Flutter Entertainment PLC on Wednesday raised guidance after reporting strong financial results for the second quarter with significant improvements to revenue and profit, partly thanks to favourable results for the company from betting on the Euros.

Flutter is a sports betting and gaming company based in New York, having moved its headquarters there from Dublin and its primary listing there from London. It was formerly known as Paddy Power Betfair.

Pretax income more than doubled to $350 million in the second quarter that ended June 30 from $150 million the previous year.

Flutter Entertainment shares were up 10% to 16,135.00 pence each in London on Wednesday morning.

Revenue increased 20% to $3.61 billion from $3.00 billion, as cost of sales rose 23% to $1.84 billion from $1.49 billion.

Technology, research and development expenses grew 23% to $216 million, while sales & marketing expenses increased 12% to $746 million.

Chief Executive Officer Peter Jackson said: ‘Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product...Outside of the US, we delivered an engaging offering during the European Football Championships, as over four million customers placed a bet on the tournament, with results during the tournament very favourable for us.’

Flutter raised its full-year guidance in light of this strong quarterly performance.

US revenue is expected to be between $6.05 billion and $6.35 billion, up from guidance of $5.8 billion to $6.2 billion previously.

US adjusted Ebitda is forecast to be within a $680 million to $800 million range, ahead of $635 million to $785 million before.

Guidance for group revenue excluding the US has risen to a $7.85 billion to $8.15 billion range from $7.65 billion to $8.05 billion, with adjusted Ebitda guidance increasing to $1.69 billion to $1.85 billion from $1.63 billion to $1.83 billion.

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