Fanduel Parent Sees Strong Growth In Online Gaming Market

Flutter Entertainment Stock Surges as Profits Blow Past Estimates

FanDuel Parent Sees Strong Growth in Online Gaming Market

Key Takeaways:

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Flutter Entertainment, the parent company of FanDuel, saw its shares soar by 11% on Tuesday.

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The company reported a 56% increase in adjusted earnings per share, beating analyst expectations.

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Flutter attributed the strong performance to growth in its online gaming business, particularly its FanDuel sportsbook.

In a statement, Flutter CEO Peter Jackson said, "We are pleased to report a strong set of results for the year, with revenue and profit ahead of expectations. Our online business continues to perform well, with FanDuel delivering another record year."

Flutter Entertainment is one of the world's leading online gaming companies, with operations in the UK, US, Ireland, Australia, and Canada. The company offers a range of sports betting, gaming, and poker products.

The strong performance of Flutter Entertainment's online business is a reflection of the growing popularity of online gaming. According to a recent report by H2 Gambling Capital, the global online gambling market is expected to grow by 11.6% in 2023, reaching a value of $60.2 billion.

Flutter Entertainment is well-positioned to continue to benefit from the growth of the online gaming market. The company has a strong brand portfolio, including FanDuel, Betfair, and PokerStars. It also has a large and growing customer base, with over 9 million active users.

Looking ahead, Flutter Entertainment is confident about its future growth prospects. The company expects to continue to invest in its online business and to expand into new markets.