Flutter talks up dominance in spite of falling short on earnings
'We remain incredibly confident in our long-term outlook,' chief executive Peter Jackson said, brushing past the shortfall.
He noted US growth and claimed FanDuel – Flutter's US sports betting brand – 'continues to win', while chief financial officer Rob Coldrake emphasised his 'absolute conviction' and Flutter's 'compelling financial growth story'.
Analysts asked tougher questions – about lower-than-expected basketball turnover, Brazilian regulation and soft April trading – but management stuck to the positive script, as exemplified by Jackson using the word 'excited' four times.
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Flutter wants investors to focus on the long game: 18 per cent US growth, strong iGaming margins, and the upgrade in profit expectations.
However, analysts were more circumspect. Bank of America titled its note 'tricky, as expected', cutting its price target while maintaining its buy rating.
Regulus Partners analyst Paul Leyland was blunter, saying Flutter 'has taken or underperformed market performance pretty much everywhere'.
Flutter shares dipped following earnings, with investors questioning whether the upbeat rhetoric about the long term is enough to offset concerns over softer results and regulatory headwinds.
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