Shares in Flutter Entertainment (LSE: FLTR) were down 10% at 12,270.00 pence on Thursday morning after the global sports betting and gaming group said revenue increased 8% in its latest quarter, with strong performances in the US and UK & Ireland. However, Flutter’s full-year outlook was more subdued.

In a trading update for the third quarter of 2023, the Dublin-based company reported that total revenue increased 7.6% to £2.04 billion from £1.89 billion in the same period last year. On a constant currency basis, revenue was up 13%.

Flutter’s fast-growing US division saw sales jump 12% to £668 million, benefiting from a strong start to the NFL season. Meanwhile, the company’s UK & Ireland brands, including Paddy Power and Betfair, showed “excellent momentum” with revenue up 11% to £566 million, largely driven by the Premier League.

However, sports revenue fell 1.9% to £1.12 billion, which Flutter blamed on unfavourable sports results for punters. Gaming revenue was up 22% to £914 million.

“The group had another strong quarter in Q3 and even in this seasonally quieter period, the power of our diversified business is clear with revenue growth of 13%,” said Flutter Chief Executive Peter Jackson.

Looking ahead, Flutter said it expects full-year revenue from the US to be around £3.75 billion, the middle of its previous guidance range. It forecast US earnings growth would also be around the middle of its prior target.

Meanwhile, the company said group revenue excluding the US is likely to come in at the lower end of its £1.44 billion to £1.6 billion outlook range.

Flutter said it is making progress towards securing a stock market listing in New York in the first quarter of 2024, at which point it will delist from Euronext Dublin.

Shares in Flutter have risen 8.3% so far in 2023 but are up just 8% over the past 12 months amid a slowdown in growth. The stock hit a record high of 16,400.00 in May 2023 before falling back.

Thursday’s share price fall shows investors’ concerns that Flutter’s rapid expansion is slowing even as the company continues to perform well. Flutter faces challenges including unfavourable sports results and a deteriorating economic backdrop.