US Sports Betting Giant Loses 2 Trillion Won in Market Cap Following Downgrades

On January 16, Ireland-based online betting operator Flutter Entertainment PLC (FLUT) saw its shares plunge 6.3% on the New York Stock Exchange, closing at $188.46.

Trading volume reached approximately 2.18 million shares, and the company’s market capitalization declined to about $33 billion (roughly ₩43 trillion), erasing some $1.96 billion (around ₩2.6 trillion) in value in a single day.

The sell-off followed Wells Fargo’s downgrade of its rating from Overweight to Hold and a cut in its price target from $248 to $228, alongside similar target-price reductions by other analysts and news that major institutional investor BlackRock trimmed its stake. Despite these headwinds, the average 12-month Wall Street price target still sits near $300, implying roughly 50% upside from current levels.

Flutter Entertainment—home to FanDuel, Paddy Power, Betfair and PokerStars—is the world’s largest online sports-betting and iGaming group. In May 2024, it moved its primary listing from London to the New York Stock Exchange, formalizing a North America–focused strategy. In the U.S., FanDuel commands about 40% of the regulated sports-betting market and serves as the company’s growth engine. Flutter expects its U.S. business to contribute a substantial share of group profits by 2025.