11 Best Las Vegas Stocks To Buy Now

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3. Flutter Entertainment plc (NYSE:FLUT)

Number of Hedge Fund Holders: 53

Flutter Entertainment plc (NYSE:FLUT) is the maker and operator of the famous sports betting platform FanDuel. It Operates as an online sports betting and iGaming operator with divisions expanding to the United States, United Kingdom, Ireland, Australia, and Internationally.

FanDuel is one of the most renowned sports betting platforms in all the above-mentioned divisions. The platform allows users to place sports bets, play casino games, and enjoy other gambling-related services. The platform enhanced its market share by 40% during the second quarter in the United States. Flutter Entertainment plc (NYSE:FLUT) has reached more than 14.3 million monthly active users, which is a 17% increase from the same quarter the previous year.

FanDuel is not an online platform under the ownership of Flutter Entertainment plc (NYSE:FLUT). It also operates other gambling sites such as Sportsbet, Sky Betting, and Betfair. Financially speaking, the company has been riding the success wave from its platforms. The revenue of $3.2 billion increased 20% year-over-year.

The popularity of its online brands provides it with a solid competitive edge over its competitors. Management believes that the total addressable market will reach $40 billion by the end of 2023 and the market share of Flutter Entertainment plc (NYSE:FLUT) will grow with it. It has also raised its earnings guidance and now expects to generate $6.2 billion in revenues and $740 million in adjusted EBITDA.

Similar to its market share institutional investors are also growing their stakes in the company. FLUT was held by 53 hedge funds in the second quarter, up from 21 hedge funds in the previous quarter. The total positions amounted to $1.72 billion.

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