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.