PM Capital believed this market would become a significant, emerging opportunity. In 2017, investors largely ignored potential growth in US sports betting given its status as an unregulated ‘grey market’ outside of Nevada. PM Capital’s investment in global casino companies and our understanding of the local bookmaking industry added to our understanding of sports betting. PM Capital’s interest in Flutter emerged during our 2017 review of UK bookmaking sector, which included such companies as William Hill and Entain (at the time named GVC). Less understood is that Sportsbet is owned by Flutter Entertainment plc, a Dublin-based company that has its primary listing on the London Stock Exchange (LSE: FTLR). Some might have used Sportsbet’s App to bet on horse racing or other sports. Many Australian sports fans would be familiar with advertisements for Sportsbet. But Flutter’s US growth and profitability could exceed market expectations over the medium to long term and be a catalyst to re-rate its share price, in PM Capital’s view. 1 Concerns about US competition and regulatory uncertainty in the UK have weighed on sports-betting and online-gaming stocks.
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