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4d ago

Flutter Raises Full-Year Profit Outlook to $3.3 Billion on Q2 Strength

FanDuel’s core profit rose 54%, driving the upgraded outlook.

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Fanduel app is seen in this illustration taken June 17, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
Rory McIlroy’s Masters result was beneficial for the bookmaker

Overview

  • Flutter reported second-quarter adjusted EBITDA of $919 million, a 25 percent increase that topped analysts’ $816 million forecast.
  • Adjusted earnings per share reached $2.95, exceeding the $2.08 estimate, while revenue came in at $4.19 billion against a $4.13 billion consensus.
  • FanDuel delivered a 54 percent surge in core profit to $400 million and maintained leading U.S. market shares of 41 percent in sports betting and 27 percent in iGaming.
  • The stronger results prompted Flutter to lift its full-year EBITDA guidance to $3.3 billion from $3.18 billion in May.
  • The company said it is closely observing evolving U.S. event-contract regulations and state tax changes for their potential impact on customer behaviour.