StockMarketWire.com - Gambling company Flutter Entertainment reported better-than-expected results for the first half of the year as profit more than trebled as the return of more normalised sporting calendars boosted sports betting activity.

For six months ended 30 June 2021, pre-tax profit was up 221% to £77 million as revenue grew 159% to £652 million, with over 2.2 million customers acquired since sports betting launch.

'Our global sports businesses benefitted from further enhancements to our products and the return to more normalised sporting calendars while we sustained our strong performance in gaming despite the challenging comparatives set last year,' the company said.

'The first half of 2021 exceeded our expectations as we made substantial progress against our operational and strategic objectives while maintaining excellent momentum in growing our player base,' it added.

Looking ahead, Flutter said the second half of the year had started well, and forecast adjusted EBITDA, excluding US, of between £1,270 million to £1,370 million.

Net revenue in the US was estimated to come in at between £1.285 billion and £1.425 billon and adjusted EBITDA loss of between £225 million and £275 million. This guidance assumed 'H2 online launches in both Arizona and Connecticut,' the company aid.


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