Online sports betting and iGaming operator Flutter Entertainment lifted its full-year outlook on Friday as it hailed a solid second quarter.
In an update for the three months to 30 June, the company said adjusted earnings before interest, tax, depreciation and amortisation rose 25% to $919m, with revenue up 16% to $4.2bn. Flutter said the US business "continues to scale rapidly".
US revenue increased 17% to $1.8bn, while reportable segment adjusted EBITDA jumped 54% to $400m. International EBITDA was 13% higher at $591m, with revenue up 15% at $2.4bn.
The FanDuel and Paddy Power owner said net income fell 88% to $37m, impacted by increased non-cash charges year-over-year.
Group revenue and adjusted EBITDA for FY25 are now expected to be $17.26bn and $3.295bn at the midpoint representing 23% and 40% year-over-year growth, respectively, Flutter said.
Chief executive Peter Jackson said: "I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A.
"Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations. Such varied achievements in one quarter are a great reflection of our teams' focus and ability to execute effectively, leaving us well positioned for the second half of the year."