Flutter Entertainment said that earnings in the U.S. “may more than triple this year as the FanDuel owner continues to expand its American sports betting business,” according to Daniel Zuidijk of BLOOMBERG NEWS. U.S. adjusted earnings before interest, taxes, depreciation and amortization “will grow 206% at the midpoint of its forecast" of $635M to $785M, while U.S. sales are “expected to grow 36% at the midpoint of the company’s forecast" of $5.8B to $6.2B. The U.S. is a “crucial market” for Flutter, and it became the Irish gambling company’s “biggest market in 2022 following a broad move in the U.S. to legalize sports betting." The company in January said that the U.S. is now the "'optimal location' for its primary stock market listing" and the stock began trading in N.Y. in January. Zuidijk noted these results were the company’s “first set of earnings reported in U.S. dollars." Overall revenue is “predicted to grow 18% this year.” Flutter’s shares have "surged in recent months,” and “stock rose 2.8%" to about $224.52. Flutter’s move is “set to be the latest in a string of high-profile losses for the London Stock Exchange” (BLOOMBERG NEWS, 3/26).
