FanDuel Parent Flutter Stock Hits All-Time High on Strong NFL Betting | Global News Avenue

Flutter Entertainment stock (floodSports betting site FanDuel traded at a record high on Wednesday as the parent company benefited from wagering demand for National Football League games, beating revenue estimates and raising guidance.

Flutter reported third-quarter revenue rising 27% year over year to $3.25 billion, above the $3.1 billion consensus estimate of analysts polled by Visible Alpha. After adjustment Earnings per share (EPS) $0.43 was below expectations of $0.52. Average monthly players (AMP) increased 16% to 12.9 million, with US AMP increasing 28%.

U.S. revenue surges 51%

U.S. revenue jumped 51% to $1.25 billion. The company noted that the growth in revenue and AMP was driven by “a strong start to the NFL season, driven by new product launches, good third-quarter sports results and continued iGaming strength.” Chief Executive Officer (CEO) Peter Jackson noted that peak bets per minute on an NFL game last February “were already higher than Super Bowl 57.”

Revenue also grew in all other countries where Flutter operates.

The company raised its overall revenue forecast for the full year and adjusted Earnings before interest, taxes, depreciation and amortization (EBITDA) 1%, reflecting gains outside the U.S., where it lowered its midpoint revenue by 1% and adjusted EBITDA by 4% “as positive results in the third quarter were subsequently unfavorable,” it explained. offset by sporting event results so far in the fourth quarter. ”

Flutter Entertainment shares recently rose more than 6% to $263.48, having previously hit a record high of $266.19. They are up 47% so far this year.