Flutter reports strong growth across almost all segments

Flutter has reported revenue growth in all markets except Australia.
Flutter has reported revenue growth in all markets except Australia.

Full-year revenue was up 24.7 per cent at $11.79bn.

Ireland.- Flutter Entertainment has reported full-year group revenue of $11.79bn, a rise of 24.7 per cent year-on-year. Revenue rose in the US, UK and Ireland and International segments. Only Australia saw a decline.

The company reported a pre-tax loss of $1.09bn, compared to $295m in 2022. This was largely due to a $725m impairment on Pokerstar’s trademark and $791m for amortising intangible assets. Its net loss increased from $370m to $1.21bn

FanDuel, with its market-leading position in the US, delivered positive adjusted EBITDA for the first time. US revenue rose 40.6 per cent to $4.48bn, with sportsbook revenue up 45.9 per cent and igaming revenue up 47.2 per cent. FanDuel’s estimated market share of net gaming revenue was 53.4 per cent, up from 43.2 per cent in 2022. 

In the UK and Ireland, revenue was up 13.7 per cent at $3.05bn. Sportsbook revenue rose 10.5 per cent and igaming revenue 18.1%. Market share across retail and online was up 2 points at 30 per cent. The group hailed the success of its higher-margin Bet Builder and Build-A-Bet parlay products and the addition of exclusive new betting markets and Acca Freeze on Sky Bet.

Revenue from the international segment was up by 34.2 per cent at $2.81bn, with Sisal in Italy generating $1.22bn and market share up in Georgia and Armenia. Revenue in Australia slipped 7.1 per cent to $1.45bn due to a decline in racing spending with Sportsbet.

CEO Peter Jackson praised the group’s localised strategy. He said: “Flutter delivered a strong 2023 performance as we continued to deliver on our strategy. This was underpinned by a localised approach to technology and product coupled with the unique scale advantages of the Flutter Edge.

“As anticipated, our number one position in the US has transformed the group’s earnings profile during 2023 as FanDuel delivered a positive US full year adjusted EBITDA for the first time. Outside the US we made excellent progress integrating Sisal into our International business. This is a great example of our ‘local hero’ strategy at work and took market share in UKI.”

Flutter to move primary listing to NYSE

Jackson noted that the results are the first to be published since Flutter launched its secondary listing in New York in January. The company now plans to make this its primary listing.

He said: “I was proud to see Flutter shares trading for the first time on the NYSE on January 29. We have been encouraged by the increased focus from new US investors as a result of our US listing. We are working towards a shareholder vote on 1 May to approve our primary listing move to NYSE.”

As for this year, the midpoint of Flutter’s forecast is a 17.5 per cent rise in revenue and 30.2 per cent in adjusted EBITDA.

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