Celebrating Wild Caraway: Taste of Nova Scotia's Restaurant of the Year | SaltWireDUBLIN - Flutter expects full-year earnings excluding the nascent U.S. market to be at the bottom of its previously forecast range, the world's largest online betting company said on Thursday as it reported an 8% year-on-year rise in third-quarter revenue.
The Paddy Power, Betfair and Fanduel owner became the first online betting operator to turn a profit in the U.S in the first half and said on Thursday that, despite ongoing investment, it expects full-year U.S. earnings of 140 million pounds versus its previous estimate of 90 million to 190 million pounds.
Flutter's gaming revenue far outperformed sports betting in the quarter. Overall revenue in its largest division, U.S. market-leading brand Fanduel, rose 12% year on year or 20% on a constant currency basis, compared with first-half growth of 71%. Reported revenue fell 18% in Australia, where weakness in the horse racing market is expected to continue into 2024, resulting in an estimated mid-single digit decline in the overall Australian market, Flutter said.