Paddy Power owner Flutter profit at lower end of guidance, but US business outperforms

The world's largest online betting company said it remains on track to be profitable in the US for the first time this year. Picture Denis Minihane.

Paddy Power owner Flutter reported full-year core profit at the lower end of its guidance range but its fast growing US business outperformed expectations as it became the betting company's largest division by revenue.

Full-year core profit excluding the US grew 4% to £1.3bn (€1.4bn) versus the forecast range of £1.3bn to £1.4bn.

Customer-friendly sports results hit profitability in December, it said, but $3.2bn (€3.6bn) in revenue at its US FanDuel business was at the top end of a range that it upgraded in November. The US operation made a core loss of $313m, compared with expected losses of $300m to $360m.

The world's largest online betting company said it remains on track to be profitable in the US for the first time this year and that it boosted its share in the rapidly expanding US sports betting market to 50% from 43%.

- Reuters