By Najat Kantouar


Flutter Entertainment said its pretax loss widened, hit by an impairment at its PokerStars business and despite strong growth in the U.S.

The FTSE 100 gambling and betting group behind the FanDuel, PokerStars and Paddy Power brands said Tuesday that its 2023 pretax loss was $1.09 billion pounds compared with a loss of $295.0 million a year earlier.

Adjusted earnings before interest, taxes, depreciation and amortization excluding the U.S.--one of the company's preferred metrics--rose to $1.87 billion from $1.30 billion.

The group's revenue rose to $11.79 billion from $9.46 billion.

In the U.S., the business posted its first year of positive adjusted Ebitda after revenue jumped 41% to $4.48 billion, with strong growth in sportsbook and iGaming, the company said.

U.K. and Ireland revenue rose 14%, while Australia revenue fell 7% due to a softer racing market environment, the company said.

For 2024, Flutter expects group revenue growth of 17.5% and further adjusted Ebitda growth of 30% at midpoint, it said.


Write to Najat Kantouar at najat.kantouar@wsj.com


(END) Dow Jones Newswires

03-26-24 0402ET