8th Jan 2025 09:01
(Alliance News) - Flutter Entertainment PLC on Wednesday warned that customer-friendly sports results across November and December have hit its full-year US revenue forecast.
The New York-based owner of Sky Bet and Paddy Power said it now expects US revenue for 2024 to be around USD5.78 billion, lowered from the previous USD6.05 billion to USD6.25 billion guidance range.
It anticipates US adjusted earnings before interest, tax, depreciation and amortisation to be around USD505 million, down between 28% and 39% from its prior USD670 million to USD750 million prediction.
"The 2024/2025 NFL season to date has been the most customer-friendly since the launch of online sports betting, with the highest rate of favourites winning in nearly 20 years," Flutter explained.
Fourth quarter US revenue for 2024 is therefore now expected to be around USD1.59 billion, down 51% on-year from USD2.67 billion, and adjusted Ebitda is estimated at around USD161 million.
Flutter is due to release its fourth-quarter earnings on March 4.
Outside the US, the group said it saw "continued good momentum" in the UK & Ireland, with "favourable sports results" in the English Premier League translating into 2024 revenue and adjusted Ebitda forecasts approximately 1% and 2% higher than the guidance range mid-points provided at the third quarter.
It previously expected to issue 2025 guidance at around USD6.2 billion as a midpoint for revenue, and USD740 million for adjusted Ebitda, but will provide an updated forecast in March.
Shares in Flutter Entertainment were down 2.7% at 19,985.00 pence each in London on Wednesday morning.
By Emily Parsons, Alliance News reporter
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