Entain dropped out of the FTSE 100 despite online revenue growing 7% in the first half. Flutter Entertainment moved its primary listing from London to New York in January 2024, and market cap rose from $36bn to $50bn by June 2025 before collapsing. In Q2 2026 Flutter's US revenue fell 6% to $1.683bn, with sportsbook revenue down 15%. DraftKings shares dropped from $43.30 to $21.75 over the year, Flutter from $282.33 to $89.56.
The cause is a shift in market priorities. Investors no longer buy growth promises and now demand profit and cash flow. Ed Birkin of H2 Gambling Capital notes that the share-price decline exceeded the drop in earnings forecasts, pointing to a repricing of multiples.
The US sports betting market faces a new threat from prediction markets — Kalshi, Robinhood, Crypto.com. The American Gaming Association forecasts $29.5bn in handle through legal sportsbook channels for the 2026 NFL season, flat on 2025. DraftKings and Flutter have launched their own prediction platforms, but that requires investment at a moment when shareholders want returns.
In the UK, Remote Gaming Duty rose from 21% to 40% in April, costing Entain £56m in EBITDA in the first half. The company is selling a 20% stake in Entain CEE for €425m (valuing the asset at €2.1bn) to cut debt of £3.6bn.
MGM Resorts gained 5% over the year thanks to diversification — Las Vegas, regional casinos and a 50% stake in BetMGM. Macquarie Capital analyst Chad Beynon calls Flutter 'the strongest online franchise', but the market doubts further growth potential in a mature industry.
