Flutter Earnings Continue to Show FanDuel’s U.S. Dominance: What Investors Need to Know About This OTC Stock
One of the leading online sports betting companies was the feature of European gaming company revenue report Flutter Entmt ADR PDYPY.
What happened: Flutter released its first-half 2022 earnings report on Friday which showed revenue grew 10.9% year-over-year to $4.12 billion, helped in part by the success of the the company’s sports betting segment in the United States, led by its FanDuel subsidiary company.
“We are particularly pleased with the momentum in the United States where we have extended our leadership in online sports betting with FanDuel claiming a 51% market share and number one position in 13 of 15 states, helping to positive earnings in the second quarter”, CEO of Flutter peter jackson said.
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US market share: Flutter Entertainment owns the FanDuel and Foxbet brands in the United States The company is the leader in online sports betting in the United States with a market share of 51% in the first half of the financial year, compared to 45% in the first half of 2021.
The US segment recorded a 61.1% rise in bookings in the first half compared to 2021, reaching $1.12 billion – with quarterly revenue exceeding $750 million for the first time with a positive adjusted EBITDA of $22 million over the same period.
“During the six months, we grew our recreational customer base by more than one million monthly gamers to 8.7 million, or 14% more than the prior year,” the earnings report said. “The rapid expansion of our US business has been key to this growth, along with good underlying player momentum in the UK and Australia.”
Second half tips: Assuming normalized sporting events for the rest of the year, Flutter expects US revenue of between $2.85 billion and $3.1 billion and an adjusted EBITDA loss of between $230 billion and $282 billion. .2 million.
That’s assuming the company goes online in Kansas in the fourth quarter of this year.