Flutter Entertainment has announced interim results for the six months ended June 30, revealing revenue up nine per cent, driven by recreational player growth.
Adjusted EBITDA of £476m (reported EBITDA of £434m) was in line with expectations. There was increased US investment as the business scales and builds towards full year profitability in 2023. Proactive safer gambling initiatives and International regulatory changes improved the sustainability of the group.
Peter Jackson, chief executive, commented: "The first half of 2022 was positive for the group with significant progress made against the strategic objectives we outlined in March.
"We expanded our recreational customer base by over one million players in the half and increased the proportion of customers using safer gambling tools to over one third.
"We are particularly pleased with momentum in the US where we extended our leadership in online sports betting with FanDuel, claiming a 51 per cent share of the market and number one position in 13 of 15 states, helping contribute to positive earnings in Q2.
"We remain firmly on the path to profitability in 2023, driven by our compelling customer economics and disciplined investment."