Flutter Entertainment PLC (LSE:FLTR, NYSE:FLUT) could deliver better-than-feared third-quarter results when it reports on 12 November, according to Citi.
The US bank opened a 30-day "positive catalyst watch" ahead of the update and reiterated its 'buy' rating.
While September’s NFL results were "customer-friendly", this was already reflected in market expectations, analysts said.
They added that the bookmaker-friendly months of July and August, along with Flutter’s ability to leverage its cost base, were underappreciated by most investors.
Citi has made minor downward adjustments to its full-year 2025 estimates – trimming revenue by 1% and adjusted EBITDA by 3% – but remains 17% above consensus for the third quarter on adjusted EBITDA, driven by the US segment led by Fanduel.
The bank said operational efficiencies and disciplined spending should help offset any short-term volatility in sports results, maintaining confidence in Flutter’s growth trajectory across its US and international operations.
Flutter owns FanDuel, Paddy Power, Betfair, Sky Bet, and PokerStars.