Flutter Entertainment posts third-quarter revenue jump

Business News

Flutter Entertainment said that third-quarter revenue growth accelerated and raised its full-year guidance excluding the U.S., but said increased investment in the U.S. will lead to a wider-than-anticipated loss there.

The Dublin-based sports-betting and gambling group said total pro forma revenue for the quarter was 1.33 billion pounds ($1.76 billion) compared with GBP1.04 billion for the same period last year. On a constant-currency basis, total pro forma revenue growth accelerated to 30%, following a 22% rise for the first half.

Paddy Power, Betfair, FanDuel and PokerStars said revenue in the U.S. for the quarter was GBP161 million, up 82% at constant currency.

Flutter said it now expects full-year pro forma adjusted earnings before interest, taxes, depreciation and amortization excluding U.S. operations to be between GBP1.28 billion and GBP1.35 billion, driven by higher customer volumes across all divisions. In the U.S., the company anticipates a pro forma adjusted Ebitda loss of between GBP160 million and GBP180 million.

At the end of the first half, the company said it anticipated 2020 pro forma adjusted Ebitda excluding U.S. operations would be between GBP1.18 billion and GBP1.33 billion, and that its adjusted Ebitda loss in the U.S. would be between GBP140 million and GBP160 million.