Flutter Entertainment Raises Full-Year Guidance After Strong Q2

Flutter Entertainment has significantly raised its full-year guidance after reporting a stellar second quarter, with net income surging 364% to $297 million and revenue increasing by 20% to $3.6 billion. The company anticipates US revenue between $6.05 billion and $6.35 billion and adjusted EBITDA of $680 million to $800 million, a notable increase from prior estimates. Flutter's performance was bolstered by a 17% rise in second-quarter profit and strong momentum heading into the third quarter, with its FanDuel brand maintaining a leading market position. The company's global strategy continues to yield positive results, with adjusted EBITDA expected to reach $1.69 billion to $1.85 billion outside the US. In a notable contrast, Flutter has no plans to implement a surcharge on winnings in high-tax states, unlike rival DraftKings. Flutter's shift to a primary listing on the NYSE reflects its growing focus on the US market.