Sports betting stocks score in November as DraftKings, Flutter surge

📆 04/12/2024 13:21:00
📰 FXStreetNews

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DraftKings and Flutter Entertainment stocks have gained more than 20% over the past month.

Key points The gains were fueled by a record quarter for gaming revenue. Both of these sports betting stocks have momentum heading into 2025. The two leading sports betting stocks outperformed the S&P 500 by a wide margin in November. Are there more wins to come? The two leading sports betting stocks, DraftKings and Flutter Entertainment scored big wins in November, outperforming all the major benchmarks.

Flutter raises guidance Flutter, the parent of FanDuel, also got a lift from its Q3 earnings, which crushed estimates. The firm generated $3.2 billion in revenue, a 27% year-over-year increase. Of that amount, $1.2 billion came from the U.S. a 51% increase. Flutter benefitted from a 16% increase in average monthly players. It posted a net loss of $114 million, but that was 56% better than the same quarter a year ago.

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