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Flutter Entertainment PLC on Wednesday lifted its US guidance and said it has seen little sign of a slowdown so far this year, despite punters grappling with a cost of living crisis.
Flutter Entertainment is an FTSE-100 global sports betting and gaming operator. It owns Paddy Power and Sky Bet.
For the third quarter of 2022, revenue rose 31% year-on-year to £1.89 billion from £1.44 billion. Sports revenue increased by 26% to £1.14 billion from £906 million, while Gaming revenue rose by 40% to £748 million from £534 million a year ago.
In particular, US revenue during the period amounted to $598 million, up significantly from $280 million a year earlier. UK & Ireland revenue rose 3.7% to $509 million from $491 million.
The company said its total average monthly players totalled 9.60 billion, up 23% from 7.81 billion a year ago.
Chief Executive Peter Jackson said: "Our US 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 Italy] in August helped drive ex-US revenues."
Flutter lifted US revenue guidance to between $2.95 billion and $3.2 billion for the full-year. Its previous US revenue outlook range was $2.85 billion to $3.1 billion.
Group adjusted earnings before interest, tax, depreciation and amortisation, excluding the US, are still expected to land between £1.29 billion and £1.39 billion.
The "guidance reflects current consumer trends with no discernible sign of slowdown year to date", Flutter explained.
In August, Flutter reported revenue of £3.39 billion for the six months that ended June 30 from £3.05 billion a year earlier, and a swing to a pretax loss of £51 million from a £77 million profit.
On Monday this week, Flutter said it won an arbitration ruling related to media company Fox Corp's option to acquire just shy of a 19% stake in US arm FanDuel Group.
Shares were down 0.9% at 11,675.00 pence each on Wednesday morning in London.
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