Shares in Flutter Entertainment take a beating after it reveals that punters got the better of it during October, forcing the firm to downgrade profit expectations for the year.
Flutter said FanDuel, which is tipped by financial analysts to be spun off from the parent firm, was now regularly experiencing staking levels on American Football Sundays that match its 2021 SuperBowl performance as gambling continues to takes off rapidly in the US after a ban was lifted on sports betting in 2018.
Revenue in the UK and Ireland fell 5% however, which Flutter said in part reflected a busier, high profile sporting calendar in the prior year. Chief executive Peter Jackson said:"While a run of customer-friendly results in October have resulted in win margins being below expected levels in the quarter to date, the underlying strength of our business is clear; we have grown our online recreational player base by 46% in just two years.
"With more international jurisdictions and US states on the path to regulation, we look forward to sustainably growing our global player base further in 2022."."The US market continues to be a strategic growth area for Flutter with success in this market looking pivotal to the future of the company. "As regulation opens up on a state-by-state basis, Flutter will be singularly focused on picking up licenses and growing market share in the US."
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