Flutter Entertainment Plc FLUT shares are trading higher after the company reported its second-quarter financial results Tuesday. Here's a look at the details from the report.
The Details: Flutter Entertainment reported earnings of $2.61 per share, up from $1.67 year-over-year, and revenue of $3.611 million, up from $3.001 million from the same period last year.
The company reported a total online gross gaming revenue (GGR) market share of 38% including sportsbook GGR share of 47%, net gaming revenue share (NGR) of 51% and iGaming GGR share of 25%. Average monthly players rose by 17% during the quarter and revenue
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"Flutter delivered another strong quarter, beating consensus and increasing our revenue and Adjusted EBITDA guidance as we continued to capitalize on our global scale and the Flutter Edge. Our U.S. performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market,” said Peter Jackson, CEO of Flutter.
“We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA playoffs, while we also increased our MLB parlay penetration,” Jackson added.
Outlook: Flutter Entertainment raised its fiscal year U.S. revenue guidance to a range of $6.05 billion to $6.35 billion and Group Ex-U.S. revenue to a range of $7.85 billion to $8.15 billion.
What Else: Sports betting peer DraftKings Inc. DKNG shares are trading about 5% lower after-hours following Flutter’s earnings release.
FLUT Price Action: According to Benzinga Pro, Flutter Entertainment shares are up 10.18% after-hours at $210.88 at the time of publication Tuesday.
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