Flutter profit at lower end of guidance, U.S. outperforms

DUBLIN (Reuters) – Flutter on Thursday reported full-year core profit at the lower end of its guidance range but its fast growing U.S. business outperformed expectations as it became the betting company’s largest division by revenue.

Full-year core profit excluding the U.S. grew 4% to 1.295 billion pounds ($1.55 billion) versus the forecast range of 1.29 billion pounds to 1.39 billion pounds.

Customer-friendly sports results hit profitability in December, it said, but $3.2 billion in revenue at its U.S. FanDuel business was at the top end of a range that it upgraded in November. The U.S. operation made a core loss of $313 million, compared with expected losses of $300 million to $360 million.

The world’s largest online betting company said it remains on track to be profitable in the U.S. for the first time this year and that it boosted its share in the rapidly expanding U.S. sports betting market to 50% from 43%.

($1 = 0.8352 pounds)

(Reporting by Padraic Halpin; Editing by David Goodman)

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