By Business & Finance 
Flutter, owner of Paddy Power, has seen an increase in profit and user numbers since shifting its main stock market listing to the United States. The entertainment giant is our Company of the Month August 2024, in association with KPMG.
Owner of Paddy Power, Flutter Entertainment, released its results for the first time since moving its main stock market listing and operational headquarters to the United States.
The company has seen an increase in profits and user numbers. Net profit at the betting and entertainment giant has more than quadrupled to $297 million (€270 million) in the second quarter compared to the same period last year.
Revenue increased by 20% to $3.6 billion, and before interest, tax, depreciation and amortisation (ebitda), adjusted earnings rose 17% to $738 million.
Average monthly players (AMPs) also rose by 17%. Flutter counts FanDuel among its brands. Popular in the US, it offers betting in various areas, including fantasy sports, horse racing, and online casinos.
Peter Jackson, Flutter CEO, said: “Flutter delivered another strong quarter, beating consensus and increasing our revenue and adjusted ebitda guidance as we continued to capitalise on our global scale. The returns we are seeing give us the confidence to continue driving customer acquisition in the second half, building a bigger business, which bodes well for 2025 and beyond.”
Flutter’s success in the United States comes at a time when more and more states are allowing legal gambling. The US supreme court annulled a federal ban on sports betting in 2018. Since that time, 38 states have legalised betting, with 30 of those allowing online gambling.
In the Ireland and the United Kingdom, Flutter said revenue grew 18 per cent.
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Business & Finance, Company of the Month
Business & Finance, in association with KPMG, recognises excellence in business through the ‘Company of the Month’ award. The Company of the Month award recognises the company which best demonstrates outstanding business leadership, sustainable growth, innovative strategy, strong financial returns and employee development.
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