Flutter H1 earnings fall, sees U.S. profit in 2023

DUBLIN, Aug 10 (Reuters) – First-half earnings at Flutter Entertainment fell by 12% on a pro-forma basis as the Paddy Power, Betfair and Poker Stars owner continued to invest heavily in its fast-growing U.S.

business that it expects to turn a profit by 2023

The world’s largest online betting group said the first half exceeded expectations against its objectives as it maintained its leadership position in the U.S. online market and said the revenue gap to its rivals there continued to widen.

Sports betting has taken off in the United States after a ban was lifted in 2018.

Revenue at Flutter’s U.S. FanDuel business grew by 159% to 652 million pounds ($902.89 million), contributing to 30% revenue growth across the group.

Group earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 597 million pounds on a pro-forma basis.

That included an EBITDA loss in the United States.

The Dublin-based group said it expected full-year adjusted EBITDA of between 1.27 and 1.37 billion pounds, including an EBITDA loss of between 225 million and 275 million pounds in the United States. ($1 = 0.7221 pounds) (Reporting by Padraic HalpinEditing by Louise Heavens)

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