Proactive Investors - The justification for betting giant Flutter Entertainment PLC (LON:FLTRF)’s primary listing to the US was writ large in today’s first-quarter results.
US revenues, which largely comprise its subsidiary FanDuel, grew 32% and turned an adjusted profit of $26 million compared to a loss of $53 million in the previous year.
Fanduel remained the largest sportsbook in the country, taking 52% of net gaming revenue share.
Flutter’s company-wide performance was less appealing.
Although the group reported a year-on-year 16% rise in revenues to $3.4 billion, net losses widened to $177 million from $111 million, impacted by higher non-cash charges.
Chief executive Peter Jackon reiterated management’s rationale for switching its primary listing to the US: “We believe a US primary listing is the natural home for the group and we look forward to this becoming effective on May 31.
“With a greater proportion of the Group's future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting and iGaming market to our business."
Flutter restated its full-year outlook despite losses widening in the quarter.
In the US, Flutter has mid-point revenue and Adjusted EBITDA targets of $6 billion and $710 million, representing year-on-year growth of 36.3% and 206.1%, respectively
Outside of the US, revenue and Adjusted EBITDA mid-points are $7.85 billion and $1.73 billion, representing year-on-year growth of 6.3% and 5.4%, respectively.