Half-year results released by Flutter Entertainment overnight triggered a surge of over 10 per cent in its share price, later stabilising around eight per cent. Why? Its bottom line surely improved, with the company moving its net result into profit territory and growing player numbers, revenue and Ebitda. Yet compared with the same period last year, its Ebitda margin is slightly down. Revenue has also decreased compared with the previous quarter. This is across the US market, its largest region of operation since its acquisition of FanDuel, and Europe where it owns Paddy Power and other brands. Market excitement comes…

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