Flutter ‘strong trading performance’ as revenue rises to $11.79bn

Finance News

Flutter Entertainment has reported an increase in revenues, average monthly players and adjusted EBITDA for the 12 months to the end of December.

But the company’s net loss rose to $1.211 billion from $370m in 2022. Flutter is the world’s largest online betting company.

Its revenue increased by 24.6% to $11.790 billion from $9.463 billion, while its adjusted EBITDA was up by 45.4% to $1.874 billion from $1.289 billion.

Average monthly players increased by 20.3% during the year to reach 12.3 million.

Flutter said its US business rapidly scaled during the year with US revenues soaring by 40.7% as it reported its first year of positive adjusted EBITDA.

Fanduel has a 43% share of the US online sports betting market, compared to second place Drafking’s 36%, with BetMGM, the joint venture between MGM Resorts and Entain, a distant third place.

Flutter increased its share of the online US gaming market to 26% at the end of last year and said today that it became the market leader in that segment too in January.

Year-to-date revenue was up 3% in its international division and 17% in the UK and Ireland, where its market share rose to 30% last year.

But revenue fell 8.8% in Australia, where Flutter expects further reduced profitability in 2024 thanks to trading and regulatory headwinds.

Flutter started trading for the first time on the New York Stock Exchange on January 29 this year and the company said it had been encouraged by the increased focus from new US investors as a result of its US listing. The company has delisted from Euronext Dublin.

The online betting giant also said today it expects its core profit to jump by around 30% this year thanks to a four-fold increase at its US brand Fanduel.