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

Same yardstick, side by side (as of August 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.

Reading it: FLUT is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

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. FLUT and SGHC 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 FLUT and SGHC 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.

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

Super Group (SGHC) Limited operates the Betway sports-betting brand and the Spin (formerly Jackpot Casino) online casino across dozens of regulated and emerging markets, with a growing concentration in Africa alongside Europe, the Americas and the rest of the world. The company went public on the NYSE via a SPAC merger in 2022, exited the costly US online-betting market in 2023 to protect margins, and now reports across two segments, Africa and International. In Q1 2026 it served roughly 6.4 million average monthly active customers, an 18 percent increase year over year.

Full SGHC guide

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

• FLUT drivers: FanDuel and US online betting leadership; A diversified global brand portfolio.
• SGHC drivers: Africa-led emerging-market growth; Profitability and shareholder returns.

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: Flutter's business is heavily dependent on regulation and taxes, which differ by state and country and can change against it. For SGHC, online gambling is heavily regulated, and rules, taxes or advertising restrictions can change quickly in any of Super Group's markets, directly hitting revenue and margins.

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 FLUT if you believe its drivers more; SGHC 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 FLUT and SGHC guides.

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.

SGHC. Super Group trades around $15 to $16 per share with a market cap near $7.5 billion and a price-to-earnings ratio around 30, alongside a dividend yield of roughly 1 percent. Q1 2026 was a record quarter, with revenue up about 18 percent and adjusted EBITDA up about 36 percent, and management reaffirmed at least $2.55 billion of 2026 revenue and over $680 million of adjusted EBITDA. Some analysts peg fair value modestly above the recent price, tying the gap to how much credit the market gives its Africa-led growth and margin story.

Headline figures (approximate, early 2026): 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; SGHC shows revenue (ttm) ~$2.2B, 2026 revenue guidance ~$2.55B+, q1 2026 revenue ~$612M (+18% YoY), q1 2026 adj. ebitda ~$152M (25% margin).

FLUT and SGHC 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 FLUT and SGHC exposure against your real portfolio. It is not an investment adviser.