Flutter Full Year Expectations Up & Down

Paddy Power and Betfair operator Flutter Entertainment announced its expected full year earning saying that apart from the US market its earnings before interest, tax depreciation and amortisation (Ebitda) will be at the £1.35 billion mark.

That is an improvement on previous forecasts which had the company around the £1.32 billion range, also the company said the lower end of expectations would be at £1.275 billion.

Results in the US are not as good for the betting giant with expectations of a loss between £160 to £180 million, that is worse than analyst’s predictions of £140 to £160 million.  But the good news is that Flutter signed up some 450,000 new customers in the US which was higher than predicted and now brings their customer base total to 1.8 million.

Peter Jackson the chief executive of Flutter said: “Flutter’s performance in the third quarter exceeded our expectations in both sports and gaming.” He went on to say, “We are now a truly global business with significant scale. As such we are in a unique position to respond to the many opportunities we see across our growing markets.

“Looking ahead, whilst the outlook with respect to Covid-19 remains uncertain, we are confident that our business is well positioned to capture further growth in a sustainable and responsible way.”