Flutter Entertainment, which has moved its primary listing from Dublin to the US, said sports results had a negative impact
Paddy Power Betfair parent Flutter Entertainment delivered revenue growth of 16 per cent to $3.4 billion in the first quarter of 2024, its results published on Tuesday show.
It further said the addition of Serbian sports betting operator MaxBet added $47 million, or two percentage points, to group revenue growth year-on-year.‘I lost €1,000 in cash on the way to the bank to lodge it. Someone in Dún Laoghaire had a big win that day’The group reported a net loss for the quarter of $177 million after recording non-cash expenses. The higher loss in the period increased loss per share by $0.52 to $1.10, and decreased adjusted earnings per share by $0.59 to $0.10.
The group’s net cashflow provided by operating activities increased $386 million to $337 million driven by the strong operational performance and the year-on-year movement in US player deposits. “Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date.”
“With a greater proportion of the group’s future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting and iGaming market to our business,” he added.
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