Powered by outstanding U.S. performance, and a confidence reflected in a latter-day Latin buying spree, Flutter Entertainment has reported a 20 percent rise in overall Group Revenue to US$3.61 billion (£2.8bn) in its second quarter, ending June 30.
And with plans now well advanced to buy big brands in the Italian and Brazilian iGaming markets, and a 17 percent increase in Average Monthly Players to 14.3 million bettors, the transatlantic combo has also revised its 2024 Full Year guidance.
With Group Revenue expected to be maintained at 20 percent growth, year-on-year, U.S. revenue is projected to rise to US$6.2 billion (£4.82bn), with Adjusted EBITDA of US$740 million (£575.7m).
Non-U.S. revenue, correspondingly, is being mooted to rise by two percent to the equivalent of US$8 billion (£6.22bn), with Adjusted EBITDA of US$1.77 billion (£1.37bn).
After downshifting to a secondary listing on the London Stock Exchange, Flutter moved its headquarters to the Big Apple in May and completed the transfer of its primary money markets listing to Wall Street.
The Flutter Edge
Group Adjusted EBITDA for the Paddy Power, Betfair and PokerStars playmaker rose 17 percent to US$738 million (£574.14m) in Q2, with the U.S. segment–led by fantasy sportsbook leader FanDuel–contributing US$260 million (£202.27m), an increase of 51 percent, year-on-year.
Net income during the second quarter was clocked at US$297 million (£231.05m).
“[We] delivered another strong quarter, beating consensus and increasing our revenue and Adjusted EBITDA guidance as we continued to capitalise on our global scale and the Flutter Edge,” affirmed Flutter CEO Peter Jackson (pictured below).
“Our U.S. performance was excellent in new and existing states, reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market.
“Outside of the US, we delivered an engaging offering during the European Football Championships, as over four million customers placed a bet on the tournament, with results during the tournament very favourable for us.”
Latin Deals
Meantime, unconfirmed reports state that Flutter, already operating in Brazil through its Betfair and PokerStars subsidiaries, is now poised to expand further in the Brazilian market by acquiring Betnacional, the fifth largest operator in the Latin American giant.
And there were further reports today that Flutter is also in negotiations to buy Italy’s Snaitech from Playtech for a reputed £2 billion (US$2.57bn).
If the deal goes ahead, Snaitech–operating as Snai–and Flutter’s current Italian arm, Sisal, will combine to become the nation’s iGaming leader — with a 25 percent market share; ahead of Lottomatica, which currently controls 21 percent.
“Playtech confirms it is in discussions with Flutter and has granted Flutter a period of exclusivity to complete due diligence and finalise the necessary transaction documentation,” Playtech said in a press statement.
“There can be no certainty that any transaction regarding the potential sale of the Snaitech business will ultimately be agreed, or as to its terms.
“Further announcements will be made as and when appropriate.”
