLUT).
Now trading on the NYSE, its Fan Duel is a market share leader in the U.S., with 43% of the market based on gross revenue, as noted by CNBC. Analysts at Jefferies believe the new listing could be a strong catalyst for Flutter, “assuming a 20% premium to DraftKings’ valuation, because of Fan Duel’s “sustained market share outperformance,” as also noted by CNBC.
According to Barron’s, “Flutter’s primary listing is on the London Stock Exchange, but the company is seeking to shift that to the NYSE. A proposal to make the switch will be offered to shareholders as a special resolution at the company’s 2024 annual general meeting on May 1. If it is approved, the change should go into effect late in the second quarter.”
DraftKings (DKNG) is another top gambling stock to watch, as well.
Analysts at Stifel also like DKNG, upgrading it to a buy rating with a price target of $45. The firm added, “The stock’s recent correction affords an attractive entry point, with the company’s market share headwinds easing,” as quoted by TheFly.com.
Another way to trade March Madness is with an ETF. Look at the Roundhill Sports Betting & iGaming ETF (BETZ), for example. With an expense ratio of 0.75%, the ETF offers diversification with Entain PLC, Flutter Entertainment, Penn Entertainment, DraftKings, Churchill Downs, MGM Resorts, and many more.
