‘No discernible sign’ of spending slowdown for betting titan Flutter amid cost of living crunch
Gaming brands operator Flutter has said it has not yet seen any big shift in consumer spending, amid historically high levels of inflation.
In interim results for the year, the FanDuel and Sportsbet said there had been “no discernible signs of a consumer slow down currently” as the second-half of the year progresses.
The company said it anticipates full year EBITDA to be in line with market expectations, with group adjusted EBITDA excluding the US of between £1,290m and £1,390m.
In the US, net revenue was anticipated to be ahead of expectations at between £2.3bn and £2.5bn while adjusted EBITDA was expected to be a loss of between £225m and £275m.
For the first six months of the year, the London-listed company saw an 11 per cent boost to net revenue, standing at £3,388m.
However, group EBITDA plummeted 23 per cent to £434m, compared to £562m in the first half of 2021, when Covid restrictions were in place.
“In the UK, while the delay in publishing the Gambling Act Review White Paper has been disappointing, we are confident that the safer gambling changes we have already made to date position us well for the future,” Peter Jackson, chief executive, added.