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Flutter profits and revenue rises by 30% as player numbers increase

The company recorded pre-tax profit of £77m or €91m
The company recorded pre-tax profit of £77m or €91m

Paddy Power owner Flutter Entertainment saw a jump in profits and revenue in the first half of the year, as average monthly players (AMP) increased by 40%.

The Dublin-based group recorded pre-tax profit of £77m or €91m - a 221% increase on the £24m or €28m recorded in the same period last year.

The results show strong demand among Irish and UK customers, with AMPs up 44% during the period.

Group revenue was up 30% for the first six months to £3.1bn, while revenue at Flutter's US FanDuel business grew by 159% to £652 million.

Group earnings before interest, tax, depreciation and amortisation (EBITDA) fell to £597 million on a pro-forma basis. That included an EBITDA loss in the United States.

"The first half of 2021 exceeded our expectations as we made substantial progress against our operational and strategic objectives while maintaining excellent momentum in growing our player base," said Peter Jackson, Chief Executive of Flutter Entertainment.

"Our global sports businesses benefitted from further enhancements to our products and the return to more normalised sporting calendars while we sustained our strong performance in gaming despite the challenging comparatives set last year," he added.

The world's largest online betting group said the second half of the year has started well.

It expects the group, minus the US business, to report adjusted EBITDA of between £1,270m -£1,370m - assuming an uninterrupted sporting calendar for the remainder of the year.

In the US, it expects net revenue of between £1.285bn and £1.425bn and adjusted EBITDA loss of between £225m and £275m.