Gambling behemoth Flutter Entertainment, the parent company of Paddy Power and Betfair, has significantly reduced its net loss in the latest quarter as its US sales saw a twofold increase.
The firm's total revenue for Q3 2024 surged by 27 per cent from £2.558bn to £3.248bn, while its adjusted EBITDA witnessed a 74 per cent rise to £450m, as reported by .
The company attributed the doubling of its US revenue to the growing demand for online gaming.
Earlier this year, Flutter relocated its primary listing to the United States, referring to New York as its "natural home".
The company reported a net loss of £114m for the quarter, a substantial decrease from £262m in 2024.
Peter Jackson, the Chief Executive, described the quarter as "excellent quarter" for the gaming giant.
"In the US, we had a fantastic start to the new NFL season with peak wagers per minute already higher than Super Bowl LVII. Our proprietary product offering continued to drive strong parlay penetration as well as a step up in live betting handle."
He added: "Outside of the US, all divisions delivered a strong performance in the quarter as they leveraged the benefits of the Flutter Edge. In º£½ÇÊÓƵI, a broader product range across both sports and iGaming drove player and revenue growth."
Jackson also noted that Sisal continues to gain significant market share in Italy as they plan to expand their presence there with the addition of Snai. "In Australia, Sportsbet has been demonstrating encouraging trends," he said.
In the final quarter, Flutter is set to initiate its previously disclosed share repurchase scheme valued at up to $5bn (£3.93bn), which will unfold over the forthcoming three to four years.
"We believe that the group has exciting growth prospects due to our unparalleled leadership positions across the world, underpinned by access to the Flutter Edge. We expect to have significant capital to deploy over the coming years," remarked Jackson.
