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Flutter Entertainment sees strong start to 2021

Flutter Entertainment PLC said Tuesday that pretax profit for 2020 fell sharply due to noncash acquisition accounting adjustments and that it has started 2021 with strong momentum.

The owner of FanDuel and PokerStars said pretax profit for last year was 1.1 million pounds ($1.5 million) compared with GBP135.7 million for 2019.

Revenue for the year increased to GBP4.41 billion from GBP2.14 billion in 2019.

On a pro forma basis, following its acquisition of Stars Group last year, the FTSE 100 gambling and betting group said adjusted earnings before interest, taxes, depreciation and amortization rose 13% to GBP1.23 billion on revenue that was up 27% at GBP5.26 billion.

Analysts expected Flutter to report pro forma revenue of GBP5 billion and adjusted Ebitda of GBP1.16 billion for 2020, according to consensus estimates provided by the company.

The company–which also owns Paddy Power and Betfair–said revenue was up 36%

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