Flutter Entertainment Pretax Loss Widens Despite Strong Growth in U.S.

By Najat Kantouar

Flutter Entertainment said its pretax loss widened, hit by an impairment at its PokerStars business and despite strong growth in the U.S.

The FTSE 100 gambling and betting group behind the FanDuel, PokerStars and Paddy Power brands said Tuesday that its 2023 pretax loss was $1.09 billion compared with a loss of $295.0 million a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization --one of the company's preferred metrics--rose to $1.87 billion from $1.30 billion.

The group's revenue rose to $11.79 billion from $9.46 billion.

In the U.S., the business posted its first year of positive adjusted Ebitda after revenue jumped 41% to $4.48 billion, with strong growth in sportsbook and iGaming, the company said.

U.K. and Ireland revenue rose 14%, while Australia revenue fell 7% due to a softer racing market environment, the company said.

For 2024, Flutter expects group revenue growth of 17.5% and further adjusted Ebitda growth of 30% at midpoint, it said.

Write to Najat Kantouar at najat.kantouar@wsj.com

Corrections & Amplifications

This article was corrected at 1004 GMT to clarify that Flutter posted a pretax loss of $1.09 billion for 2023 and an adjusted earnings before interest, taxes, depreciation and amortization of $1.87 billion compared with $1.30 billion. An earlier article incorrectly gave two currencies for pretax loss and said the adjusted Ebitda figure excluded the U.S.

(END) Dow Jones Newswires

March 26, 2024 04:02 ET (08:02 GMT)

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