Covid-19 did more than create a life and death issue in the U.K. It caused the stock market to freefall, including gambling companies. The cancellation of sports killed a steady revenue stream from horse racing and football betting. The future seemed bleak.
But football has returned, without fans. And casinos with online poker and casino games enjoyed an increase in visitors, triggered in part by people staying home.
Flutter Entertainment, which boasts one of the largest online gambling sites, has proven it can weather any storm, according to The Guardian. The owner of Paddy Power Betfair, Flutter merged with The Stars Group during the lockdown, expanding its reach. The deal with Stars included PokerStars, one of the leading global brands.
Flutter also owns FanDuel, a fantasy sports betting site used by more than 8 million sports fans in the rapidly expanding U.S. market in which Flutter hopes to establish itself.
So it’s no surprise Flutter Entertainment is valued 40 percent more now than it was at the start of March, while rivals GVC and William Hill struggled to overcome the Covid-19 impact.
