Analysts concerned over US states proposing to raise tax on gambling
A Flutter banner outside the NYSE, marking their IPO last January. Photo: Getty
The valuation of the US business of Paddy Power-owner Flutter – which has become a key focus for growth for the gambling giant – has fallen by $2bn, analysts said, following movement around gambling taxes in America.
FanDuel, Flutter’s US business, has in recent years become the jewel in the crown of the Dublin-headquartered group. Its prospects in the fast-growing US gambling market paint an exciting picture for investors, as it holds a dominant position.