Business

Valuation of Flutter’s US FanDuel business falls by $2bn, as states mull betting tax hikes

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.

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. Join the Irish Independent WhatsApp channel Stay up to date with all the latest news.