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

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

Article brief provided by Bloomberg News
  • Thomas Seal, Bloomberg News
August 9, 2023 8:18 PM

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.

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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.