TLDR Flutter Entertainment (FLUT) stock dropped 11.5% on February 13, 2026, hitting new 52-week lows on both NYSE and the London Stock Exchange. The sell-off was driven by a UK iGaming tax hike (21% to 40%), a new U.S. “phantom income” tax law, and slowing market growth. Full-year 2025 revenue hit $16.69 billion (+19% YoY), but a $789 million Q3 net loss and guidance cut weighed heavily on sentiment. FanDuel holds ~43% U.S. sports betting market share, but faces rising competition from DraftKings (37%) and prediction market platforms. Analysts maintain a “Moderate Buy” consensus; price targets range from $170 (Bernstein) to $300 (UBS) following the drop.
Flutter Entertainment hit a rough patch in February 2026, and it wasn’t subtle. The stock shed 11.5% in a single session on February 13, falling to around $125.17. On the London Stock Exchange, shares touched a new 52-week low of GBX 8,940 on Wednesday, last trading at GBX 9,044.
The drop didn’t come out of nowhere. A combination of regulatory pressure, tax changes, and softer-than-expected results all landed at once.
The most immediate trigger was the UK government’s decision to raise iGaming duty from 21% to 40%. Flutter estimates this will create a $320 million EBITDA headwind in 2026 alone. That’s a serious hit to one of the company’s most profitable segments.
Flutter Entertainment plc, FLUT
Across the Atlantic, a new U.S. law called the “One Big Beautiful Bill Act” (OBBBA) went into effect in January 2026. It limits gambling loss deductions to 90% of winnings, meaning high-volume bettors now face a tax burden even when they break even. That’s been cutting into FanDuel’s handle.
Flutter’s full-year 2025 numbers were actually solid on the surface. Revenue came in at an estimated $16.69 billion, up 19% year-over-year. Adjusted EBITDA