In addition, the bank said that its industry survey showed that Flutter’s Paddy Power brand was rated the third most preferred online betting brand in the UK. As such, a Tuesday note saw the bank’s analysts increase its target price for Flutter to 13,000p, up 2,500p from 10,500p.
Barclays added: “We consider online strength to be a key driver of medium-term online staking growth from new and existing customers, particularly in a [coronavirus] world and our survey indicates that Flutter brands are best-placed to benefit.”
Last month, Flutter saw its H1 revenue rise 49% year-on-year, up to £1.52bn ($1.98bn). The operator attributed the rise to enhanced diversification following its merger with The Stars Group, which was completed in May.
