Paddy Power owner Flutter Entertainment saw a surge in profits and revenues in the first half of this year as average monthly player (AMP) increased by 40%.
The Dublin-based group recorded a pre-tax profit of £ 77m or € 91m. This is a 221% increase from £ 24m or € 28m recorded during the same period last year.
The results show that there was strong demand between Irish and UK customers, with AMP increasing by 44% during the period.
Group revenues were up 30% to £ 3.1bn in the first half, while Flutter’s US FanDuel business revenues were up 159% to £ 652m.
Group income before interest, taxes, depreciation and amortization (EBITDA) decreased to £ 597m on a proforma basis. This includes EBITDA losses in the United States.
Peter Jackson, Chief Executive Officer of Flutter Entertainment, said:
“Our global sports business has benefited from further product enhancements and a return to a more normalized sports calendar, while maintaining strong performance in the game, despite the rigorous comparisons set last year. “He added.
The world’s largest online betting group said it started well in the second half of this year.
After deducting the US business, the group expects adjusted EBITDA to be between £ 1.27 billion and £ 1.37 billion, assuming an uninterrupted sports calendar for the rest of the year.
In the United States, we expect net sales to be £ 1,285m to £ 1,425m and adjusted EBITDA losses to be £ 225m to £ 275m.
Flutter profits increase as the number of players increases
Source link Flutter profits increase as the number of players increases