Flutter Entertainment reported strong Q3 2024 results, significantly exceeding Wall Street expectations. The company earned 43 cents per share (non-GAAP) on revenue of $3.25 billion, surpassing analyst estimates of 23 cents per share and $3.20 billion in sales.

Key Performance Highlights:

Strong NFL season start with record-breaking peak wagers per minute
28% growth in average monthly players (AMP)
10% year-over-year increase in customer acquisition
23% AMP growth in pre-2022 launch states
37% AMP growth in 2022-2023 launch states

Updated FanDuel Guidance for Q4 2024:

Revenue: $6.05-6.25 billion (previously $6.05-6.35 billion)
EBITDA: $670-750 million (previously $680-800 million)
Expected revenue growth: 40%
Projected EBITDA growth: 206%

Financial Position:

Leverage ratio improved to 2.4x (down from 3.1x in December 2023)
Within medium-term leverage target of 2.0-2.5x
$40 million impact expected from Illinois sports betting tax increase

Share Buyback Program:

Total program value: $5 billion
Initial phase: $350 million by Q1 end
Duration: 3-4 years
Commencement date: November 14, 2024

The company maintains a strong market position despite challenges from increased state taxation and recent unfavorable betting outcomes in October. CEO Peter Jackson emphasized the success of their proprietary product offering and increased parlay penetration as key growth drivers.

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