Sports betting operator Flutter Entertainment PLC (NYSE:FLUT) reported second-quarter financial results after market close Thursday.
Here are the highlights.
What Happened: Flutter reported second-quarter revenue of $4.19 billion, up 16% year-over-year. The revenue total beat the Street consensus estimates of $4.06 billion according to data from Benzinga Pro.
The company reported adjusted earnings per share of $2.95, beating a Street consensus estimate of $2.05.
The company ended the quarter with an average of 15.98 million monthly players, up 11% year-over-year.
Flutter said its U.S. business, which includes FanDuel, is scaling rapidly and seeing strong growth. FanDuel U.S. revenue was up 17% year-over-year in the quarter, with sportsbook revenue up 11% and iGaming revenue up 92%.
FanDuel maintained its position as the number one sportsbook in the U.S. (41% market share) in the quarter and was also number one in iGaming.
NBA playoffs betting and same-game parlay growth were mentioned as key factors that contributed to sportsbook performance in the quarter.
International revenue was up 15% year-over-year in the quarter.
The company had a total sportsbook handle of $19.7 billion in the quarter, up 7%, with a handle of $11.7 billion in the United States, up 7% year-over-year.
"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," Flutter CEO Peter Jackson said. "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."
What's Next: The company is raising its full-year guidance for revenue and adjusted EBITDA.
Flutter expects revenue of $17.26 billion, up 23% year-over-year, versus a prior guidance of $17.08 billion. The company expects adjusted EBITDA of $3.295 billion, up from a previous guidance of $3.18 billion.
For the U.S. segment, Flutter raised guidance from $7.40 billion to $7.58 billion for revenue and raised adjusted EBITDA expectations from $1.13 billion to $1.25 billion.
FLUT Price Action: Flutter stock is up 0.6% to $308.00 in after-hours trading versus a 52-week trading range of $183.18 to $313.68.
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Photo: Piotr Swat / Shutterstock.com
