MW FanDuel owner Flutter Entertainment boosts earnings guidance even after costly March Madness

By Jules Rimmer

FanDuel owner Flutter Entertainment on Thursday boosted its guidance because of acquisitions and currency swings even after nursing losses from a U.S. college basketball tournament devoid of upsets.

Flutter said it's now forecasting annual revenue of $17 billion and adjusted EBITDA of $3.18 billion, from previous guidance of $15.93 billion in revenue and $3.16 billion in operating profit.

The improved guidance came even as U.S. sports results will cost the company's top line by $280 million and its bottom line by $180 million compared to its previous estimates.

Flutter shares $(FLUT)$ (UK:FLTR) in New York slipped 4% in early trade and now are down 10% on the year.

CEO Peter Jackson was keen to emphasize the positives of Flutter's U.S. operations where online casino activities were performing strongly, as it claimed a 43% share of the sports-betting market where it competes against DraftKings $(DKNG)$ and other rivals.

As Bank of America analyst Adrien de Saint Hilaire noted in his results assessment, a string of unfavorable bets have been a feature in five of the last six quarters but with the new NFL season approaching, there is greater confidence for the second half of the year. Moreover the recent acquisitions of Snai in Italy and NSX in Brazil should bolster the growth of international revenue streams.

Looking forward to the second half, Jackson pinpointed potential opportunities opening up from developments in futures markets where Flutter's expertise in running the the world's largest betting exchange, Betfair, could be exploited, and the possibility of a successful outcome in the tender process for the Italian Lotto.

-Jules Rimmer

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

May 08, 2025 09:50 ET (13:50 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.