LONDON (ShareCast) - (Sharecast News) - Online sports betting and iGaming operator Flutter Entertainment lifted its full-year outlook on Friday as it hailed a solid second quarter.
In an update for the three months to 30 June, the company said adjusted earnings before interest, tax, depreciation and amortisation rose 25% to $919m, with revenue up 16% to $4.2bn. Flutter said the US business "continues to scale rapidly".

US revenue increased 17% to $1.8bn, while reportable segment adjusted EBITDA jumped 54% to $400m. International EBITDA was 13% higher at $591m, with revenue up 15% at $2.4bn.

The FanDuel and Paddy Power owner said net income fell 88% to $37m, impacted by increased non-cash charges year-over-year.

Group revenue and adjusted EBITDA for FY25 are now expected to be $17.26bn and $3.295bn at the midpoint representing 23% and 40% year-over-year growth, respectively, Flutter said.

Chief executive Peter Jackson said: "I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A.

"Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations. Such varied achievements in one quarter are a great reflection of our teams' focus and ability to execute effectively, leaving us well positioned for the second half of the year."

At 0940 BST, the shares were down 2.7% at 22,285.55p.

Danni Hewson, head of financial analysis at AJ Bell, said: "Gambling outfit Flutter Entertainment struck out with investors despite reporting solid growth and lifting annual revenue guidance by a smidge overnight.

"These positive headlines do not tell the whole story as, apart from its US iGaming business and a strong contribution from international acquisitions, the company saw underwhelming growth across most regions.

"This suggests the company could be losing share in several markets, with overall growth in the US, for example, some way behind several of its peers."

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