Revenue for the three months to September 30 grew 2% year-on-year to $3.87 billion, while adjusted EBITDA dropped 25% to $360 million as costs increased. Revenue came in below the $3.97 billion analysts had expected, and the adjusted loss was 18 cents per share, compared with forecasts of 19 cents in earnings. The US business delivered the strongest growth, while International revenue held steady despite a fall in sportsbook revenue.
Sportsbook and iGaming revenue both increased across the group, though higher costs pushed the quarterly net loss wider. Flutter now expects full-year revenue of $17.34 billion to $17.89 billion.
Dan Taylor, CEO of Flutter Entertainment, said:
“In the US, our sportsbook improvement plan is delivering early but tangible progress in customer engagement and performance. Our International business continues to benefit from strong underlying momentum and the impact of cost transformation programmes.”
Taylor took over from Peter Jackson as group CEO on October 1. The results also follow the decision to make Christian Genetski FanDuel’s permanent CEO from January 1. Flutter’s share price has fallen more than 60% over the past year.
