Flutter Earnings Continue to Show FanDuel's U.S. Dominance: What Investors Need to Know About This OTC Stock

One ​​of the leading online sports betting companies was the revenue report feature of European gaming company Flutter Entmt ADR PDYPY.

What happened: Flutter released its first-half 2022 earnings report on Friday that showed revenue grew 10.9% year over year. another to reach $4.12 billion, helped in part by the success of the company's sports betting segment. in the United States, led by its subsidiary FanDuel.

"We are particularly pleased with the momentum in the US where we have extended our leadership in online sports betting with FanDuel claiming a 51% market share and number one position in 13 of 15 states, helping contribute to positive second-quarter earnings,” said Flutter CEO Peter Jackson.

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US Market Share: Flutter Entertainment owns the FanDuel and FoxBet brands in the United States. The company is the leader in online sports betting in the United States, with a market share of 51% in the first half of the fiscal year. year, compared to 45% in the first half of 2021.

The US segment saw a 61.1% increase in bookings in the first half compared to 2021, reaching $1.12 billion - with quarterly revenue exceeding $750 million for the first time with a positive Adjusted EBITDA of $22 million in the same period.

"During the semester, we grew our recreational customer base from over 1 million monthly players to 8.7 million, 14% more than the prior year," says the results report. “The rapid expansion of our US business has been key to this growth, along with good underlying player momentum in the UK and Australia.”

H2 Forecast: Assuming normalized sporting events for the rest of the year, Flutter expects US revenue of between $2.85 billion and $3.1 billion, and an adjusted EBITDA loss of between $230 million and $282.2 million. .

This assumes the company goes online in Kansas in the fourth quarter of this year.

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