Flutter Entertainment reported a 22 percent rise in first-quarter revenue to $3.9 billion on Tuesday, and said its US FanDuel business had now recorded four consecutive profitable quarters, prompting the board to raise full-year guidance for the group.

Adjusted EBITDA came in at $781 million, ahead of a consensus compiled by Visible Alpha at $741 million. Group chief executive Peter Jackson said the results "mark the point at which the US has moved from a growth investment to a cash generator" inside the portfolio.

US segment

FanDuel's net revenue rose 31 percent to $1.65 billion. Sports betting handle climbed 18 percent, while iGaming revenue grew 41 percent on new state roll-outs in Rhode Island and the full-year benefit of the New York casino framework.

Customer acquisition cost fell to $257 from $318 a year earlier, which the company attributed to improved retention in mature states and a more disciplined approach to promotional spend around major sporting events.

International

Flutter's international segment was a mixed picture. The UK and Ireland division grew revenue six percent, while international markets excluding the US and UK were flat, with weakness in Australia partly offset by a strong performance in Italy and Brazil.

Raised guidance

The group now expects 2026 revenue of $17.0 to $17.6 billion and adjusted EBITDA of $3.9 to $4.2 billion, up from the $16.2 to $17.0 billion and $3.65 to $3.95 billion ranges guided in February.

Shares rose 6.8 percent in pre-market trading in New York.