Flutter first-half earnings fall 20%, expects full-year turnaround

DUBLIN (Reuters) - Flutter posted a 20% fall in first-half earnings but expects to finish the year ahead of 2021 excluding an expected final year of losses in its fast growing U.S. business, the world's largest online betting firm said on Friday.

Adjusted EBITDA fell to 476 million pounds ($580 million)from 597 million a year ago and the record 684 million reached during the stay-home gambling boom of the COVID-19 hit first half of 2020. Excluding the U.S. business, first-half earnings were down 11%.

The Paddy Power, Betfair and FanDuel owner said it expected full-year core earnings of between 1.29 billion pounds and 1.39 billion pounds, excluding a U.S. loss of 225 million to 275 million pounds.

It posted core earnings of 1.24 billion pounds in 2021.

($1 = 0.8205 pounds)

(Reporting by Padraic Halpin; editing by Jason Neely)