Flutter's US business drives first half profit 76% higher

[The Buzz]

Flutter reported today that its first-half 2023 core earnings jumped 76% as its U.S. Fanduel brand turned a profit for the first time.

The company added that FanDuel was the “clear market leader” with 47% market share in the online sportsbook space and 23% share of US iCasino.

From Reuters:

Flutter's shares, however, were 4.7% lower in early trade. Analysts at Jefferies said its full year guidance could be seen as conservative as it implied a 1% upgrade to consensus after a bigger beat in the first half.
Analysts at JPMorgan also noted a more cautious outlook on Australia, where Flutter's first half revenues fell by 1%.

The Paddy Power, Betfair and PokerStars owner has accrued investment-driven losses in the U.S. since the 2018 lifting of a nationwide ban on sports betting in the belief that its revenues there will grow five-fold to around $15 billion long term.

Flutter's U.S. revenue overtook that of its most profitable UK and Ireland market in 2022 and it recorded adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) there of 49 million pounds ($62.5 million) to June 30 versus a 132 million pound loss a year ago.

Read more from Reuters here: https://www.reuters.com/business/flu...on-2023-08-09/

Read the report from Flutter here: https://www.flutter.com/media/an0n5q...ment-final.pdf

[econfox]

Bet limiting and banning winners works. Get ready for more US Sportsbooks to do the same

[Sherlock]

What Fanduel made different is that they stole my RS and retroactively changed terms even before their expansion.