Flutter Entertainment has announced interim results for six months ended 30 June 2023.

Group revenue of strategic goals drove Flutter’s growth engine; strong H1 player momentum with average monthly players (“AMPs”) +28%, driven by US growth (+43%) and the addition of Sisal, which has performed strongly since joining the Group (Group pro forma AMPs +18%)

US: Reached profitability inflection point, FanDuel generated $100m (£79m) Adjusted EBITDA in H1 (US division $63m (£49m)). Scale advantage compounding with revenue +63%. Group at earnings transformation point with Adjusted EBITDA +72% to £823m (pro forma +37%)

Neil Shah, Director of Content and Strategy at Edison Group comments: “Flutter Entertainment reports a 42% increase in Group revenue compared to the previous year, with a boost from a strong US performance and the inclusion of Sisal’s results. The Adjusted EBITDA soared by 72% to £823 million, reflecting the positive impact of the US profitability and strategic growth efforts.

This last half has seen Flutter’s increasing focus on US operations pay off. With its US business reaching a turning point, achieving profitability, and significantly impacting the Group’s earnings trajectory, the company reported a +138% adjusted year-on-year increase in profits. As the US market’s average monthly players (AMPs) increased +43%, the company’s impressive +28% increase in AMP’s reflects the boost in growth provided by its American arm.

Whilst much of the company’s success was due to its US market, operations outside of North America also remained strong, with UK and Ireland markets achieving a 13% revenue growth. Despite a 1% dip in Australia’s revenue due to the knock-on effects of COVID-19 and to changes in tax regulation, the company effectively retained a large customer base in the country, reporting an +7% increase in the average monthly players. Ultimately, it seems, the consumers of the non-US markets are still appreciating the opportunity to win-big.”