Flutter Entertainment continues to post very strong results over the second quarter of the year, with the company, which owns many flagship betting and gaming brands, among which are Paddy Power, Betfair, and FanDuel, now highly optimistic about what is to come next.
Flutter hails another strong performance in the second quarter
The second quarter saw the company hit $4.19bn in revenue, or an increase of 16%. The company said that its annual revenues and underlying earnings are expected to hit $17.26bn and $3.3bn, an increase of 23% and 40%, the company estimates.
One of the core drivers of this positive performance has been FanDuel, Flutter’s flagship company, which has led the way and helped its parent company post strong financial results. Flutter hailed the second quarter as "excellent" for FanDuel.
Flutter also secured full ownership of the FanDuel brand, buying out the last remaining 5% which it did not own, in a landmark deal. Commenting on these results, Peter Jackson, company CEO, had this to say:
"I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value-creating M&A."
Strategic acquisitions are based on a strong strategic rationale
He explained that Flutter has been gaining momentum since the first quarter and is currently the largest operator in Italy, following the acquisition of Snai. The company has also secured a position in Brazil with NSX and is in a fantastic position in the second half of the year.
Jackson told shareholders that the recent developments in both Italy and Brazil have strengthened the company’s position in the respective markets, and the acquisitions completed locally corresponded to a clear strategic rationale.
In the meantime, average monthly players in the United States went up to 3.5m, a 2% increase, which is mostly because of the North Carolina betting market rollout, which took place in March 2024, but has continued to contribute well into the company’s second quarter.
