Flutter Entertainment, the owner of FanDuel and traded as $FLUT, has reported a widening pretax loss despite experiencing strong growth, particularly in the U.S. market, where earnings may more than triple this year. The company forecasts a 30% jump in earnings for 2024, attributing this optimistic outlook to its expanding American sports betting business. This growth is further evidenced by a 25% surge in sales, attributed to the successful bet on FanDuel. Financial highlights from the fiscal year 2023 include a 20% increase in average monthly players, a 25% rise in revenue, a 45% increase in adjusted EBITDA, and a leverage ratio of 3.1 times. For the fiscal year 2024, Flutter anticipates revenue growth of 17.5% and an adjusted EBITDA increase of 30%. CEO Peter Jackson has expressed confidence in the U.S. market's profitability, emphasizing the company's aggressive business acquisition strategy.
"We expect profitability to grow significantly in the US market this year," $FLUT CEO Peter Jackson says. "We're acquiring as much business as we can." https://t.co/Z9Fswqv3lY
$FLUT $FLTR.L #FLTR #Flutter FY-23 avg mthly players +20%, revenue +25%, adj EBITDA +45% & leverage 3.1x, with forecast FY-24 growth in revenue of +17.5% & adj EBITDA of +30%: https://t.co/Pmpr3kewYc No real share price reaction today...
Flutter Entertainment posts 25% surge in sales as bet on FanDuel pays off https://t.co/qTwWLmqcLT
Gambling group Flutter Entertainment says earnings in the US may more than triple this year as the FanDuel owner continues to expand its American sports betting business https://t.co/gPb2iEpEKI
Flutter forecasts 30% earnings jump in 2024 as US takes off https://t.co/MU3o2P2mP1 https://t.co/yAxSYEJi0B
Flutter Entertainment Pretax Loss Widens Despite Strong Growth in U.S. https://t.co/eNsN1AoasD