Flutter Entertainment Slips Post-Super Bowl as Tax Proposal Weighs on Outlook, Oppenheimer Says

MT Newswires Live

03-04

Flutter Entertainment (FLUT) is trading 6% lower than its post-Super Bowl high, partly due to a proposal by the New Jersey governor to increase taxes on online sports betting and online gaming to 25%, Oppenheimer said in an earnings preview emailed Monday.

The company's Q4 results are scheduled for Tuesday.

The firm said that it expects the management to reaffirm its 2025 outlook on US revenue and earnings before interest, taxes, depreciation, and amortization.

The proposed tax hikes by New Jersey and Maryland governors could negatively impact Flutter's earnings by $105 million to $115 million in 2025 and $220 million to $230 million in 2026, Oppenheimer added.

Changes in bet mix and promotional strategies, as well as smaller bet sizes resulting from record levels of parlay penetration-especially among high-value players, resulted in a deceleration in US betting handle growth in Q4, according to the note.

Oppenheimer has an outperform rating on Flutter's stock.

Price: 276.43, Change: -4.16, Percent Change: -1.48

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