Flutter Entertainment’s U.S. unit FanDuel turns profit in first half before NYC listing

Wednesday, August 9, 2023 8:18 PM
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  • Thomas Seal, Bloomberg News

Flutter Entertainment Plc turned a profit at its US business FanDuel in the first half of the year, ahead of a plan to publicly list shares in New York.

US first-half adjusted earnings before interest, tax, depreciation and amortization were £49 million ($63 million), it said Wednesday. That’s against an average estimate of £28.4 million according to analysts surveyed by Bloomberg, and compared to a £132 million loss the year before.

Flutter Chief Executive Officer Peter Jackson said he expects competition in the US to become more “rational” after a period of heavy investment.

“We were at a point where people were spending more money to acquire revenues, just because they were so focused on revenue growth,” he said on a call with reporters.