Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Flutter Entertainment PLC on Wednesday lifted its US guidance and said it has seen little sign of a slowdown so far this year, despite punters grappling with a cost of living crisis.
Flutter Entertainment is an FTSE-100 global sports betting and gaming operator. It owns Paddy Power and Sky Bet.
For the third quarter of 2022, revenue rose 31% year-on-year to £1.89 billion from £1.44 billion. Sports revenue increased by 26% to £1.14 billion from £906 million, while Gaming revenue rose by 40% to £748 million from £534 million a year ago.
In particular, US revenue during the period amounted to $598 million, up significantly from $280 million a year earlier. UK & Ireland revenue rose 3.7% to $509 million from $491 million.
The company said its total average monthly players totalled 9.60 billion, up 23% from 7.81 billion a year ago.
Chief Executive Peter Jackson said: "Our US division is now our largest and generated $700 million in revenue, up 82%. Good growth in our 'consolidate and invest' International markets and the acquisition of Sisal [in Italy] in August helped drive ex-US revenues."
Flutter lifted US revenue guidance to between $2.95 billion and $3.2 billion for the full-year. Its previous US revenue outlook range was $2.85 billion to $3.1 billion.
Group adjusted earnings before interest, tax, depreciation and amortisation, excluding the US, are still expected to land between £1.29 billion and £1.39 billion.
The "guidance reflects current consumer trends with no discernible sign of slowdown year to date", Flutter explained.
In August, Flutter reported revenue of £3.39 billion for the six months that ended June 30 from £3.05 billion a year earlier, and a swing to a pretax loss of £51 million from a £77 million profit.
On Monday this week, Flutter said it won an arbitration ruling related to media company Fox Corp's option to acquire just shy of a 19% stake in US arm FanDuel Group.
Shares were down 0.9% at 11,675.00 pence each on Wednesday morning in London.
Copyright 2022 Alliance News Limited. All Rights Reserved.