HomeBussinessFlutter revenues up 16pc in first three months of 2024

Flutter revenues up 16pc in first three months of 2024

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The betting giant recorded revenues of $3.4bn (€3.15bn) in the first quarter of 2024. Average monthly players increased to 13.7 million in the period, up 11pc from the same period last year.

Flutter recorded a net loss of $177m in the period, a 59pc increase from the group’s loss reported in the first three months of 2023. It attributed this loss to non-cash charges of $356m, which include an acquired intangibles amortisation and a change in the fair value of Fox Option liability.

This relates to Fox Corporation’s option to acquire an 18.6pc equity interest in the FanDuel brand from Flutter until 2030, which is treated as a liability.

Adjusted earnings before before interest, taxes, depreciation and amortisation (Ebitda) rose 46pc in the period to $514m.

Adjusted Ebitda for the US market was $26m, surging from an adjusted Ebitda loss of $53m in the same period in 2023. This was attributed to revenue growth of 32pc in the first three months of 2024.

Adjusted Ebitda for the group’s other markets increased by 20pc to $488m as a result of increased revenue.

Excluding the US market, sales were up 8pc year-on-year.

UK and Ireland revenues were up 17pc, with average monthly players growing by 2pc. Flutter pointed to iGaming growth of 27pc in these markets.

“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,” chief executive Peter 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,” he added.

Flutter will also move its primary market listing to the New York Stock Exchange (NYSE) on May 31.

At the company’s AGM in Dublin earlier this month, the majority of shareholders voted to support the move from London.

Mr Jackson said the company has now moved its operational headquarters to New York due to the importance of US sports betting and iGaming market to the business.

The betting giant anticipates US revenue growth of 36.3pc in the current financial year, while adjusted Ebitda is expected to jump 206.1pc in this market

Flutter also expects a group adjusted Ebitda excluding the US market to grow by 5.4pc, while revenue excluding the US is expected to increase by 6.3pc this year.

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