Flutter US Half Yearly Results Turn A Profit

Flutter Entertainment the company that runs brands such as Betfair, Paddy Power have announced the firstly half yearly results showing a turnaround for its US facing business.

Peter Jackson the chief executive of Flutter called it a “Pivotal moment” after the company showed a profit of £49 million compared to a loss of £132 million in the same period last year.

Overall the company announced group revenues of £4.8 billion up 38% from the first half of last year and pre-tax profits at £823 million showing a jump of 37%.

Jackson said on the first half results: ” 2023 marks a pivotal moment for the group, with our US business now at a profitability inflection point, helping transform the earnings profile of the group and significantly enhance our financial flexibility.

“The US delivered another exceptional performance. We acquired over two million new players in the period, cemented our leadership position in sports and grew our share in iGaming to 23 per cent. The US business was profitable in the first half with FanDuel generating over $100m in ebitda.

“This profit profile provides us with a clear platform to invest materially in the second half, as we strive to continuously improve our customer offering. Our player acquisition strategy has consistently delivered, generating excellent returns on investment, embedding even greater value into our customer base, and increasing our future profitability.

“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.”