Flutter first-half profit jumps 76% on first U.S. contribution

DUBLIN (Reuters) – Flutter’s first half core earnings jumped 76% as its fast growing U.S. Fanduel brand turned a profit for the first time in a “transformation point” for the group’s prospects, the world’s largest online betting company said on Wednesday.

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 amortization (EBITDA) there of 49 million pounds ($62.5 million) to end June versus a 132 million pound lost a year ago.

That contributed to reported EBITDA of 765 million pounds across the group, versus the 731 million pounds forecast by eight analyst polled by Refinitiv.

Flutter said it expects full-year adjusted U.S. earnings of 90 to 190 million pounds as it invests further in the second half and earnings in the rest of the group of between 1.44 billion and 1.6 billion pounds.

($1 = 0.7838 pounds)