Trading Post August 5, 2026 - One Buy, One Sale, One Reason
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Flutter (FLUT) reported United States gambling market EBITDA dropped 70% to $119 million, offset by International EBITDA up 10% (4% organic) to $2.3 billion.
For the owner of FanDuel, U.S. revenue was down 6%, with the sportsbook 15%. The handle grew only 2%. Promotional spend was up 140 basis points.
So the company cut estimates because of U.S. weakness. This means leverage for the year will rise from 3.7x to 4.3x, away from the 2.5x target.
Moreover, Peter Jackson is stepping down after 9 years as CEO and will be succeeded by Dan Taylor, who has been with Flutter for 9 years and is coming from the international side, which has been strong.
The stock fell $15 to near $90 in recent trading, and took DraftKings with it. DraftKings reports tomorrow after the close, and this report likely means DraftKings will miss as well.
We know why this is happening, and why the stocks are falling. Prediction markets (PMs) have taken the gambling world by storm, with leading purveyor Kalshi now running $39.7 billion annual volume. This is hurting the incumbents such as Flutter (FanDuel) and DraftKings.