Flutter's shares soar on further rapid U.S. growth
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By Padraic Halpin
DUBLIN, Aug 12 (Reuters) - Flutter said on Friday it is seeing no sign of cash-strapped customers betting less and gave another positive update on its rapidly growing U.S. business, sending its shares sharply higher following an expected dip in first-half earnings.
The Paddy Power, Betfair and Fanduel owner was the top gainer on the blue-chip FTSE 100 index, up 11% at 0830 GMT.
The world's largest online betting firm said further U.S.
investment, online betting tighter gambling regulations elsewhere and greater spending on initiatives to curb gambling addiction accounted for a 20% fall in earnings to the end of June.
However, unlike Ladbrokes-owner Entain, which last month lowered its revenue forecast due to punters spending less money on gambling, Flutter said it is seeing no "discernible signs" of a slow down from a cost-of-living squeeze.
It also said its Fanduel unit became the first online operator in the recently opened U.S.
market to deliver a quarterly profit, putting the division firmly on track to meet a target of delivering full-year profitability in 2023.
DUBLIN, Aug 12 (Reuters) - Flutter said on Friday it is seeing no sign of cash-strapped customers betting less and gave another positive update on its rapidly growing U.S. business, sending its shares sharply higher following an expected dip in first-half earnings.
The Paddy Power, Betfair and Fanduel owner was the top gainer on the blue-chip FTSE 100 index, up 11% at 0830 GMT.
The world's largest online betting firm said further U.S.
investment, online betting tighter gambling regulations elsewhere and greater spending on initiatives to curb gambling addiction accounted for a 20% fall in earnings to the end of June.
However, unlike Ladbrokes-owner Entain, which last month lowered its revenue forecast due to punters spending less money on gambling, Flutter said it is seeing no "discernible signs" of a slow down from a cost-of-living squeeze.
It also said its Fanduel unit became the first online operator in the recently opened U.S.
market to deliver a quarterly profit, putting the division firmly on track to meet a target of delivering full-year profitability in 2023.
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