Parvus Asset Management increases stake in Flutter Entertainment

The London-based fund is Flutter’s second largest investor.

UK.- Parvus Asset Management has increased its position in Flutter Entertainment from 5.1 per cent to nearly 10.7 per cent. The move, disclosed in a stock exchange filing, makes the London-based fund Flutter’s second largest investor after Kenneth Dart’s Candle Lake Holdings. Parvus has had a stake in the dual London and US-listed gambling group for over a decade but hasn’t commented ton the timing of its new purchase.

Flutter’s shares have been under pressure, falling by over 50 per cent in the past year. Parvus also owns close to 10 per cent of Evoke plc, the former 888 Holdings and William Hill’s parent company, which has also seen its share price fall by more than 50 per cent in the past year. Historically, Parvus opposed William Hill’s proposed merger with Amaya Gaming in 2014 while it backed the Paddy Power–Betfair merger that created Flutter a year later.

Flutter’s 2025 results reveal a 17 per cent rise in revenue for 2025 to $16.4bn (€14.2bn) but a $407m loss amid impairments and rising costs. The results were impacted by a $515m impairment tied to the shutdown of Junglee in India, alongside heavy spending on technology and marketing.

CEO Peter Jackson attributed the cautious outlook to weaker US betting activity during the NFL playoffs and escalating promotional spending to retain customers. Competition is also intensifying from prediction market platforms such as Kalshi and Polymarket. Flutter has responded with its own entry, FanDuel Predicts, launched in partnership with CME Group in December 2025.

For 2026, the operator forecasts revenue of $18.4bn and modest profit growth of 4 per cent to $2.97bn.