Jefferies says Flutter weakness ‘overreaction’ to prediction market developments

Jefferies analyst James Wheatcroft calls today’s weakness in Flutter’s shares “an overreaction” to U.S. prediction markets operator Kalshi having launched a new same-game parlay-style product on NFL matches on Monday. Prediction markets may continue to make “little dent” in Flutter’s market share, given that consumers want breadth and depth of parlays across markets, games and sports, says the analyst, whose analysis also suggests Flutter offers superior pricing on many key markets, including player props. The firm keeps a Buy rating and $380 price target on Flutter shares.