Flutter's US bet drives first half profit 76% higher

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Flutter's US bet drives first half profit 76% higher
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Flutter's first half core earnings increased by 76% as its U.S. Fanduel brand turned a profit for the first time, marking a significant turning point for the company's prospects.

Flutter's logo is pictured on a smartphone in front of the stock graph displayed in this illustration taken, December 4, 2021. REUTERS/Dado Ruvic/Illustration

The Dublin-based company said this made it the first online betting operator to turn a profit in the U.S and it did so six months ahead of schedule. Analysts at JPMorgan also noted a more cautious outlook on Australia, where Flutter's first half revenues fell by 1%. Flutter's U.S. revenue overtook that of its most profitable UK and Ireland market in 2022 and it recorded adjusted earnings before interest, taxes, depreciation and amortisation there of 49 million pounds to June 30 versus a 132 million pound loss a year ago.

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