Flutter upgrades US revenue guidance after strong third-quarter

Finance News

Flutter Entertainment 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.