Flutter Entertainment Reports Mixed H1 Results: Revenue Up, Profits Down
Flutter Entertainment, a global leader in sports betting and gaming, has reported mixed results for the first half of the year. While revenue and customer base grew, profits and earnings per share saw significant declines.
Flutter Entertainment's revenue reached nearly 3.4 billion pounds, a 9% increase compared to the same period last year. This growth was driven by a 10% rise in sports revenue to 2.1 billion pounds and an 8% increase in gaming revenue to 1.3 billion pounds. The company also gained nearly a million monthly customers, a 14% increase.
However, earnings per share dropped by 43% to over 92 pence, and adjusted profit fell by 42% to 177 million pounds. EBITDA also decreased by almost 20% to 476 million pounds. The company's cost of sales reached 1.35 billion pounds, accounting for nearly 40% of total revenue.
Despite the decline in profits, Flutter Entertainment continues to expand its presence globally. Recent expansions include strengthening its position in the United States, Italy, and Brazil, as well as entering the Canadian market. The company's ability to replicate success across diverse regulated markets remains a key strength.
