Sami Kurvinen 
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Has Flutter become too dependent on the US?
For years, Flutter Entertainment looked like it had cracked the code.
The company, which owns brands like FanDuel, Paddy Power, Sky Bet and Betfair, made a huge bet on the United States after sports betting was legalised in many states in 2018. At the time, it was exactly the right move. FanDuel quickly became the market leader, Flutter’s revenues soared, and the company established itself as the biggest online gambling operator in the world.
But fast forward to today, and people are starting to ask a different question: Has Flutter put too many of its eggs in the US basket?
The US was the obvious opportunity
Looking back, it’s hard to argue with Flutter’s strategy.
When the US sports betting market opened up, it was a once-in-a-generation opportunity. Flutter already had a stake in FanDuel, so it doubled down and invested heavily in growing the business. It spent years building its technology, attracting customers and expanding into newly regulated states.
That investment paid off. FanDuel became the biggest sportsbook in the US, and Flutter’s reputation grew alongside it.
Former CEO Peter Jackson has said several times that those early investments weren’t always popular because they cost a lot of money, but they helped build the company into the global leader it is today.
So why are people worried now?
The concern isn’t that FanDuel is suddenly struggling. It’s still the biggest player in the US market.
The difference is that the market itself isn’t growing as quickly as it used to.
Flutter recently lowered its profit expectations for its US business after FanDuel had a weaker-than-expected quarter. Growth has slowed, competition is getting tougher, and newer products like prediction markets are starting to grab attention alongside traditional sportsbooks.
That’s made some investors nervous because Flutter’s share price now seems to react heavily to whatever happens in the US. When FanDuel has a disappointing quarter, it tends to overshadow the rest of the business.
Meanwhile, the rest of the world is quietly doing well
What’s interesting is that while everyone has been focused on the US, Flutter’s international business has actually been performing really well.
Markets like Brazil and Italy have delivered strong growth, helped by recent acquisitions and continued expansion. In fact, some analysts believe the international division has been doing much of the heavy lifting recently, even though it doesn’t always get the same attention as FanDuel.
That raises an interesting question: has the market become so focused on Flutter’s US business that it’s overlooking how well the rest of the company is performing?
A new CEO could bring a slightly different approach
Peter Jackson’s decision to step down has added another layer to the conversation.
His successor, Dan Taylor, has spent the last several years running Flutter’s international business. He’s been heavily involved in growing the company’s operations across Europe, Australia, Brazil and other regulated markets.
That doesn’t mean Flutter is about to pull back from the US. In fact, the company has made it clear that it still sees plenty of opportunities there and plans to keep investing.
But having someone with Taylor’s background leading the business could mean Flutter places a little more emphasis on balancing growth across different regions instead of relying so heavily on one market.
So… is Flutter too dependent on the US?
The honest answer is: maybe a little.. but not beyond fixing.
There’s no doubt that FanDuel has been one of Flutter’s greatest success stories, and it’s still the market leader. Walking away from that would make very little sense.
The bigger issue is perception.
Right now, whenever the US business slows down, investors tend to treat it as if the whole company is struggling, even though other parts of the business may be growing strongly.
That’s probably the biggest challenge Flutter faces over the next few years. It’s not about replacing the US; it’s about making sure the company isn’t judged solely by what happens there.
Looking ahead
Flutter still owns some of the strongest betting brands in the world and has a presence across North America, Europe, Australia and Latin America.
The US will almost certainly remain its biggest market, but the next phase of Flutter’s story could be about finding a better balance.
If FanDuel continues to lead the US while international markets like Brazil, Italy and other regions keep growing, Flutter could become a more diversified business with multiple engines of growth.
And if that happens, the conversation may shift from “Is Flutter too dependent on the US?” to “How did Flutter build one of the most balanced global gambling businesses in the industry?”
That’s the question investors and the industry will be watching over the next few years.