Flutter Entertainment Reports Maiden Profit at its U.S. Business

Flutter Entertainment, formerly known as Paddy Power, has announced a significant milestone in its U.S. business. Led by FanDuel, the company achieved its first-ever profit in the first half of the year, underscoring its strong motivation for a potential Wall Street listing.

Impressive Performance in the U.S.

Based in Dublin and a constituent of the FTSE 100 UK:UKX, Flutter Entertainment revealed that its adjusted earnings before interest, tax, depreciation, and amortization in the U.S. surpassed expectations, amounting to £49 million ($63 million). This is a remarkable turnaround from the £132 million loss reported during the same period in 2022.

Exploiting the U.S. Gaming Market

Following a merger with Betfair in 2016, Flutter Entertainment acquired FanDuel in 2018, strategically leveraging the growing liberalization of the U.S. gaming market. FanDuel has now become a key growth driver and has reached what the management refers to as a "profitability inflection point." Riding high on this success, Flutter Entertainment is now actively considering establishing a secondary listing in the U.S. either later this year or early next year. There are even potential plans for a primary listing at a later date.

FanDuel's Robust Performance

Richard Hunter, Head of Markets at Interactive Investor, praised the remarkable performance of FanDuel, stating, "The FanDuel sportsbook in the U.S. is going from strength to strength, with revenues of £79 million representing an impressive growth rate of 63%."

Flutter Entertainment's success in the U.S. market marks a significant step forward for the gambling company, paving the way for further expansion and financial prosperity.

Flutter's Growing Influence in the Sportsbook Market

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