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by Kyle Morris
Flutter Entertainment PLC said on Wednesday it was raising its U.S. revenue guidance for 2022 after strong U.S. growth, with group revenue rising 22% in the third quarter.
The Dublin-based gambling group said quarterly group revenue hit 1.89 billion pounds ($2.18 billion), compared with 1.44 billion pounds a year earlier, following an 82 percent increase in the U.S. and the acquisition of sisal.
U.S. revenue guidance was raised to $2.95 billion to $3.2 billion from $2.85 billion to $3.1 billion, while adjusted EBITDA is expected to remain unchanged from the prior range of $300 million to $360 million The guidelines are consistent.
For the group excluding the US, 2022 adjusted Ebitda is expected to remain within the previous guidance range.
“Flutter delivered a strong third quarter, with revenue and average monthly player pro forma growth of 11%. Our U.S. segment is now our largest segment, generating $700 million in revenue, an increase of 82%. Our ‘Integrating and investing’ in good international growth markets and the acquisition of sisal in August helped drive revenue outside the US,” chief executive Peter Jackson said.
He added that the company is pleased with the outcome of the FanDuel arbitration proceedings.
Write to Kyle Morris at skyle.morris@dowjones.com
(End) Dow Jones Newswires
Nov 9, 2022 2:42pm EST (07:42GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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