November 9, 2023
Flutter, the parent company of FanDuel, has declared itself as the market leader in sports betting in the United States. This comes in response to DraftKings' claim of taking over the top position. Flutter CEO Peter Jackson emphasized that the company has a billion dollars more in revenue in the U.S., solidifying its number one status.
Despite Flutter's confidence in its market position, the company's third-quarter revenues fell short of Wall Street expectations. In the U.S., revenue grew by 20% year over year to $820 million, and average monthly players increased by 38%. However, these figures did not meet analysts' projections.
Flutter attributed its underwhelming top line to several factors. It cited a streak of customer wins in September and October, foreign currency headwinds, a slowdown in Australia, and tax changes in India as contributing factors.
Although Flutter did not provide specific earnings results, it reiterated its full-year adjusted EBITDA guidance of $180 million in the U.S. Despite the disappointing third-quarter results, the company remains optimistic about its market position and is focused on capitalizing on its strengths.
Flutter's assertion of being the market leader in sports betting in the U.S. is backed by its substantial revenue advantage over competitors. While the company's third-quarter performance fell short of expectations, it remains committed to its full-year guidance and is determined to overcome the challenges it faces. As Flutter continues to navigate the dynamic landscape of online gaming, it aims to maintain its position as the industry leader and deliver value to its stakeholders.
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