Flutter's 0.99% Rally Outpaces 212th-Ranked $470M Trading Volume Slide

On September 5, 2025, , , .

, comprising USD, EUR, and GBP-denominated bonds. , consolidating full ownership of the U.S. sports betting platform. .

Analysts highlighted strategic implications of the FanDuel buyout, which strengthens Flutter’s dominance in North American iGaming. The debt issuance, , underscores confidence in long-term cash flow generation. Institutional investors, including and , have increased holdings, signaling support for the company’s expansion plans.

Flutter’s recent performance aligns with its history of outperforming estimates, driven by market share gains in sports betting and iGaming. However, .

To run this back-test rigorously I need to settle a few practical details that weren’t specified: 1. Universe • Should the “top 500 stocks” be selected from all U.S. listed equities (NYSE + NASDAQ + AMEX) or from a narrower universe (e.g., only S&P 500 constituents)? • Are ADRs, ETFs and penny stocks (< $1) allowed? 2. Ranking rule • Do we rank by share volume or by dollar volume (volume × price)? • Is the ranking done on the same-day close (buy at close) or on the previous day’s data (buy next day at open)? 3. Pricing convention • Buy and sell at the close, or buy at next day’s open and exit at the same day’s close? 4. Transaction costs / slippage • Should we include a per-trade cost assumption (e.g., 2 bps each side)?