Flutter revenue up 16 per cent in Q1

Flutter will move its primary listing to the NYSE from May 31.
Flutter will move its primary listing to the NYSE from May 31.

The group gained market share in key regions.

US.- Flutter has published Q1 results following the decision the move of its primary shareholding to the NYSE. Revenue was up 16 per cent year-on-year at $3.4bn. EBITDA was $514m, up 46 per cent. FanDuel in the US contributed a positive $26m, compared to negative $53m in Q1 2023.

Flutter reported a net loss of $177m, partly due to a change in the fair value of a Fox Option liability. It has maintained 2024 guidance.

CEO Peter Jackson said: “We have had an excellent start to the year. In the US, FanDuel’s top line momentum is translating into strong growth in US Adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment.”

Flutter noted that revenue from UK and Ireland brands was up 12 per cent at $861m, with EBITDA up 24 per cent at $268m. International revenues rose by 5 per cent to $797m, with strong revenue in Georgia and Armenia, Spain and Brazil but a 25 per cent decline in India due to tax changes.

MaxBet Serbia contributed $47m in what was its first operating quarter in the group following its acquisition. In Australia, SportsBet AUS revenue was down by 6 per cent at $329m.

Jackson said: “Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK, where the launch of Super Sub on Paddy Power has been our most successful product launch to date, and in Italy, where we have been taking online sports betting and iGaming market share during Q1 and reached an all-time record in April.”

Of the move of Flutter’s main listing to the NYSE, Peter said: “On May 1, shareholders voted to move our primary listing to the US. We believe a US primary listing is the natural home for the group and we look forward to this becoming effective on May 31. 

“With a greater proportion of the group’s future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting and iGaming market to our business.”

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