Flutter delivered another strong quarter, beating consensus, increasing its revenue by 20 per cent to reach US$$350m and raising its Adjusted EBITDA guidance.
Flutter’s net profit increased to $297m. In the US, revenue grew by 39 per cent as FanDuel extended its ‘number one position.’ In the UK and Ireland, Flutter saw an 18 per cent jump in revenue with sportsbetting up 12 per cent and online increasing by 25 per cent.
Peter Jackson, CEO, commented:“Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market. We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA playoffs, while we also increased our MLB parlay penetration.
“The returns we are seeing give us the confidence to continue driving customer acquisition in the second half, building a bigger business, which bodes well for 2025 and beyond. We look forward to
setting out this growth potential in more detail, and the capital allocation opportunities that will
unlock, at our Flutter Investor Day in New York on September 25.
“Outside of the US, we delivered an engaging offering during the European Football Championships, as over four million customers placed a bet on the tournament, with results during the tournament very favorable for us. We enhanced our Same Game Parlay experience in UK and Ireland with the addition of QuickBuild, and launched a first-to-market version in Italy. We also expanded our iGaming portfolio with new exclusive content driving market share gains.
“We achieved important milestones during Q2, as the NYSE became our primary listing and we moved our operational headquarters to New York. This reflects the importance of the US market to Flutter and our view that the US is the natural home for our business.”