Flutter raises US guidance for 2019
Group CEO Peter Jackson drops EBITDA loss expectations to $51m on “better-than-expected” revenue growth
FanDuel parent group Flutter has upgraded its US outlook from an EBITDA loss of $70.5m to $51-$58m in 2019, on better-than-expected growth in both sports betting and online casino.
The group’s US business reported a 67% year-on-year increase in revenues of 67% to $117m.
Group CEO Peter Jackson said: “Q3 revenues have exceeded our expectations, meaning that our expected loss in the US this year is likely to be lower than previously guided.”
Sportsbook revenues margins increased by 1% YoY on favourable sports results, better geographic diversification and lower spend on customer acquisition bonuses.
Jackson said the firm had taken an 18% market share in the Garden State and 50% of Pennsylvania’s betting landscape.
“Overall US active customer growth is currently running ahead of our expectations. We have now acquired over 250,000 online sportsbook customers, up from just over 200,000 at the time of the Stars Group announcement,” he added.
Casino revenues were also up 174% YoY to £15m on improved cross-sell performance in New Jersey.
FanDuel launched betting in five additional states during the quarter, including three retail operations in Iowa, New York and Indiana.