8th May 2025 02:52
(Alliance News) - Flutter Entertainment PLC on Wednesday swung to a first-quarter profit as the gambling group reported solid revenue growth and increased investment in technology and development.
The New York-based sports betting and gambling company reported a net income of USD335 million in the first quarter of 2025, swinging from a USD177 million loss a year earlier.
Diluted earnings per share stood at USD1.57, compared to a loss of USD1.10 a year earlier.
Revenue increased 7.9% to USD3.67 billion from USD3.40 billion while the cost of sales grew 9.1% to USD1.96 billion from USD1.79 billion.
Chief Executive Officer Peter Jackson said: "The US regulatory landscape continues to evolve at an exciting pace, and our experienced government affairs teams continue to work on expanding the map in the US. We have seen some momentum during 2025, and we remain confident in both our 2030 expectations for population coverage, and the cadence of roll outs to 2027.
"Outside of the US, performance across our newly formed International division continues to be positive, with year-over-year revenue growth of 1%...We are benefiting from our scale and geographic and product diversification with good growth in our Southern Europe & Africa (SEA) region in particular."
Technology, research and development expenses grew 13% to USD215 million and general and administrative expenses rose 5.4% to USD431 million.
Meanwhile, sales and marketing expenses declined 4.7% to USD840 million.
Current assets reduced by 2.4% to USD4.24 billion as of March 31 from USD4.34 billion on December 31, while current liabilities fell 2.6% to USD4.47 billion from USD4.59 billion over the same period.
Looking ahead, the company has lifted full year 2025 revenue guidance to USD16.63 billion to USD17.53 billion, up from USD15.48 billion to USD16.38 billion. In 2024, Flutter reported revenue of USD14.05 billion.
Flutter Entertainment shares closed down 1.2% at USD242.36 each in New York on Wednesday before falling 2.2% after hours. Shares closed 1.8% lower at 18,285.00 pence each in London.
By Elijah Dale, Alliance News reporter
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