Flutter Entertainment Plc, the parent company of FanDuel, reported a profit for its US business in the first half of the year. This comes as the company prepares for a public listing of its shares in New York. For the first half, the US adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) stood at £49 million ($63 million). This figure surpasses the average estimate of £28.4 million as predicted by analysts surveyed by Bloomberg. Based in Dublin, the gambling behemoth anticipates the secondary listing to take place either late in the fourth quarter of this year or early in the first quarter of the upcoming year. Furthermore, there’s potential for the company to shift its primary listing from London to New York. Flutter also […]

ESPN’s Shift in Strategy: Historically, ESPN, a Disney-owned entity, had actively distanced itself from the gambling sector. However, in a significant shift, the sports media giant has now forged a partnership with PENN Entertainment to launch ESPN Bet. Rebranding Move: ESPN Bet is not an entirely new entity. Instead, it’s a rebranded version of the Barstool Sportsbook, which was a crucial segment of the sports media brand that PENN acquired in two phases. Strategic Timing: Despite undergoing a massive internal reorganization, including significant layoffs and potential equity sales, ESPN believes the current moment is ripe for this venture. This confidence stems from the growing acceptance and establishment of legal sports betting, especially after the pivotal U.S. Supreme Court decision that granted states the autonomy to […]

DraftKings Inc., an online sports-betting platform, experienced a rally in its stock after reporting a surprise second-quarter profit and raising its full-year sales forecast. The company’s full-year sales outlook was revised to $3.46 billion to $3.54 billion, surpassing FactSet estimates. DraftKings attributed its success to acquiring new customers efficiently, retaining existing players through product innovation and fewer promotions, and better bet mix. The company’s unit economics are strong, with revenue generated from older states sufficiently funding expansion into new states. DraftKings highlighted that Kentucky, North Carolina, Vermont, and Puerto Rico have authorized mobile sports betting, and it plans to launch its sportsbook in Kentucky on September 28. In the second quarter, revenue surged to $874.9 million compared to $466.2 million in the previous year’s quarter. […]