Revenue at Flutter rises as group prepares for US listing
Flutter Entertainment PLC reported a strong end to 2023, with revenue and numbers of players up on a year before, but its US revenue fell short of guidance due to “very customer friendly sports results” in November.
Flutter owns the Paddy Power, Sky Betting and Betfair brands in the UK and the FanDuel, TVG and PokerStars brands in the US.
Flutter plans to list on the New York Stock Exchange, saying on Thursday this is on track for January 29. At that point it will de-list its shares from its home city of Dublin but keep a premium listing in London, remaining in the FTSE 100 index as a result.
Flutter said it traded well over the fourth quarter, reporting double-digit revenue growth at the end of 2023, and for the year as a whole.
In the fourth quarter, total revenue rose 11% to GBP2.67 billion from GBP2.41 billion a year before – up 15% at constant currency – while average monthly players rose 12% to 13.6 million.
In 2023 overall, revenue jumped 24% to GBP9.51 billion from GBP7.69 billion in 2022, as average monthly players rose 20% to 12.3 million.
In the US, net revenue was USD1.42 billion in the fourth quarter, about USD225 million below its prior guidance, amid the “customer friendly” sports results. It said the hit from this to gross revenue was USD343 million, partly offset by gross revenue margin being better than expected.
However, Flutter noted its performance excluding the US was in line with its annual guidance provided in the third quarter.
“In the US, FanDuel consolidated its sports leadership position during the peak quarter for sporting activity, while FanDuel Casino went from strength to strength. While sports results were very customer friendly, particularly on the [National Football League] in November, the underlying momentum in the business remains very strong heading into 2024,” said Chief Executive Peter Jackson.