Shares of Flutter Entertainment (FLUT) traded at an all-time high Wednesday as the parent of sports gambling site FanDuel beat revenue estimates and boosted its guidance as it benefited from demand for wagering on National Football League games.

Flutter reported third-quarter revenue was up 27% year-over-year to $3.25 billion, ahead of the consensus estimate of $3.10 billion by analysts polled by Visible Alpha. Adjusted earnings per share (EPS) of $0.43 came in below expectations of $0.52. Average monthly players (AMP) increased 16% to 12.9 million, with U.S. AMP higher by 28%.

US Revenue Soars 51%

Revenue in the U.S. jumped 51% to $1.25 billion. The company noted that the gain in both revenue and AMP was powered by a "strong start to NFL season driven by new product launches and favorable Q3 sports results combined with continued iGaming strength." Chief Executive Officer (CEO) Peter Jackson noted that peak bets per minute on NFL games were "already higher than Super Bowl LVII" last February.

Revenue from all other countries where Flutter does business rose as well. 

The company raised its overall full-year outlook for both revenue and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) by 1%, reflecting gains outside the U.S. It explained that in the U.S., it was lowering its revenue mid-point revenue by 1% and adjusted EBITDA by 4% "as positive Q3 performance has subsequently been more than offset by unfavorable sports results in Q4 to date."

Flutter Entertainment shares recently were up more than 6% at $263.48 after earlier touching a record $266.19. They have risen 47% year-to-date.