Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul>
<li>Flutter Entertainment, a global leader in sports betting and gaming, reported second-quarter 2026 results that highlighted both encouraging operational progress and near-term financial headwinds.</li>
<li>The company continues to invest heavily in its U.S. sportsbook and iGaming businesses, particularly FanDuel, reflecting a strategic choice to prioritize long-term market leadership over short-term earnings.</li>
<li>In the U.S., second-quarter revenue declined 6% year-over-year, partly due to customer-friendly sports outcomes like the Knicks’ win and a subdued broader market.</li>
</ul>


Flutter Entertainment, a global leader in sports betting and gaming, reported second-quarter 2026 results that highlighted both encouraging operational progress and near-term financial headwinds.
The company continues to invest heavily in its U.S. sportsbook and iGaming businesses, particularly FanDuel, reflecting a strategic choice to prioritize long-term market leadership over short-term earnings.
In the U.S., second-quarter revenue declined 6% year-over-year, partly due to customer-friendly sports outcomes like the Knicks’ win and a subdued broader market.


Flutter Entertainment’s $500 Million Efficiency Push: Can It Reset The Earnings Story?

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Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/flutter-entertainment-plc-7993c81f-0185-45cd-b4d6-a0508824c8b3">Flutter Entertainment</a> is the world's largest online betting and gaming operator by revenue, boasting a diversified portfolio of market-leading 'local hero' brands including FanDuel, Paddy Power, Betfair, and PokerStars.</li>
  <li>The company's primary growth engine is its U.S. division, led by FanDuel, which holds a dominant market share of approximately 45% in the rapidly expanding U.S. online sports betting market.</li>
  <li>Key challenges include navigating a complex and evolving global regulatory landscape, facing intense competition from established players and new entrants, and managing the volatility of sports outcomes which can impact short-term financial results.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Flutter Entertainment is the world's largest online betting and gaming operator by revenue, boasting a diversified portfolio of market-leading 'local hero' brands including FanDuel, Paddy Power, Betfair, and PokerStars.
  The company's primary growth engine is its U.S. division, led by FanDuel, which holds a dominant market share of approximately 45% in the rapidly expanding U.S. online sports betting market.
  Key challenges include navigating a complex and evolving global regulatory landscape, facing intense competition from established players and new entrants, and managing the volatility of sports outcomes which can impact short-term financial results.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Flutter Entertainment (FLTR LN) - Aug 2026

<ul>
<li>Flutter Entertainment reported its first-quarter 2026 results with group revenue rising 17% year-over-year and adjusted EBITDA increasing by 2%.</li>
<li>The growth was driven notably by contributions from recent acquisitions such as Snai and Betnacional, alongside a favorable year-over-year swing in sports outcomes.</li>
<li>In the U.S.—a significant market for Flutter—sportsbook revenue grew 10%, supported by underlying improvements in key performance indicators (KPIs) like active monthly players (AMPs) and handle, which showed sequential gains as the quarter progressed.</li>
</ul>


Flutter Entertainment reported its first-quarter 2026 results with group revenue rising 17% year-over-year and adjusted EBITDA increasing by 2%.
The growth was driven notably by contributions from recent acquisitions such as Snai and Betnacional, alongside a favorable year-over-year swing in sports outcomes.
In the U.S.—a significant market for Flutter—sportsbook revenue grew 10%, supported by underlying improvements in key performance indicators (KPIs) like active monthly players (AMPs) and handle, which showed sequential gains as the quarter progressed.


Flutter Entertainment’s 19% IGaming Growth: Is The Market Missing The Stronger Engine?

<ul>
<li>Flutter Entertainment’s recent update reflects a company expanding its market presence while navigating complex operational dynamics.</li>
<li>In 2025, group revenue rose 17% and adjusted EBITDA 21%, driven by continued leadership in online sports betting and iGaming.</li>
<li>In the fourth quarter, U.S. revenue surged 33%, highlighting the core strength of the FanDuel platform.</li>
</ul>


Flutter Entertainment’s recent update reflects a company expanding its market presence while navigating complex operational dynamics.
In 2025, group revenue rose 17% and adjusted EBITDA 21%, driven by continued leadership in online sports betting and iGaming.
In the fourth quarter, U.S. revenue surged 33%, highlighting the core strength of the FanDuel platform.


<ul>
<li>Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.</li>
<li>During the quarter, Flutter continued its consistent momentum, particularly noting a 17% year-over-year increase in revenue, bolstered by strong engagement from over 14 million average monthly players.</li>
<li>Adjusted EBITDA also saw a 6% rise, reflecting operational efficiency and revenue growth.</li>
</ul>


Flutter Entertainment's third-quarter 2025 update highlights both positive and challenging aspects within its performance and strategic initiatives.
During the quarter, Flutter continued its consistent momentum, particularly noting a 17% year-over-year increase in revenue, bolstered by strong engagement from over 14 million average monthly players.
Adjusted EBITDA also saw a 6% rise, reflecting operational efficiency and revenue growth.


Flutter Entertainment Plc: Can IGaming Innovation Sustain Its Competitive Edge?

United States

Flutter Entertainment operates as a global online sports betting and iGaming company, offering a diverse range of products including sportsbook, online casino, poker, and daily fantasy sports. Its portfolio features prominent brands such as FanDuel, Paddy Power, Betfair, PokerStars, and Sky Betting & Gaming. The company was founded in 1988 and is headquartered in New York, NY, with a registered office in Dublin, Ireland.

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Flutter Entertainment (FLTR LN)

Flutter Entertainment’s $500 Million Efficiency Push: Can It Reset The Earnings Story?

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