(Alliance News) - Flutter Entertainment PLC on Wednesday lifted its US guidance and said it has seen little sign of a slowdown so far this year, despite punters grappling with a cost of living crisis.

Flutter Entertainment is an FTSE-100 global sports betting and gaming operator. It owns Paddy Power and Sky Bet.

For the third quarter of 2022, revenue rose 31% year-on-year to GBP1.89 billion from GBP1.44 billion. Sports revenue increased by 26% to GBP1.14 billion from GBP906 million, while Gaming revenue rose by 40% to GBP748 million from GBP534 million a year ago.

In particular, US revenue during the period amounted to USD598 million, up significantly from USD280 million a year earlier. UK & Ireland revenue rose 3.7% to USD509 million from USD491 million.

The company said its total average monthly players totalled 9.60 billion, up 23% from 7.81 billion a year ago.

Chief Executive Peter Jackson said: "Our US division is now our largest and generated USD700 million in revenue, up 82%. Good growth in our 'consolidate and invest' International markets and the acquisition of Sisal [in Italy] in August helped drive ex-US revenues."

Flutter lifted US revenue guidance to between USD2.95 billion and USD3.2 billion for the full-year. Its previous US revenue outlook range was USD2.85 billion to USD3.1 billion.

Group adjusted earnings before interest, tax, depreciation and amortisation, excluding the US, are still expected to land between GBP1.29 billion and GBP1.39 billion.

The "guidance reflects current consumer trends with no discernible sign of slowdown year to date", Flutter explained.

In August, Flutter reported revenue of GBP3.39 billion for the six months that ended June 30 from GBP3.05 billion a year earlier, and a swing to a pretax loss of GBP51 million from a GBP77 million profit.

On Monday this week, Flutter said it won an arbitration ruling related to media company Fox Corp's option to acquire just shy of a 19% stake in US arm FanDuel Group.

Shares were down 0.9% at 11,675.00 pence each on Wednesday morning in London.

By Xindi Wei; xindiwei@alliancenews.com

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