Flutter Says FanDuel Predicts Is Making Progress

Flutter Entertainment's (NYSE: FLUT) prediction market efforts in the US have begun to show results gradually. In a discussion moderated by analyst Brandt Montour, CEO Dan Taylor and CFO Rob Coldrake highlighted progress on the FanDuel Predicts platform.

Coldrake said that in October, active users and volume had nearly tripled compared with July. He noted that the number of markets on FanDuel Predicts had grown to about five times its previous level, helped by the Crypto.com partnership. He also said that combining event contracts with One App had benefited the company. One App is a super app concept that brings together Flutter's gaming products under one roof in the states where they are permitted.

Coldrake acknowledged that FanDuel Predicts' volume is currently low compared with rival event contract platforms, but said this could change as the product improves. He warned that if investments are not made with discipline, a lot of money could be spent quickly in this area. Taylor said promotional spending has difficult economics, but that this could move in a positive direction over time. On the customers the platform is attracting, Taylor said, "We are acquiring customers who look very similar to our sportsbook customers."