Flutter opens $3.5M Global Capability Center in Hyderabad
Flutter Entertainment announced that it has invested $3.5 million to open a new Global Capability Center (GCC) in Hyderabad.With more than 700 staff, the...
Flutter records $370M revenue decline due to NFL losses
An international sports betting and gambling company, Flutter Entertainment plc, simply known as Flutter announced revenue declines due to unfavorable NFL betting results in November and December.
In its trading update, Flutter reported that poor revenues, especially in the NFL segment caused a gross gaming revenue (GGR) decline of $438 million. This decline translated into a $370 million reduction in revenue and a $260 million cut to adjusted EBITDA for the period from November 12 to December 31.
As a result, the company revised its 2024 financial projections. Earlier, the company estimated to generate a US-adjusted EBITDA estimate of $505 million. However, now, the 2024 revenue remains at $370 million which is less than $205 million.
For the Q4, FanDuel expects $1.59 billion in revenue, with adjusted EBITDA of $161 million. This includes the $643 million GGR loss, which resulted in a $550 million revenue decline and a $360 million fall in adjusted EBITDA.FanDuel also reduced promotional spending by 4% year-over-year.
Despite these challenges, Flutter remains optimistic about long-term growth, highlighting the fact that, unlike the US, its UK and Ireland operations are favorable and even exceed expectations.
Flutter reports strong Q3 results with $450M
An international sports betting and gambling company, Flutter Entertainment plc, simply known as Flutter, shared its Q3 results, highlighting 74% EBITDA growth to $450...
