Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
  1. Homepage
  2. Equities
  3. Ireland
  4. Irish Stock Exchange
  5. Flutter Entertainment plc
  6. News
  7. Summary
    FLTR   IE00BWT6H894

FLUTTER ENTERTAINMENT PLC

(FLTR)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Flutter's bet on booming US market bears fruit, earnings jump

03/02/2021 | 05:08am EDT

DUBLIN (Reuters) - Paddy Power, Betfair and Poker Stars owner Flutter Entertainment posted a 23% rise in like-for-like earnings for 2020 as it maintained its leading position in a booming U.S. market that it said could grow to twice the size previously estimated.

The United States is seen as the next big growth market after a ban on sports betting was lifted in 2018. Flutter, which maintained its 40% share of the market there, expects more than 14 billion pounds worth of business to be up for grabs by 2025 as more states than previously anticipated open up.

The world's largest online betting group on Tuesday said its revenues in the U.S. exceeded those of its two nearest competitors combined, including biggest rival Draftkings Inc.

Highlighting the pace of growth, more new customers bet with Flutter's U.S. Fanduel brand during last month's Super Bowl week than in the whole of 2019.

"The profitability we're now seeing from early customer cohorts is reinforcing our positive long-term view," Flutter Chief Executive Peter Jackson told a news conference.

Flutter reported full-year 2020 earnings before interest, tax, depreciation and amortisation (EBITDA) of 1.4 billion pounds ($1.9 billion), ahead of the 1.275 billion to 1.350 billion range it forecast in November.

That excluded an investment-heavy EBITDA loss of 170 million pounds in the U.S., where it increased its holding in Fanduel to 95% at the end of last year.

The group's shares were 0.2% higher at 166 euros at 0905 GMT.

While the COVID-19 pandemic all but halted sports events for two months from mid-March last year, popular fixtures have since resumed behind closed doors.

Annual revenue grew by 59% in Australia, by 32% in the recently acquired SkyBet brand and by 8% in the mainly Britain and Ireland-based Paddy Power and Betfair online division. Group revenue was up 36% year-on-year in the first 7 weeks of 2021.

While the closure of Flutter's smaller high street operation in the UK and Ireland during COVID-19 lockdowns is costing 9 million pounds in EBITDA a month, it said retail customers' shift online was "playing to our strengths".

"I don't believe that retail is dead," Jackson said, but added that he suspected there would be less shops, across all sectors, in the future.

($1 = 0.7206 pounds)

(Reporting by Padraic Halpin; Editing by Kirsten Donovan)

By Padraic Halpin


© Reuters 2021
All news about FLUTTER ENTERTAINMENT PLC
04/16MARKET CHATTER : Flutter Entertainment Eyeing Sale Of Oddschecker Unit
MT
04/16Flutter Entertainment Mulls Oddschecker Sale -Sky News
DJ
04/16FLUTTER ENTERTAINMENT  : Fanduel Becomes An Official Sports Betting Partner Of T..
PU
04/12Grand National sets record for UK online sports betting
RE
04/12FLUTTER  : Gets a Neutral rating from RBC
MD
04/12FLUTTER ENTERTAINMENT  : Cash4Clubs ‘Clubs In Crisis' Fund In Partnership ..
PU
04/12MARKET CHATTER : Flutter's FanDuel Faces Advertising Ban from FoxSports Amid Leg..
MT
04/09FLUTTER ENTERTAINMENT PLC  : Crossing thresholds
CO
04/07CAESARS ENTERTAINMENT  : Flutter Entertainment to defend its position against Fo..
RE
04/07CAESARS ENTERTAINMENT  : Flutter Entertainment to defend its position against Fo..
RE
More news
Financials
Sales 2021 6 275 M 7 519 M 7 519 M
Net income 2021 46,3 M 55,4 M 55,4 M
Net Debt 2021 2 796 M 3 350 M 3 350 M
P/E ratio 2021 867x
Yield 2021 0,32%
Capitalization 31 578 M 37 827 M 37 837 M
EV / Sales 2021 5,48x
EV / Sales 2022 4,78x
Nbr of Employees 14 802
Free-Float 98,7%
Chart FLUTTER ENTERTAINMENT PLC
Duration : Period :
Flutter Entertainment plc Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends FLUTTER ENTERTAINMENT PLC
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 18
Average target price 171,72 €
Last Close Price 180,25 €
Spread / Highest target -4,73%
Spread / Average Target -4,73%
Spread / Lowest Target -4,73%
EPS Revisions
Managers and Directors
NameTitle
Jeremy Peter Jackson Chief Executive Officer & Director
Jonathan Stanley Hill Chief Financial Officer & Director
Gary W. McGann Non-Executive Chairman
Zillah Ellen Byng-Thorne Independent Non-Executive Director
Peter Stephen Rigby Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
FLUTTER ENTERTAINMENT PLC8.00%37 827
GALAXY ENTERTAINMENT GROUP LIMITED14.52%38 631
SANDS CHINA LTD.6.61%37 809
EVOLUTION GAMING GROUP AB68.85%35 460
DRAFTKINGS INC.24.53%23 059
CAESARS ENTERTAINMENT, INC.26.08%19 503