Flutter Entertainment shares have slumped since the company moved its primary listing to New York, as investors focus on weaker performance at its U.S. brand, FanDuel. The decline highlights the risks for international companies that list in the U.S. and whose valuations depend heavily on their American operations.
Visible Alpha data show that revenue expectations for Flutter’s U.S. business have been revised down by about 20% annually through 2028 compared with forecasts from last year. The revisions reflect a changing gaming market, as prediction markets make inroads with sports fans. Pressure on FanDuel is overshadowing more resilient performance in Flutter’s international segments.