Flutter reports 20% drop in earnings amid regulatory changes and US investment

H1 revenue increase driven by rise in recreational customers but overall profitability hit by safer gambling initiatives and increased US investment

Paddy Power and Betfair owner Flutter Entertainment said its adjusted revenues for the six months rose by 9 per cent. Picture: Getty

Regulatory changes, additional investment in the US and safe gambling initiatives contributed to a 20 per cent drop in earnings at Flutter over the first half of the year.

The gambling giant this morning reported adjusted earnings before interest, taxation, depreciation and amortisation (Ebitda) of £476 million for the first six months of the year, down from £597 million a year previously.

In an earnings statement this morning, the company said its financial performance was ...