Paddy Power owner Flutter Entertainment today posted a 20% fall in first-half earnings but saw no sign of cash-strapped customers betting less and expects to finish the year ahead of 2021 excluding a final year of losses in the US.The world's largest online betting firm said that increased investment in its fast growing US Fanduel unit, tighter gambling regulations elsewhere and greater spending on initiatives to curb gambling addiction accounted for the expected dip in earnings.
Flutter said its group adjusted EBITDA fell to £476m from £597m a year ago and the record £684m reached during the stay-home gambling boom of the Covid-19 hit first half of 2020.The Paddy Power, Betfair and Pokerstars owner said it expected full-year core earnings of between £1.29 billion and £1.39 billion, excluding a US loss of £225m to £275m. It posted core earnings of £1.24 billion in 2021.
Flutter said that revenue in its Irish and UK division fell by 4% as a result of its safer gambling actions and the prior year Covid-related increase in player days, which has now moderated towards pre-Covid levels. Flutter said its Australian Sportsbet business also delivered another strong performance. The company said that after significant retail restrictions last year, it focused on retaining customers through targeted"generosity initiatives" ahead of the new sporting season.
"We are particularly pleased with momentum in the US where we extended our leadership in online sports betting with FanDuel claiming a 51% share of the market and number one position in 13 of 15 states, helping contribute to positive earnings in Q2," he said.
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