StockMarketWire.com - Betting group Flutter Entertainment, which owns the Paddy Power business among other brands, posted a strong increase in third quarter volumes and raised its full year guidance for operating profits.

Total revenues on a constant currency basis rose 30% to £1.325bn with online revenues up 33% thanks to the return of mainstream sports. Customer numbers grew by double digits across all regions generating a 41% increase in average daily users during the quarter.

In the UK & Ireland, Paddy Power and SBG brands took market share with revenue growth of +32% and +26% respectively. In Australia revenues grew by 76% with BetEasy customer migration successfully completed, and in the US the firm maintained its number one position thanks to a 46% online sportsbook market share and total online share of 29%.

As a result the firm increased its forecast for full year EBITDA from £1.175-1.325bn to £1.275-1.35bn driven by higher customer volumes across all divisions and assuming normalised net revenue margins for the remainder of 2020, with no further material disruption to sporting calendars.





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