Online sports betting and igaming operator Flutter Entertainment has announced Q2 2024 results and raised fiscal year 2024 guidance following material Q2 outperformance relative to expectations.
Strong Q2 performance included AMPs of17 per cent and revenue up 20 per cent, underpinning increases to US and group ex-US FY 2024 guidance with group revenue up $350m and adjusted EBITDA up $70m.
Peter Jackson, CEO, commented: "Flutter delivered another strong quarter, beating consensus and increasing our revenue and adjusted EBITDA guidance as we continued to capitalise on our global scale and the Flutter Edge.
"Our US 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.
"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.
"The returns we are seeing give us the confidence to continue driving customer acquisition in the second half, building a bigger business, which bodes well for 2025 and beyond.
"We look forward to setting out this growth potential in more detail and the capital allocation opportunities that will unlock at our Flutter Investor Day in New York on September 25."
