Flutter Entertainment 2Q Revenue Surges on Continued U.S. Sports Betting Momentum

By Denny Jacob

Flutter Entertainment said revenue surged 20% in its latest quarter, indicating sports betting in the United States continues to have a long runway.

The parent company of FanDuel and other gaming and gambling brands logged net income of $297 million, or $1.45 a share, for the second quarter ended June 30, up from $64 million, or 37 cents a share, a year earlier. Adjusted earnings were $2.61 a share.

Revenue rose to $3.61 billion from about $3 billion last year.

Chief Executive Peter Jackson said improvements to its products drove the proportion of live betting handle to be more than 400 basis points higher than last year during the National Basketball Association's playoff period, as well as increasing its parlay penetration in Major League Baseball.

Flutter raised its outlook for the year, citing its quarterly performance, the benefit of positive sports results and momentum into the current quarter. It now expects U.S. revenue to come in between $6.05 billion and $6.35 billion in 2024, up from its prior guidance for revenue of $5.8 billion to $6.2 billion.

Write to Denny Jacob at denny.jacob@wsj.com

(END) Dow Jones Newswires

August 13, 2024 17:10 ET (21:10 GMT)

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