The overall revenue at gambling industry giant Flutter Entertainment is up 13 per cent to more than £2 billion despite the impact from customer friendly sports results.

The parent company of Paddy Power, Betfair and Sky Bet revealed strong growth in a trading update for the third quarter of the year thanks to strong performance in the US, where it holds 40 per cent of the market share due to the success of FanDuel. The number one sportsbook is set to be the first online operator to achieve profitability this year.

Chief executive Peter Jackson hailed “another strong quarter” with Flutter planning a listing on the New York stock exchange in the first quarter of next year.

Due to the impact of sports results and adverse foreign exchange rates, outside of the US ebitda (earnings before interest, taxation, depreciation and amortisation) is at the bottom end of previous guidance for 2023. On the other hand, the US guidance for the same period is up.

“The Group had another strong quarter in Q3 and even in this seasonally quieter period, the power of our diversified business is clear with revenue growth of 13% to over £2bn,” Jackson told the Racing Post.

“We remain the number one choice for sports betting and gaming customers globally, and our 16 per cent growth in average monthly players augurs well for our continued growth and market leadership. We are particularly pleased by the great progress we are making in the US. 

“We are the first online operator to achieve structural profitability, and the strong ramp in ramp in EBITDA during 2023 will continue into 2024 and beyond, as our profit margins expand materially.”

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