Tue. Nov 29th, 2022

By Kyle Morris

Flutter Entertainment PLC said Wednesday that it was upgrading its 2022 guidance for U.S. revenue after strong growth in the country and that group revenue for the third-quarter rose 22%.

The Dublin-based gambling group said quarterly group revenue came to 1.89 billion pounds ($2.18 billion) compared with GBP1.44 billion a year earlier after U.S. growth of 82% and the Sisal acquisition.

U.S. revenue guidance was upgraded to $2.95 billion-$3.2 billion, from $2.85 billion-$3.1 billion, while the adjusted earnings before interest, taxes, depreciation and amortization loss was still expected to be in line with previous guidance of $300 million-$360 million.

For the group excluding the U.S., adjusted Ebitda for 2022 is expected to remain within the previously-guided range.

“Flutter delivered a strong 3Q performance with pro forma growth of 11% in both revenue and average monthly players. Our U.S. division is now our largest and generated $700 million in revenue, up 82%. Good growth in our ‘consolidate and invest’ International markets and the acquisition of Sisal in August helped drive ex-US revenues,” Chief Executive Peter Jackson said.

He added that the company was delighted with the outcome of the arbitration process of FanDuel.

Write to Kyle Morris at kyle.morris@dowjones.com

 

(END) Dow Jones Newswires

11-09-22 0246ET

Copyright (c) 2022 Dow Jones & Company, Inc.



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