Summary
- Flutter Entertainment shines with another impressive quarter, achieving a remarkable $4.19 billion in revenue.
- We're on track for an impressive year, with annual revenues set to soar to $17.26 billion and core earnings expected to reach a remarkable $3.3 billion.
- Peter Jackson, the company's CEO, is thrilled with the outcomes and acquisitions, deeming them strategically brilliant.
Flutter Entertainment has showcased impressive results in the second quarter of the year. The company, which boasts a portfolio including renowned betting and gaming brands such as Paddy Power, Betfair, and FanDuel, is brimming with confidence about what lies ahead.
Flutter hails another strong performance in the second quarter
In the second quarter, the company soared to new heights, achieving $4.19 billion in revenue, marking a robust growth of 16%. Looking ahead, expectations are high, with annual revenues projected to reach $17.26 billion and underlying earnings set to climb to $3.3 billion, representing impressive increases of 23% and 40% respectively. At the heart of this remarkable success is FanDuel, Flutter’s flagship brand, which has played a pivotal role in these outstanding financial results. The second quarter was a triumph for FanDuel, earning high praise from Flutter. In a groundbreaking move, Flutter took complete control of FanDuel by acquiring the remaining 5% stake it didn’t previously own. Reflecting on these achievements, CEO Peter Jackson expressed his satisfaction: I am thrilled with the remarkable underlying performance we delivered in the second quarter, along with the significant strides made on key strategic fronts. With revenue growing 16% year-on-year, we are successfully expanding in the most promising markets through strong organic growth and strategic M&A.
Strategic acquisitions are based on a strong strategic rationale
Flutter has been on a remarkable journey this year, gaining impressive momentum since the first quarter. The acquisition of Snai has catapulted it to the forefront as Italy's leading operator. With a strong foothold now established in Brazil through NSX, Flutter is poised for a fantastic performance in the latter half of the year. Addressing shareholders, Jackson expressed pride in how these strategic moves in Italy and Brazil have fortified Flutter's dominance in each market, describing the acquisitions as perfectly aligned with their vision. Meanwhile, the United States scene also shows promise. The number of average monthly players there has reached a remarkable 3.5 million, marking a 2% rise. This boost comes largely thanks to the launch of the North Carolina betting market in March 2024, which continues to significantly bolster the company's performance as they advance into their second quarter.
