So long, farewell
Flutter exits the UK at an awkward moment
New York the only game in town as Flutter elbows London.
In +More: ProphetX clears hurdle towards predictions launch.
HG Vora gets the nod – just – from the Nevada Gaming Board.
Puts+takes: BofA on the WC, Jefferies on DraftKings, Stifel on Penn.
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Tired of London
Forgive my French, but, fuck you, ta-ta: Flutter Entertainment will delist from the London Stock Exchange, ending a UK-listed presence that dates back to the December 2000 listing of its forerunner, Paddy Power.
The news confirmed the drift towards New York that has been evident since the company moved its primary listing across the Atlantic in May 2024.
From August 3, Flutter shares will trade solely in New York.
Goodbye means that you’re losing me for life: The news late last week followed a short internal review launched in May, which concluded the level of activity in the London-listed shares did not justify the cost or the regulatory and administrative burden of a dual listing.
It said a delisting was “in the best interests of the company and its shareholders.”
So you don’t get to be the one who cries: The timing of the move is perhaps far from flattering, with the share price in New York down 48.5% in the YTD and off by over 58% on a 12-month view.
From a market cap of over $50bn last summer, the company is now worth $19.2bn.
Can’t call it love, then call it quits: In a piece of analysis published last Friday examining the potential for UK-listed retail financial trader IG Group – coincidentally helmed by ex-Paddy Power Betfair CEO Breon Corcoran – to seek a US listing, Deutsche Bank suggested the track record of firms that have switched is less than impressive.
The Flutter experience in the past year “demonstrates in our view that the decision to list in the US does not automatically deliver favourable outcomes,” the DB team wrote.
“Indeed, the potentially higher liquidity that may follow can arguably accentuate unfavourable news when it arrives, due to more trading activity and/or greater ability to short,” they added.
Can’t shoot me down, then shoot the shit: Flutter has not been helped by the predictions newsflow, which has hurt the prospects of FanDuel. Within the past fortnight, Front Office Sports reported the third round of layoffs at the company.
This followed the sudden departure of CEO Amy Howe at the time of the Q1 earnings.
Meanwhile, the launch of FanDuel Predicts in late December is starting to look like a damp squib vs. a more dynamic DraftKings.
The team at Jefferies noted that the app data suggests prediction activity is tracking below DraftKings’ levels.
Jefferies pointed out last week that the early reads on DraftKings Predictions product were positive, with the company projecting $3.1bn of annualized volume.
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+More
NorthStar Gaming has announced that auditor KPMG resigned on May 29, citing an unresolved issue related to requests for additional information and audit evidence concerning certain systems and controls. NorthStar said it will cooperate fully with a successor auditor and has authorized KPMG to respond to related inquiries once a replacement is appointed.
Gamehost shareholders have approved the company’s sale to Pure Casino Entertainment, with 97.8% of votes cast in favor of the transaction, which sees Pure acquire all outstanding Gamehost shares for C$13.65 ($9.76) per share in cash. The deal, announced in May, is expected to close later this month.
Hacksaw has withdrawn a proposed LTIP for key employees and canceled an EGM scheduled for June 15 after discovering an external advisor had incorrectly valued the warrants underpinning the scheme. The company said a second independent review found the warrants should carry a higher premium, making the proposal less attractive.
+More predictions
ProphetX has received approval from the CFTC to operate as a designated contract market and derivatives clearing organization, clearing the way for it to launch what it said will be the first federally regulated, sports-focused prediction market exchange in the US.
Betr has announced it has hedged a 10 million free spins promotion, valued at ~$1.78m, by taking what it described as the largest single position on Team USA to win the 2026 FIFA World Cup on Polymarket. The company said the trade would offset its promotional liability if the US wins.
Meanwhile… “The CFTC asks if there is some useful economic function served by sports betting. I have previously argued that, come on, it’s sports betting; you should be embarrassed to go around saying ‘actually sports betting is useful for hedging and for informing economic decisions.’ The CFTC is not embarrassed.” Matt Levine, Bloomberg.
HG Vora gets Nevada nod
Bruising: After a contentious three-hour meeting, the Nevada Gaming Control Board (NGCB) recommended a limited three-year license to HG Vora Capital Management and its founder Parag Vora.
NGCB member George Assad, who opposed the finding of suitability in a 2-1 vote last week, compared Vora to a corporate raider – an accusation the latter vehemently denied.
HG Vora holds a 4.7% stake, or ~7.25m shares, in Penn Entertainment.
Proxy music: The issue of concern for the NGCB centered on the firm’s legal battle with Penn executives. In May 2025, HG Vora launched a proxy fight to nominate three independent directors to the company’s board of directors.
To resolve the lawsuit, Penn appointed three independent directors supported by HG Vora in February.
