Flutter Entertainment Reports Mixed Half-Year Results: Revenue Up 9%, Profits Dip
Flutter Entertainment, a leading global sports-betting and gaming operator, has released its half-year financial results. The company saw mixed fortunes, with overall revenue growth but a dip in profits.
The group's revenue climbed to nearly 3.4 billion pounds, a 9% increase from last year's 3 billion. This growth was driven by a surge in customer numbers, with Flutter Entertainment gaining nearly a million monthly customers, a 14% increase. The US market, in particular, experienced explosive growth with a 50% increase in average monthly consumers and total revenue.
However, earnings per share decreased by 43%, now recorded at just over 92 pence per share. Profits after taxes also decreased by 42%, from 306 million pounds to 177 million. EBITDA was down by almost 20%, now sitting at 476 million pounds. Australia was the only major market to experience profit growth, with a 9% increase from the prior year.
Sports revenue grew by 10%, remaining dominant with 2.1 billion pounds, while gaming revenue increased by 8% to 1.3 billion. Flutter Entertainment's group revenue grew by 9% in the first half of the year.
Despite the dip in profits, Flutter Entertainment's revenue growth, particularly in the US market, signals a strong performance. The company continues to expand its customer base and maintain its dominance in the sports betting sector.
