Flutter Entertainment has maintained its position on Goldman Sachs’ highly regarded “Hedge Fund VIP” list. The company remains the only gaming operator to make it among the investment bank’s leading stocks. Goldman’s breakdown, based on the latest 13-F US Securities and Exchange Commission filings, found that the basket of stocks most favored by hedge funds appreciated 15% this year.
Flutter Overtook Several High-Profile Tech Giants
The VIP list tracks the stocks that hedge funds most frequently list among their top ten leading positions. According to Goldman strategist Ben Snider, the basket has beaten the S&P 500 in nearly two out of three quarters since its inception in 2001. He added that the VIP list was an effective tool for investors to “follow the smart money.”
The VIP list identifies the 50 stocks whose performance will largely influence the long side of many fundamentally driven hedge funds.
Ben Snider, senior equity strategist at Goldman Sachs
Overall, the VIP list remains dominated by technology and consumer stocks, including behemoths like Amazon, Microsoft, and Alphabet. Flutter is the only representative from the gambling sector, an industry confronting ongoing regulatory and tax headwinds. Flutter was a top holding among twenty-two listed hedge funds, surpassing behemoths like Berkshire Hathaway and Netflix.
These results are especially significant given that Flutter only shifted its primary listing to the NYSE in May 2024. This strategic move aimed to capitalize on the substantial opportunities within the expanding US market. As more states legalize iGaming and online sports betting, Flutter continues to leverage its leading FanDuel brand to capitalize on new opportunities, outpace the competition, and achieve lasting value.
Solid Financials Contributed to Investor Confidence
Flutter’s continued investor popularity reflects a string of robust financial results. In the second quarter of 2025, Flutter reported revenue of approximately $4.2 billion, a 16% year-on-year rise, while its adjusted EBITDA surged 25% to $919 million. The company’s EBITDA margin expanded to 21.9%, underscoring enhanced efficiency across its portfolio.
Chief executive Peter Jackson remains optimistic regarding the company’s trajectory. He drew attention to rising momentum in emerging markets such as Brazil, where Flutter has established itself as a leading operator, and expansion in Italy, where the company has become a regional leader. While Jackson acknowledged rising economic and regulatory pressures, he was confident that the company would overcome any challenges.
The combination of steady financials, geographic diversification, and a confident strategic direction has been instrumental for Flutter’s continued popularity among hedge funds. The company has so far managed to retain its position as a market leader and is one of the few non-tech stocks to secure a seat at the top table of hedge fund holdings.