Flutter Entertainment Raises US Guidance After 3Q Revenue Growth

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By Kyle Morris

Flutter Entertainment PLC said Wednesday that it was upgrading its 2022 guidance for U.S. revenue after strong growth in the country and that group revenue for the third-quarter rose 22%.

The Dublin-based gambling group said quarterly group revenue came to 1.89 billion pounds ($2.18 billion) compared with GBP1.44 billion a year earlier after U.S. growth of 82% and the Sisal acquisition.

U.S. revenue guidance was upgraded to $2.95 billion-$3.2 billion, from $2.85 billion-$3.1 billion, while the adjusted earnings before interest, taxes, depreciation and amortization loss was still expected to be in line with previous guidance of $300 million-$360 million.

For the group excluding the U.S., adjusted Ebitda for 2022 is expected to remain within the previously-guided range.

“Flutter delivered a strong 3Q performance with pro forma growth of 11% in both revenue and average monthly players. Our U.S. 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 August helped drive ex-US revenues,” Chief Executive Peter Jackson said.

He added that the company was delighted with the outcome of the arbitration process of FanDuel.

Write to Kyle Morris at kyle.morris@dowjones.com

(END) Dow Jones Newswires

November 09, 2022 02:42 ET (07:42 GMT)

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