DUELLING BANJOS. Flutter Entertainment Chief Executive Peter Jackson could capture some U.S. valuation magic. Shares in the London-listed bookie, owner of Paddy Power Betfair, rose 6% on Monday after the company said it may float a chunk of FanDuel, the U.S. sports-betting group in which it owns 95%. Listed rival DraftKings trades on 19.3 times expected 2022 revenue. Apply that multiple to broker Davy’s estimate of FanDuel’s sales that year, and the division’s enterprise value would be $38 billion. Since Barclays analysts reckon the rest of Flutter is worth $22 billion including debt, the whole group’s enterprise value could be $58 billion – almost 40% higher than at Friday’s closing price. The plan has a few kinks. Small minority stakes often incur a discount on public markets. And even after a listing, investors may not value Flutter at the sum of its parts. Still, the potential winnings make it worth a punt. (By Liam Proud)