Flutter Entertainment (FLUT) Loses 10.3% on Kalshi Product Threat

We recently published 11 Stocks Failing to Keep up With The Market. Flutter Entertainment plc (NYSE:FLUT) is one of the top performers on Tuesday.

Flutter Entertainment snapped two straight days of gains on Tuesday, losing 10.33 percent to close at $254 apiece as investor sentiment was dampened by Kalshi’s launch of a new product that would rival its sports-betting features.

Flutter Entertainment plc (NYSE:FLUT) fell alongside its sports-betting counterparts after Kalshi on Monday night launched its “build your own combo” parlay product, which allows users to pair multiple contracts with a game.

Copyright: dmitrymoi / 123RF Stock Photo

Further dampening sentiment was that 90 percent of Kalshi’s betting volume comes from sports contracts.

The product was unveiled ahead of the dual football matchups on Monday night, between the Dolphins and the Jets, and the Bengals and the Broncos.

Despite the news, Flutter Entertainment plc (NYSE:FLUT) maintained a “buy” recommendation and a $365 price target from investment firm Benchmark, amid its strong performance from its FanDuel unit during the third week of the NFL season.

The new price target represents a 43.7 percent upside potential from its latest closing price.

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