Flutter reports pivotal annual results with $162m operating profit
The New York and London-listed gambling giant saw revenue rise by 19 per cent in 2024.
US.- Flutter Entertainment has reported a turnaround in its 2024 financial results. It’s posted operating profit of $162m, which compares to a loss of $1.2bn in 2023. Revenue was up 19 per cent year-on-year at $14.05bn.
Adjusted EBITDA was $2.35bn, a rise of 26 per cent despite a reduction due to customer-friendly NFL results in November and December.
In the US, FanDuel generated revenue of $5.8bn, up 27 per cent, and EBITDA rose by 119% to $507m. It reported monthly average customers of 4.5 million, which Flutter estimates as a 43 per cent share of the US sports betting market, up 1 per cent, and a 26 per cent share of the overall online gambling market, up 3 per cent.
CEO Peter Jackson said: “FanDuel remains America’s number one sportsbook, with its leading product maintaining a clear structural revenue margin advantage over competitors. At the same time, excellent execution secured a new number one spot for FanDuel Casino in iGaming.”
In the UK and Ireland, Flutter said it had grown its market share by four percentage points in the past two years, boosted by SuperSub markets promotions on Paddy Power. And revenues in Italy hit $1.48bn, as Sisal’s revenue rose by 22 per cent and Sisal Italy’s by 39 per cent on the back of its omnichannel offerings. In India, Junglee Games saw revenue rebound, rising 91 per cent, Turkish revenue rose by 62 per cent and revenue from Brazil was up by 19 per cent.
Jackson said: “Outside of the US, our commitment to first-to-market product innovation led to market share gains in key markets, including the UK and Italy, while in Australia, we saw encouraging trends in our player base.
“Thanks to our scale and cash generation, we are an ‘And’ business, with powerful optionality when deploying capital. This is clearly demonstrated by our commitment to long-term shareholder returns through our share repurchase programme and evident in our expansion into fast-growing markets with the announcement of our acquisitions of NSX in Brazil and Snai in Italy.”
For 2023, Flutter had recorded a $725m in impairment charge related to PokerStars and $212m related to its former FoxBet joint venture.
The company will change its structure this year to report on just two segments. US results will continue to be provided under FanDuel, but UK and Ireland will now be included as part of Flutter International rather than as a separate segment.
For 2025, Flutter forecasts revenue in the range of $15.4bn to $16.3bn and adjusted EBITDA from $2.3bn to $2.9bn. The US segment is expected to deliver at least $7.9bn in revenue and $1.28bn in adjusted EBITDA.
The group expects to complete its acquisitions of NSX Group and Snaitech in Q2. Meanwhile, it’s been reported that Flutter is considering making a bid for the main Italian lottery, which is currently run by IGT. The Irish Times reported that it was evaluating options to make a joint bid with another party or as part of a consortium before the March 17 deadline set by Italy’s customs and monopolies agency, ADM.
