Betting Big: Flutter Entertainment Scores Record Highs Amid Strong NFL Season

By Ethan Bennett Nov 16, 2024

Riding the wave of a robust NFL season, Flutter Entertainment achieves record highs as revenues surge, beating estimates.

Shares of Flutter Entertainment experienced a record high on Wednesday, propelled largely by flourishing demand for betting on NFL games. This saw the conglomerate, which owns FanDuel, surpass revenue expectations and subsequently boost its financial guidance.

Flutter revealed a 27% increase in third-quarter revenue, totalling $3.25 billion and outstripping the predicted $3.10 billion consensus estimate from analysts surveyed by Visible Alpha. However, the adjusted earnings per share (EPS) of $0.43 fell just shy of the expected $0.52. Pleasingly for Flutter, the Average Monthly Players (AMP) rose 16% to 12.9 million, a figure boosted by a 28% increase in U.S. AMP.

U.S. revenue leapt a considerable 51% to stand at $1.25 billion. The rise in both revenue and AMP is credited to an appetizing start to the NFL season, benefitted by new product launches and Q3 sports results that exceeded expectations. This was supported by enduring iGaming strength. CEO Peter Jackson made note of the fact that peak bets per minute on NFL matches have superseded those seen during Super Bowl LVII in February of last year.

Revenue also rose in all other international markets where Flutter operates. Flutter optimistically revised its full-year outlook, increasing both revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) predictions by 1%. Such alterations reflect gains made outside the U.S market.

In the U.S, the company made the decision to lower its revenue mid-point by 1% and adjusted EBITDA by 4%, due to Q3's strong performance being somewhat countervailed by Q4's unfavorable sports results thus far.

Shares in Flutter Entertainment saw a 6% increase, with stocks priced at $263.48 and even reaching a record high of $266.19 at one point. Shares have risen 47% this year.

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