Flutter Entertainment CEO, Peter Jackson, says the group has “enhanced” its “financial flexibility” after its US segment, led by FanDuel, recorded profit over the first half of the year.
Jackson said that the US operator’s US$100m (£79m) in adjusted EBITDA provides Flutter with a “clear platform to materially invest” in the second half of the year. What’s more, Flutter’s US segment revenue grew by 63 per cent overall in H1. US adjusted EBITDA was $63m (£49m), versus a loss of £132m in H1 2022.
The company reported that FanDuel acquired two million new players in H1, a record, while there was a 38 per cent increase in the number of new casino-first players in the igaming vertical.
FanDuel’s performance helped Flutter record overall revenue of £4.8bn for H1, growth of 38 per cent, with group earnings at transformation point with adjusted EBITDA up 72 per cent to £823m.
Elsewhere, group ex-US adjusted EBITDA climbed by 24 per cent, with Sisal helping steer that growth in H1, Flutter said.
In the UK and Ireland, average monthly players rose 10 per cent in H1 to a record 4.1m in Q2.
Flutter said that it expects US revenue of between £3.6bn and £3.9bn ($4.5bn - $4.9bn) for 2023 overall, as well as adjusted EBITDA of between £90m and £190m ($120m - $240m), assuming it launches in Kentucky ahead of the NFL season.
Group ex-US adjusted EBITDA is expected to be in line with market forecasts, at between £1.44bn and £1.6bn.
Flutter also said it is “working towards” attaining a US listing in late Q4 2023 or early Q1 2024. This, it said, will “provide the potential” of moving is primary listing from the London Stock Exchange to the US.
Jackson said: “The second half of the year has started well and we look forward to adding a US listing for Flutter shares later this year or early next year."
