The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksFlutter Entertainment Share News (FLTR)

Share Price Information for Flutter Entertainment (FLTR)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 15,990.00
Bid: 16,035.00
Ask: 16,045.00
Change: 135.00 (0.85%)
Spread: 10.00 (0.062%)
Open: 15,685.00
High: 16,090.00
Low: 15,685.00
Prev. Close: 15,855.00
FLTR Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Flutter forecasts 30% earnings jump in 2024 as US takes off

Tue, 26th Mar 2024 08:29

DUBLIN, March 26 (Reuters) - Flutter, the world's largest online betting company, said on Tuesday it expects to increase its core profit by around 30% this year thanks to a four-fold rise at its fast-growing and market leading U.S. brand Fanduel.

Analysts at Jefferies said Flutter's forecast for 2024 was broadly as expected. Shares in Flutter, whose brands include Paddy Power, Betfair and Sportsbet in Britain and Australia, rose 1.8% in early trading.

"If you look at the midpoint of our guidance and compare it to our next biggest competitor, the gap actually appears to be rising in terms of the size of our revenues," Flutter CEO Peter Jackson told Reuters in an interview.

Flutter expects U.S. core profit of $635 million to $785 million versus last year's $167 million, which represented its first full year of profitability in the United States, where a ban on sports betting was lifted in 2018.

It expects core profit of $1.63 billion to $1.83 billion in its others markets. That compares to $1.71 billion in 2023, which Flutter said was in line with its guidance.

Flutter, which gave a fourth quarter revenue breakdown in January, said group revenue grew by 23% in the first 11 weeks of 2024, driven by a 56% increase in the U.S. through record engagement in February's Superbowl.

Fanduel, Flutter's biggest brand by revenue, has a 43% share of the U.S. online sports betting market versus Drafking's 36%, with BetMGM, the joint venture between MGM Resorts and Entain, a distant third place.

Jackson said the "very strong" growth so far in 2024 came despite the recent entry of new players, including sports merchandise group Fanatics and ESPN Bet, which casino-owner Penn Entertainment and Walt Disney launched with aggressive growth ambitions last November.

"We don't underestimate how hard it is to compete with us," Jackson said, citing Flutter's decision last year to shut its other, much smaller U.S. brand FOX Bet.

Flutter increased its share of the online U.S. gaming market to 26% last year and said on Tuesday that it became the market leader in that segment too in January.

Year-to-date revenue was up 3% in its international division and 17% in the UK and Ireland, where its market share rose to 30% last year. Revenue fell 8.8% in Australia, where Flutter expects further reduced profitability in 2024 as a result of trading and regulatory headwinds. (Reporting by Padraic Halpin; editing by Jason Neely, Kirsten Donovan and Alexander Smith)

More News
15 Sep 2023 09:18

LONDON BROKER RATINGS: Berenberg likes Intertek; Goldman ups Derwent

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning:

Read more
14 Sep 2023 15:06

London close: Stocks stay green as energy prices rise

(Sharecast News) - London's stock markets finished positively on Thursday, boosted by the mining sector, as investors analysed fresh UK house price data and a rate hike from the European Central Bank.

Read more
17 Aug 2023 09:24

LONDON BROKER RATINGS: Shore Capital raises Videndum to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
17 Aug 2023 07:44

LONDON BRIEFING: BAE Systems to acquire Ball Aerospace for USD5.6b

(Alliance News) - Stocks in London are called lower on Thursday, as investors take fright at hawkish minutes from the US Federal Reserve.

Read more
16 Aug 2023 10:26

World Cup fuels surge in women's sports betting, but early kick-offs weigh

Aug 16 (Reuters) - British bookmakers have seen a surge in the number of bets placed on the Women's World Cup compared with previous years, though the timing of the matches meant betting volumes were down on last year's European Championship.

Read more
11 Aug 2023 09:52

LONDON BROKER RATINGS: Deutsche cuts Domino's Pizza; RBC lowers CVS

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

Read more
10 Aug 2023 10:08

LONDON BROKER RATINGS: Bank of America upgrades Quilter to 'neutral'

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

Read more
9 Aug 2023 17:36

UK's FTSE 100 rises as energy and mining stocks rally on China stimulus hopes

Coca-Cola HBC gains after raising annual sales forecast

*

Read more
9 Aug 2023 16:58

LONDON MARKET CLOSE: Stocks bounce back; eyes on US inflation figures

(Alliance News) - Stocks in London were largely higher at the close on Wednesday, as deflationary news from China failed to dent market mood despite pointing to further weakness from the world's second largest economy.

Read more
9 Aug 2023 16:16

FTSE 100 movers: Commodity stocks rise, Hiscox sinks

(Sharecast News) - Mining stocks were up across the board on Wednesday, clawing back losses after a poor showing the previous session as weak economic data from China fuelled concerns over demand.

Read more
9 Aug 2023 12:09

LONDON MARKET MIDDAY: FTSE 100 perks up despite troubling China data

(Alliance News) - Stock prices in London were higher at midday on Wednesday, shaking off more disappointing China data, while focus turns to Thursday's US inflation reading and what that could mean for future Federal Reserve decisions.

Read more
9 Aug 2023 09:11

LONDON MARKET OPEN: Europe unfazed by underwhelming China data

(Alliance News) - Stock prices in London opened higher on Wednesday, despite another batch of disappointing data from China, as the world second-largest economy slumped into deflation.

Read more
9 Aug 2023 08:30

TOP NEWS: Flutter US arm delivers but Australia showing less emphatic

(Alliance News) - Paddy Power owner Flutter Entertainment PLC on Wednesday said its US arm reached an "inflection point", helping the gambling firm swing to a first-half profit.

Read more
9 Aug 2023 08:27

Flutter's US bet drives first half profit 76% higher

DUBLIN, Aug 9 (Reuters) - Flutter's first half core earnings jumped 76% as its fast growing U.S. Fanduel brand turned a profit for the first time in a "transformation point" for the group's prospects, the world's largest online betting company said on Wednesday.

Read more
9 Aug 2023 07:58

LONDON BRIEFING: Flutter US arm shines; Hiscox profit surges

(Alliance News) - Stocks in London are called to open higher on Wednesday, after some positive earnings from large-cap listings, though tepid data from China kept a lid on sentiment in Asia.

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.