The gambling group behind Paddy Power and Sky Bet swung to its first profit in the US in the first half as it piled on millions of punters ahead of a listing in New York.
Flutter Entertainment reported better than expected US earnings of £49 million, compared with a loss of £132 million last year. Peter Jackson, the FTSE 100 group’s chief executive, described the first-half performance as “exceptional”.
He said that FanDuel, its US business, had moved into profit six months earlier than expected, while the company had also gained the distinction of becoming the first of the big US betting groups to move into the black.
Paul Ruddy, an analyst at the stockbroker Davy, said: “In a sector where scale is key,
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