Flutter Entertainment Profit Ticks Up With New Customers

Flutter Entertainment Plc reported higher full-year revenues and profits, after winning 2 million new monthly customers through acquisitions and newly legalized sports betting in US states.

(Bloomberg) — Flutter Entertainment Plc reported higher full-year revenues and profits, after winning 2 million new monthly customers through acquisitions and newly legalized sports betting in US states.

Adjusted earnings before interest, taxes, depreciation and amortization rose to £1.05 billion ($1.3 billion), the Dublin-based company said in a statement on Thursday, though that’s lower the £1.07 billion average estimate from analysts in a Bloomberg survey.

Gambling firms have benefited from a constellation of lucrative sporting events and a surge in online gambling last year, with peers Entain Plc’s and DraftKings Inc.’s most recent financial reports beating analysts’ estimates. Investors will also be watching for how the industry’s performance sets Flutter up for a potential secondary stock listing in the US.

Flutter shares rose 1.2% to 13,490 pence in London trading on Wednesday. The stock had gained about 19% this year.

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