Flutter Entertainment PLC (LSE:FLTR) reported heavier losses in the first six months of the year as the bookmaker continued to pour money into US operation FanDuel.
Excluding FanDuel, underlying profits dropped 11% to £608mln in the half year to the end of June 2022.
With the US business, the total was £476mln, down 20%, while losses after tax rose to £112mln (£86mln) after £286mln of impairments.
Peter Jackson, chief executive of the Paddy Power and Betfair owner, said he was "particularly pleased" with momentum in the US.
”We extended our leadership in online sports betting with FanDuel claiming a 51% share of the market and number one position in 13 of 15 states, helping contribute to positive earnings in the second quarter. We remain firmly on the path to profitability in 2023.”
Revenues for the half year rose 11% to £3.4bn though there were mixed performances elsewhere around the world.
In the UK, Jackson said he was disappointed with the delay in the publishing of the new Gambling Act review.
Interim revenues fell 4% in the UK and Ireland with actions taken ahead of the new Act costing £48mln. Online also fell 4%.
Australia saw revenues rise 5% even with what Flutter described as adverse sports results.
Flutter added the second half had started in line with expectations and it expects underlying profits of between £1.29bn-£1.39bn for the full year with a loss in the US of between £225mln-£275mln.