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Flutter Entertainment PLC on Wednesday lowered guidance after a series of customer friendly sporting results hit earnings. The New York-based bookmaker which owns FanDuel, Betfair and Paddy Power, said its net loss widened to $789 million in the third quarter from $114 million the year prior. This reflected a non-cash impairment charge of $556 million triggered by Indian regulation changes and the previously communicated $205 million payment to Boyd to revise US market access terms. Adjusted earnings before interest, tax, depreciation and amortisation improved to $478 million from $450 million below Visible Alpha consensus of $507 million. Revenue increased 17% to $3.79 billion from $3.25 billion below Visible Alpha consensus of $3.88 billion. Adjusted earnings per share increased 29% to $1.64 from $1.27. Flutter Entertainment said the benefits of the Snai and Betnacional acquisitions, combined with excellent organic iGaming growth helped offset the impact of customer-friendly sports results. US revenue rose 9% year-over-year but Sportsbook revenue was down 5% on-year due to the temporary impact of sports results and heightened levels of competition. Flutter said it will launch FanDuel Predicts, a new prediction market product which will include sports in states without access to regulated sports betting, in December. The company believes prediction markets present a ‘very significant incremental growth opportunity for FanDuel, and that their evolution will also accelerate the path to state-regulated sports betting and iGaming.’ International revenue was up 21% with adjusted Ebitda of $505 million, up 10% year-over-year including the benefit of M&A. Flutter said the fourth quarter has started well but customer friendly sports results have resulted in an adjusted Ebitda impact of $170 million from the start of October to November 9. Reflecting this hit, the third quarter performance, fourth quarter sportsbook investment, FanDuel Predicts investment, tax costs and Indian regulatory changes, Flutter expects full-year revenue of $16.69 billion with adjusted Ebitda of $2.92 billion at the midpoint. This reflects a reduction from previous guidance of $570 million and $380 million respectively, with updated guidance now representing 19% and 24% year-over-year growth. Shares in Flutter Entertainment were up slightly in after hours trading in New York after closing up 1.1% at $234.45 on Wednesday. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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