Investing.com -- Flutter Entertainment (LON:FLTRF) shares dipped in London trading on Tuesday after the betting group did not improve its annual outlook despite posting a 46% jump in adjusted core income in the first quarter.
In the three months ended on March 31, Flutter reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $514 million, thanks in part to strength at its FanDuel brand in the U.S.
Total average monthly players at FanDuel, which has a leading market presence in the U.S., grew by 15%, including an additional 2.6 million users for the National Football League's championship game in February.
But overall new sportsbook and casino player volumes in the U.S. were lower in the quarter, which Flutter said was due to a tough comparison in the year-ago period that was driven by "significant" acquisitions in Ohio.
The company added that its U.S. sports result in the last two weeks of March was "unfavorable." As a result, Flutter left its previously-communicated guidance for its 2024 fiscal year unaltered.
Revenue and adjusted EBITDA in the U.S. are seen at $6.0 billion and $710 million at the mid-points. Outside of the U.S., the figures are projected to come in at $7.85 billion and $1.73 billion, respectively.
Chief Executive Peter Jackson said in a statement that Flutter is "focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment" in the U.S. Elsewhere, the parent of Paddy Power and Betfair said it is seeing "good momentum" in key markets like the U.K. and Italy.
The results come after Flutter's shareholders voted to transfer its primary listing from London to New York, in a bid to turn its expanding U.S. customer base into investors. The switch is set to take effect on May 31.