Flutter Entertainment Stock Surges on NFL Betting Boom – Latest Market High
Flutter Entertainment, the parent company of FanDuel, surpasses revenue expectations driven by record NFL betting activity, pushing shares to an all-time peak.
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Key Highlights
- Flutter Entertainment reports revenue exceeding forecasts, fueled by robust NFL betting engagement.
- FanDuel's parent company notes peak bets per minute on NFL games have outpaced last year's Super Bowl figures.
- Flutter's stock price reaches historic highs amid strong market performance.
Shares of Flutter Entertainment (FLUT) climbed to unprecedented levels as the company, known for operating FanDuel, exceeded revenue predictions and raised its financial outlook due to heightened demand for NFL game wagering.
In Q3, Flutter's revenue rose 27% year-over-year to $3.25 billion, surpassing analyst consensus of $3.10 billion. Adjusted earnings per share stood at $0.43, slightly below the anticipated $0.52. Monthly active players increased by 16% to 12.9 million, with a 28% rise in U.S. users.
U.S. Market Revenue Climbs 51%
The U.S. segment experienced a remarkable 51% revenue increase, reaching $1.25 billion. This growth was attributed to a strong NFL season launch, innovative product introductions, favorable Q3 sports outcomes, and sustained strength in iGaming. CEO Peter Jackson highlighted that peak NFL betting activity has already exceeded last February's Super Bowl LVII levels.
International revenues also saw an upward trend, contributing to the company's overall growth.
Flutter adjusted its full-year revenue and adjusted EBITDA outlook upward by 1%, reflecting positive international performance. However, the U.S. revenue midpoint was slightly reduced by 1%, with adjusted EBITDA lowered by 4%, due to less favorable sports results in Q4 so far.
Following these updates, Flutter Entertainment shares rose over 6% to $263.48, after hitting a record $266.19, marking a 47% increase year-to-date.
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