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Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth

U.S revenues up by 20% year-on-year

Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth - Thursday, November 9th, 2023 3:42
Flutter Revenue

Flutter Entertainment has released its Q3 2023 report revealing a 13% increase in group revenue to £2.03 billion ($2.49 billion/€2.38 billion).

Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth

Revenues across all other markets grew with the exception of Australia which saw an 18% drop in revenues from £319 million ($391.9 million/€365.9 million) in Q3 2022 to £262 million ($321.9 million/€300.5 million) in the latest reporting period.

Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth

Q3 Key Highlights

Global

  • Group revenue – £2.03 billion ($2.49 billion/€2.38 billion), up by 13%
  • Sports wagering revenue – £1.1 billion ($1.35 billion/€1.26 billion), up by 4%
  • Gaming revenue – £914 million ($1.12 billion/€1.04 billion), up by 26%
  • Average monthly players (AMPs) – 11.1 million, up by 16%

U.S.

  • Revenue – £668 million ($820.9 million/€766.1 million), up by 12%
  • AMP – 2.5 million, up by 38%
  • Gross sports revenue share of 40%
    • Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth
  • FanDuel iGaming 23% market share (#2 in market)
  • FanDuel iGaming revenue growth of 52%

UK & Ireland

  • Revenue – £566 million ($820.9 million/€766.1 million), up by 11%
    • Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth

Peter Jackson, Chief Executive, commented:

“The Group had another strong quarter in Q3 and even in this seasonally quieter period, the power of our diversified business is clear with revenue growth of 13% to over £2bn. We remain the number one choice for sports betting and gaming customers globally, and our 16% growth in average monthly players augurs well for our continued growth and market leadership. We are particularly pleased by the great progress we are making in the US. We are the first online operator to achieve structural profitability, and the strong ramp in EBITDA during 2023 will continue into 2024 and beyond, as our profit margins expand materially.

Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth

Jackson also noted that the company is well positioned ahead of its planned U.S. listing in 2024:

We are making good progress towards our US listing which will bring the Group significant benefits from accessing the world’s deepest and most liquid capital markets. Overall, the significant potential for US growth and ability to leverage scale benefits across our diversified portfolio outside of the US, underpins our confidence in our significant and sustainable long term earnings growth potential.”

Ciaran McEneaney

Ciaran has been working within the Gambling Industry as a deep analyst since 2019. His deep knowledge and understanding of all the gambling regulations, and processes makes him a true asset, and an always valuable point of view for Gambling Industry News, allowing us to cover every topics from a brand new perspective.