Flutter: Paddy Power owner slashes loss as US sales double
Gambling giant Flutter Entertainment, whose brands include the likes of Paddy Power and Betfair, slashed its net loss during its latest quarter as its US sales doubled.
The group’s total revenue for the third quarter of 2024 rose by 27 per cent from £2.558bn to £3.248bn while its adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose 74 per cent to £450m.
Revenue in the US doubled due to online gaming demand, the company said.
The firm reported a net loss of £114m for the quarter, down from £262m in 2024.
Chief executive Peter Jackson said the gaming giant had an “excellent quarter”.
“In the US, we had a fantastic start to the new NFL season with peak wagers per minute already higher than Super Bowl LVII. Our proprietary product offering continued to drive strong parlay penetration as well as a step up in live betting handle.
“Outside of the US, all divisions delivered a strong performance in the quarter as they leveraged the benefits of the Flutter Edge. In UKI, a broader product range across both sports and iGaming drove player and revenue growth.
Sisal continued to make significant share gains in Italy as we look to expand our presence there with the addition of Snai. In Australia, Sportsbet has been demonstrating encouraging trends,” Jackson said.
In the fourth quarter, Flutter will start its previously-announced share buyback programme of up to $5bn (£3.93bn) over the next three to four years.
“We believe that the group has exciting growth prospects due to our unparalleled leadership positions across the world, underpinned by access to the Flutter Edge. We expect to have significant capital to deploy over the coming years,” Jackson said.