DKNG vs FLUT: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DKNG and FLUT share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DKNG and FLUT exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

DraftKings operates one of the largest US online sports betting (OSB) and iGaming platforms, alongside a daily fantasy sports business, a former retail-lottery courier operation, and a growing prediction-markets product (Pick6). Revenue comes primarily from the Sportsbook (hold on wagering handle) and iGaming (online casino), with the company live in dozens of US states plus Ontario. It sits in a consolidated duopoly with FanDuel (Flutter), with the two names controlling roughly three-quarters or more of US gross gaming revenue.

Full DKNG guide

Flutter Entertainment (FLUT) is one of the world's largest online sports-betting and iGaming companies, best known in the United States for FanDuel, the leading US online sportsbook by market share. The company operates a portfolio of well-known betting and gaming brands across many countries, including Paddy Power and Sky Bet in the UK and Ireland, Sportsbet in Australia, PokerStars globally, and Betfair, and it has added Snai in Italy and NSX in Brazil through acquisitions. Flutter makes money from customers placing sports wagers and playing online casino games, so its results are driven by the number of active players, how much they bet, and how favorably sporting results fall (its win margin). FanDuel and the fast-growing US market are the central story, layered on top of large, more established international operations that provide scale and cash flow. Flutter moved its primary stock listing to the New York Stock Exchange in 2024 to be closer to its largest growth market. The business is exposed to the long-term shift of betting and gaming from retail shops to online and mobile, but it is also heavily shaped by regulation and taxes, which vary by state and country and can change. Headquartered in Dublin with major US operations, Flutter has long been viewed as a scaled, market-leading way to invest in the growth of legal online sports betting and iGaming.

Full FLUT guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DKNG drivers: Duopoly scale and structural profitability; New-state and iGaming expansion.
• FLUT drivers: FanDuel and US online betting leadership; A diversified global brand portfolio.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Profitability is now the central risk: GAAP results are back in loss territory over the trailing twelve months, Q2 2026 missed EPS estimates by half, and analysts expect a loss of about $0.17 per share in Q3 as prediction-market and marketing spending rise. For FLUT, flutter's business is heavily dependent on regulation and taxes, which differ by state and country and can change against it.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick DKNG if you believe its drivers more; FLUT if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DKNG and FLUT guides.

DKNG. DraftKings is valued on scale and future profitability rather than current earnings, and with trailing GAAP results back to a loss, the trailing P/E is not meaningful. The stock now trades near 1.5x sales and about 11x 2027 consensus EPS, far cheaper than in July, because the market doubts how fast revenue growth (consensus 2026 revenue ~$6.7 billion) converts into margin while prediction-market and marketing costs rise. The 36 analysts Yahoo Finance tracks have a mean target near $34. Guidance, hold and prediction-market spending tend to move the stock more than reported net income.

FLUT. After a roughly 65% fall in 2026, Flutter trades near 0.8 times sales and about 11 times forward earnings, a valuation that prices in lower US profitability, higher taxes, and prediction-market competition. The 32 covering analysts still have a mean target near $133, far above the $75.85 close, but targets have been cut repeatedly; the November 4 report (consensus EPS $0.29 on about $4.0 billion of revenue) is the next test.

Headline figures (approximate, October 2026): DKNG shows revenue (ttm) ~$6.2 billion, q2 2026 revenue ~$1.44 billion (down ~4.6% YoY), eps Q2 2026 adjusted $0.09 vs $0.19 estimate; 2026 consensus ~$0.88, 2027 ~$1.70, net income (ttm) ~-$167 million (GAAP loss); FLUT shows revenue (ttm) ~$17.2 billion (Q2 2026 up ~3% yoy), operating margin ~-3% (gross margin ~42%), net income (ttm) ~-$754 million, p/e (trailing / forward) n/a (loss) / ~11x.

DKNG and FLUT are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DKNG and FLUT exposure against your real portfolio. It is not an investment adviser.