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

Same yardstick, side by side (as of September 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. 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 is widely 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: Valuation is the central risk: the stock trades at a very high multiple of trailing GAAP earnings (which remain minimal), so disappointment on margin or growth can drive sharp drawdowns. 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, so its trailing P/E is extreme and near-meaningless. The more relevant frame is revenue growth (mid-teens percent) converting into a rising adjusted EBITDA margin as states mature. Guidance and quarterly hold percentages tend to move the stock more than reported net income.

FLUT. Flutter is valued mainly as a growth business, so it often trades on revenue growth, US market share, and expected future profitability rather than trailing earnings. Because it has invested heavily to build US scale, reported profits and P/E can look high, negative, or not meaningful in the investment phase, even as the underlying US business grows quickly and moves toward higher profitability as states mature. Quarterly results also swing with sporting outcomes (the win margin), so a single quarter can be noisy. Figures are approximate and change with each report and with regulation; verify current numbers before relying on them.

Headline figures (approximate, JULY 2026): DKNG shows revenue (ttm) ~$6.0-6.3B, q1 2026 revenue ~$1.65B (up ~17% YoY), fy2026 revenue guidance ~$6.5-6.9B, fy2026 adj. ebitda guidance ~$700-900M; FLUT shows revenue (annual) ~$14-16 billion (growing, driven by the US), us brand FanDuel, leading US online sportsbook by share, international brands Paddy Power, Sky Bet, Sportsbet, Betfair, PokerStars, growth driver US sports betting and iGaming legalization and scaling.

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.