Paddy Power owner Flutter posts 20% fall in earnings

Adjusted earnings before interest, taxes, depreciation and amortization, or Ebitda, fell to £476m (€563m) from £597m (€706m) a year ago

The Paddy Power, Betfair and FanDuel owner said it expected full-year core earnings of between £1.29bn (€1.53bn) and £1.39bn (€1.64bn), excluding a U.S. loss of £225m (€266m) to £275m (€325m).

Paddy Power owner Flutter posted a 20% fall in first-half earnings but saw no sign of cash-strapped customers betting less and expects to finish the year ahead of 2021 excluding a final year of losses in the U.S, sending its shares higher.

The world's largest online betting firm said on Friday that increased investment in its fast-growing U.S. Fanduel unit, tighter gambling regulations elsewhere and greater spending on initiatives to curb gambling addiction accounted for the expected dip in earnings.