Revenue up 99% to \u00a33.05bn ($4.22bn), pro forma up 30% while adjusted group EBITDA was up 75% to \u00a3597m. Excluding US losses that figure would have been up 101%. Pre-tax profit up 2221% to \u00a377m.<\/p>\n
US revenue rose 159% to \u00a3652m ($906m) and the company expects US to be EBITDA positive in 2023.<\/p>\n
Outlook for group ex-US for H2 to be between \u00a31.27-1.37bn and US to be between \u00a31.285-1.425bn ($1.8-2bn)<\/p>\n
Look at me now ma:<\/strong> Flutter is understandably proud of its no.1 status in the US where the company said it hit 45% of sports-betting market share in Q2. Peter Jackson CEO said they were happy with the scaling of the US business and noted the gap between FanDuel and the competition had widened during the period. He added that the US division was now the second largest division of the group.<\/p>\n \u201cLook at the benefits from same-game parlay, that\u2019s a really good example,\u201d Jackson said. \u201cIt\u2019s one thing to buy these things externally and quite another to develop it in-house and have it as an integral part of the customer offer.\u201d<\/em><\/p><\/blockquote>\n Jackson was keen to stress that the business was benefiting from a focus on the product and that it \u201cwasn\u2019t complacent\u201d about the competitive nature of the market. He was also keen to point out that while the company believes there are opportunities in online gaming, of the nine states likely to open by the end of 2022, only one would feature igaming. He also noted that it was \u201cworth remembering we run the world\u2019s largest online casino business.\u201d<\/p>\n \u201cThe plan we have for the US is to make sure we bring a lot of that expertise into the US market,\u201d he added. \u201cWe\u2019re also getting much better at improving the cross-sell journey in the US. Having the largest user base of sports bettors gives us tremendous cross-sell ability.\u201d<\/em><\/p><\/blockquote>\n Between friends:<\/strong> Asked specifically about recent M&A and whether yesterday\u2019s $1.56bn deal between DraftKings and GNOG had any impact on Flutter\u2019s market access deal with Golden Nugget, Jackson said not:<\/p>\n \u201cIt\u2019s an expensive way for them to see our market share data.\u201d\u00a0<\/em><\/p><\/blockquote>\n As for being involved in more M&A itself with regards the US, Jackson said \u201cat this moment we think we have everything we need.\u201d \u201cThe size and scale of the Fanduel organization is at a completely different level to our competitors.\u201d As for the rumored FanDuel IPO, Jackson emphasized it would only ever be a small slice that was floated in the US and that FanDuel would remain very much a subsidiary of Flutter.<\/p>\n Profit share: <\/strong>Looking at the prospect of the US being EBITDA positive by 2023, Jackson said this figure was only an output and \u201creflects simple mathematics.\u201d \u201cOur sheer scale and positive contribution will more than offset the cost of acquiring more customers,\u201d he added before noting that if any of California, Texas or Florida legislated favorably it would change this situation once again. \u201cBut that would be a noise problem to have,\u201d Jackson noted.<\/p>\n Share and share about:<\/strong> Back on home territory, the company said its three UK-facing brands – Paddy Power, Sky Bet and Betfair – were benefiting from \u201cshared learnings.\u201d Jackson suggested the company was :\u201dwell-placed\u2019 for whatever comes out of the UK Gambling Act review regarding affordability limits. Noting that in the UK and Ireland online earnings grew by 50%, Jackson said here has been an \u201cobvious shift from retail to online.\u201d However, \u201cit\u2019s hard to say how much of a permanent shift,\u201d has taken place. He added that the company had \u201cdefinitely\u201d taken market share.<\/p>\n Kissed a girl:<\/strong> The Sportsbet business in Australia has continued with what Jackson called its \u201cphenomenal\u201d performance with the events in the last 18 months leading to a \u201cpermanent step change\u201d in the size of the business. \u201cA lot of people trialed and sampled our product and really liked it,\u201d Jackson added. \u201cThat\u2019s what is leading to the permanent step change.\u201d<\/p>\n <\/p>\n","protected":false},"excerpt":{"rendered":" Flutter H1 The top line Revenue up 99% to \u00a33.05bn ($4.22bn), pro forma up 30% while adjusted group EBITDA was up 75% to \u00a3597m. Excluding US losses that figure would have been up 101%. Pre-tax profit up 2221% to \u00a377m. US revenue rose 159% to \u00a3652m ($906m) and the company expects US to be EBITDA […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[337,324],"tags":[626,590,656,686,620,601],"class_list":["post-1720","post","type-post","status-publish","format-standard","hentry","category-analyst-notes","category-news","tag-bally","tag-draftkings","tag-flutter","tag-gamsys","tag-gan","tag-scientific-games"],"_links":{"self":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1720","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/comments?post=1720"}],"version-history":[{"count":1,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1720\/revisions"}],"predecessor-version":[{"id":1722,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/posts\/1720\/revisions\/1722"}],"wp:attachment":[{"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/media?parent=1720"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/categories?post=1720"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wagers.com\/staging\/4285\/wp-json\/wp\/v2\/tags?post=1720"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Check out these additional articles on Earnings + More:<\/h3>\n
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