HG Vora withdrew its lawsuit and entered a standdown agreement that restricts the firm from making further proxy challenges until December 31, 2027.
Vora told the control board he did nothing wrong in working on behalf of investors when he questioned Penn’s failed deals with Barstool Sports and ESPN Bet.
Keeping an eye out: The NGCB’s recommendation for a three-year limited license will be considered by the Nevada Gaming Commission on June 25. HG Vora is required to submit a monthly report to regulators detailing any discussions or activities with Nevada licensees.
It must also provide a $50,000 fund to cover NGCB expenses related to investigations into HG Vora and its affiliates.
“We need to keep tabs on you,” NGCB chair Mike Dreitzer told Vora. “A limited license is an opportunity to prove yourself.”
Dreitzer expressed concern over HG Vora’s $950,000 settlement with the SEC for disclosure failures ahead of their Ryder Systems acquisition bid, and its acquisition of Penn cash-settled total return swaps.
Swapping influence: Dreitzer said he understood the swaps had no voting rights tied to them. “That has been made clear to me. However, I do have concerns that you do reach a point where you can use swaps to potentially manipulate a licensee on an issue,” he added. “You can potentially do that by the large amount of economic interest you have.”
“I do believe that Mr. Vora and his group used that as a tool to pursue an end with Penn,” Dreitzer said.
“I’m not suggesting that was done inappropriately but what I’m suggesting is that why else would you do that unless you were trying to bring more influence to bear.”
Vora accepted the conditions.
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Puts+takes
DraftKings
One-eyed: DraftKings believes the pessimism over US OSB handle of late to be “myopic,” according to the team at Jefferies, who held a fireside chat with the company’s CEO Jason Robins in London last week.
The analysts reported Robins as saying volume pressure is largely driven by sharp bettors shifting to DraftKings Predictions.
This is a handle-negative but hold-positive mix given low/negative margins, with the example given of April seeing handle up 6% and NGR rising 30%.
“Mix is improving as parlay penetration rises, and casual players drive a larger share, supporting hold,” the team reported.
Pulling levers: Jefferies said Robins indicated DraftKings sees the potential to expand its margins from the current levels at ~8% to a long-term 11-12%, thus acting as a revenue lever even with slower handle growth.
“The core business remains at $1bn+ in adj. EBITDA, with the variance to current guidance primarily attributable to Predictions,” the analysts said.
With that product, Jefferies said Robins and his team believe the more vertically integrated model, with DCM and FCM licensing added to market making, is “optimal” given there are more intermediaries involved in predictions vs. the OSB model.
Meanwhile, the Super App is expected to drive incremental users in non-OSB states, with the World Cup serving as the “first major test of the offering.”
The World Cup
Lift off: Bank of America analysts suggested the tournament, which kicked off last Thursday, will provide the national customer acquisition launchpad for the burgeoning number of “rapidly growing prediction market offerings.”
The team expects DraftKings will launch markets on their vertically integrated exchange, Railbird, now DKeX.
Robinhood has also announced it will use its exchange JV, Rothera, for the World Cup.
Market leader Kalshi, meanwhile, has already seen $130m of traded volume on its World Cup winner markets.
“World Cup momentum and products for prediction markets are expected to build through the tournament and be a lead into the fall NFL season,” the team added.
Penn Entertainment
Seek the rewards: After meeting with Penn Entertainment management, the analysts at Stifel reported the company to be “surprised it took this long for M&A to pick back up” given the current dislocation in valuations vs. the evident resilience in macro and regional gaming valuations.
Regarding any potential divestitures on the part of Caesars, the analysts said they believed Penn “would consider opportunistic acquisitions.”
But they noted the bar would necessarily be high given the company’s current focus on deleveraging.
Still, they added that strategically, Penn “seemed interested” in expanding back onto the Las Vegas Strip to “establish a hub-and-spoke cross-sell strategy” with its rewards program.
But, Stifel added, they “get the sense Penn will remain disciplined on price and location/asset.”
Churchill Downs
Telling tales: Churchill Downs will be leaning heavily into pricing power for next year’s Derby alongside wider wagering across Derby week and primetime Oaks coverage, but without any boost from any new major development projects, according to the team at Truist.
Having met with the CFO Marcia Dall, the analysts came away somewhat skeptical of the story being told, suggesting 2027 will be a “more difficult” YoY comp.
But the longer-term story rests on the continued appeal of the Derby, with the aim to bolster attendance and pricing throughout the week.
The analysts noted that 85%-plus of the EBITDA for the week is made on the Friday and Saturday.
In Churchill Downs’ wider universe, Truist reported Dall as saying Churchill Downs would “entertain any offers” for its regional gaming assets.
“Given management’s stated capital allocation priorities, we think use of any M&A proceeds would most likely be share buybacks and deleveraging the balance sheet,” they added.
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