LONDON (ShareCast) - (Sharecast News) - Shares in Flutter Entertainment jumped on Wednesday as the Betfair owner lifted its full-year revenue and EBITDA guidance and posted a narrowing of its net losses.
In the three months to the end of September, net losses narrowed to $114m from $262m in the same period a year earlier, while adjusted earnings before interest, tax, depreciation and amortisation rose 74% to $450m.

Revenue was 27% higher at $3.25bn and average monthly players rose 16% to 12.9m.

US revenue grew 51% to $1.25bn. Flutter said a strong start to NFL season was driven by new product launches and favourable Q3 sports results combined with continued iGaming strength.

In the UK, meanwhile, revenue was 18% higher at $846m.

Flutter lifted its guidance for full-year revenue and adjusted EBITDA by 1% to reflect a "strong" group ex-US performance in Q3. It said that "excellent" US momentum in the third quarter had subsequently been more than offset by unfavourable sports results in the fourth quarter to date.

The group now expects a 22% increase in revenue for the year and a 35% jump in adjusted EBITDA.

Chief executive Peter Jackson said: "Flutter had an excellent quarter with revenue growth accelerating to 27%, well ahead of market expectations, and increases to our revenue and adjusted EBITDA guidance for 2024.

"In the US, we had a fantastic start to the new NFL season with peak wagers per minute already higher than Super Bowl LVII. Our proprietary product offering continued to drive strong parlay penetration as well as a step up in live betting handle.

"Outside of the US, all divisions delivered a strong performance in the quarter as they leveraged the benefits of the Flutter Edge. In UKI, a broader product range across both sports and iGaming drove player and revenue growth. Sisal continued to make significant share gains in Italy as we look to expand our presence there with the addition of Snai. In Australia, Sportsbet has been demonstrating encouraging trends."

At 0905 GMT, the shares were up 4.7% at 20,170p.

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