I called Flutter Entertainment (FLTR) an avoid just before Christmas last year and I guess, as year-to-date it is down over 12%, it has been better not to own shares in the company you and I used to know as “Paddy Power”. But as I write today the stock is up over 8% after announcing its first half numbers. Time to bet on a betting company?
It is nearly Christmas, thank goodness. But despite it being the day before Christmas Eve there are still a few things going on, even beyond firmer markets thanks to the German health minister this morning observing that a ‘lockdown isn't ruled out, but it's not needed right now’. No wonder markets across Europe are up a bit today. One story that surprised me this morning was the news that Flutter Entertainment (FLTR) - the business most of us remember as Paddy Power - ‘is pleased to announce the acquisition of Sisal, Italy's leading online gaming operator, from CVC Capital Partners Fund VI for a consideration of €1.913bn/£1.62bn’.