Flutter Entertainment, which employs 2,000 staff in Leeds, delivers 'exceptional' US performance

The business, which employs 2,000 retail and office staff in Leeds, also performed well in the US gaming industry – iGaming in industry jargon – taking market share from its competitors.

“The US delivered another exceptional performance,” Mr Jackson said.

“We acquired over two million new players in the period, cemented our leadership position in sports and grew our share in iGaming to 23 per cent.

“The US business was profitable in the first half with FanDuel generating over 100 million dollars (£78m) in Ebitda.

“This profit profile provides us with a clear platform to invest materially in the second half, as we strive to continuously improve our customer offering.”

Flutter bought FanDuel in two rounds. It paid £124m in 2018 for a 58 per cent stake in the business, taking a gamble that US regulations would soon allow it to capture the market.

Three years later it upped its stake to 95 per cent, which cost it £3.3bn today. Flutter has invested heavily in its bid to capture a large share of the growing US market, which is rapidly opening up. This meant it took years for Flutter to hit profitability in the US. It had previously said that profits might start coming through in 2023, an ambition which seems achievable according to figures provided as part of Wednesday’s results. The increased focus on the US has tipped Flutter to plan a listing in the US, which is expected later this year or early next year. It would be alongside the UK listing, but it has also sparked speculation that Flutter might abandon London.

“The first half of 2023 marks a pivotal moment for the group, with our US business now at a profitability inflection point, helping transform the earnings profile of the group and significantly enhance our financial flexibility,” Mr Jackson said.

Flutter said it grew UK and Ireland revenue by 13 per cent in the six months to the end of June. Overall revenue across the company was £4.8bn, up 42 per cent on the year.

Richard Hunter, Head of Markets at interactive investor, commented: “Investors placing their bets on Flutter have been handsomely rewarded of late, and this update provides further proof that the US remains a particularly exciting area of growth.

"The increasing importance of the US in Flutter’s evolution is evidenced by the fact that the region now accounts for 38 per cent of group revenues, as compared to 25 per cent for each of the UK and Ireland and International divisions.

"Flutter has decided to consolidate its position further in the US, with an additional listing now planned for either late this year or early next, which should provide higher profile and more access to capital markets. In due course, and subject to shareholder opinion, this could even result in a full transfer of the listing to the States.”