Australian regulator sues stock exchange over botched blockchain upgrade

The chief executive of the world’s biggest online betting company said its dominant US market share meant it did not have to pass on the cost of tax increases to customers.

“When competitors raise their prices, that’s when customers come to us,” said Peter Jackson, chief executive of Flutter Entertainment, the parent company of FanDuel, a US sports betting platform that Flutter says has 51% market share from net income. .

DraftKings, FanDuel’s biggest competitor, recently announced a surcharge on bets placed in high-tax states, but on Tuesday night rescinded the policy after Flutter said it would not follow suit.

On Tuesday, Flutter reported revenue of $3.6 billion for the second quarter, while earning $1.45 per diluted share, three times the profits Wall Street analysts had expected.

The company’s shares rose 11.5 percent in after-hours trading.