Irish gambling company Flutter loses $1.2bn due to once-off costs

Once-off costs left Paddy Power owner Flutter Entertainment with a $1.2 billion loss last year, the group said on Tuesday.

Non-cash charges of $1.68 billion left Flutter with a $1.2 billion loss, the company said. They included $725 million for the impairment of subsidiary Pokerstar’s trademark and $791 million for amortising intangible assets. Revenues rose 23 per cent from January 1st to March 17th, Flutter noted. In the US, where its key subsidiary is FanDuel, turnover rose 55.6 per cent in that time, aided by record Super Bowl betting.

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