Betting giant raises full-year guidance after second quarter earnings
Betting giant raises full-year guidance after second-quarter earnings published, in the company’s first results since shifting its main market listing to the US
The betting giant said net profit more than quadrupled to $297 million in the second quarter compared with the same period a year ago, while average monthly players – a key metric for gambling firms – rose 17 per cent. Revenue increased by 20 per cent to $3.6 billion. Adjusted earnings before interest, tax, depreciation and amortisation rose 17 per cent to $738 million.
The results underline why the company has shifted its base from Ireland to the US. The firm, which counts American giant FanDuel among its brands, booked about $1.5 billion of revenue from its US businesses during the quarter while AMPs rose 27 per cent compared with a year earlier. Flutter is betting that trend can continue as more US states allow legal gambling.
In the UK and Ireland, Flutter said revenue grew 18 per cent, driven by 12 per cent growth in sports betting and a 25 per cent increase in its online gaming business.
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