CNBC
New Flutter CEO bets on FanDuel promotions to win customers as profits suffer
xCruzo Brief
Flutter’s new CEO Dan Taylor laid out his turnaround plan in his first earnings report on Wednesday, as the company’s results missed expectations and the stock is down more than 60% year to date. Third-quarter revenue rose 2% to $3.87 billion, but adjusted EBITDA fell about 25% to $360 million and an adjusted loss of 18 cents per share beat the projected 28-cent loss. Taylor, in his five-week role, said FanDuel is gaining momentum through product changes and a nationwide September rewards program. U.S. average monthly players rose 9% and bet counts 15%, while sportsbook revenue grew just 4% due to heavier promotions.
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