Flutter Entertainment's (FLUT) FanDuel is winning customers and market share during the early weeks of the NFL season, Wedbush Securities said in a Thursday note.
FanDuel's weekly average daily active users were up about 9% year-on-year season to date through NFL Week 4, versus a decline of about 7% for DraftKings (DKNG) and growth of about 4% for other sportsbooks.
In New York, FanDuel's handle across NFL Weeks 1-3 rose about 26% year-on-year, lifting its market share to about 38%, up about 490 basis points year-on-year, Wedbush said.
The investment firm said the shutdown of Flutter's Brazil business following a government ban on online sports betting and casino is a small near-term hit but a bigger loss to growth.
The move is expected to cut 2026 revenue by about $70 million. Wedbush removed Brazil from its estimates and lowering fiscal 2027 and 2028 revenue by about $420 million and $500 million, according to the note.
Wedbush cut its price target on the stock to $110 from $126, while maintaining its outperform rating.
Shares of Flutter were up more than 4% in Thursday afternoon trading.
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