Stifel Downplays India Online Gaming Bill on Flutter Entertainment (FLUT) Affirms Buy Stance

Flutter Entertainment plc (NYSE:FLUT) is one of the best stocks to invest in, according to billionaire George Soros. On August 21, analysts at Stifel reiterated a ‘Buy’ rating on the stock and a $356 price target. The research firm remains bullish about the company’s growth prospects following the passing of an online gaming bill in India’s lower house of parliament.

While the Promotion and Regulation of Online Gaming Bill, 2025, bans real-money online skill games, including Rummy, Stifel expects it to have less than 1% impact on Flutter Entertainment’s FY25 guidance. Even though the bill introduces a series of adverse regulatory developments in the gaming industry, the company has demonstrated solid performance, with revenue growing by 15.63% over the past year.

Stifel has echoed Flutter Entertainment’s growing competitive moat, which affirms its long-term prospects. The remarks follow the delivery of solid second-quarter results, whereby revenue increased 16% year-over-year to $4.19 billion, as EBITDA grew 25% to $919 million.

Flutter Entertainment plc (NYSE:FLUT) operates as a sports betting and gaming company. It offers sportsbooks, iGaming products such as blackjack, roulette, slot machines, poker, and rummy, as well as lottery products, and sports betting products.

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Disclosure: None. This article is originally published at Insider Monkey.