The day after FanDuel parent company Flutter Entertainment (FLUT) revealed better-than-expected second-quarter earnings and raised its full-year revenue forecast, the company’s shares shot up on Wednesday.
The global sports betting operator revealed revenue that increased by 20% year over year to $3.61 billion, above Visible Alpha’s consensus analyst projections. With a net income of $297 million, it more than doubled and exceeded forecasts by three times.
Flutter increased its full-year revenue forecasts to $6.2 billion for the United States and $8 billion for all of its non-U.S. markets, from $6 billion and $7.85 billion, respectively, following a successful second quarter.
The major sports betting company further narrowed its focus on the United States, which is its largest market, during the quarter by moving its main listing to the New York Stock Exchange (NYSE) and relocating its headquarters to New York.
As Flutter broadens its worldwide reach, Sky News reported on Wednesday that it is contemplating a 2-billion-pound ($2.57 billion) acquisition of Snaitech, one of the biggest sports betting platforms in Italy.
As of 10:00 a.m. ET on Wednesday, Flutter shares had increased by 9.7% to $209.86, giving them a 17% increase so far this year.
