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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

by - 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.

Sports wagering made up over £1.1 billion ($1.35 billion/€1.26 billion) all all revenue while gaming accounted for £914 million ($1.12 billion/€1.04 billion). Gaming revenues were the main driver of growth improving on Q3 2022’s figure by 26%.

Q3 Key Highlights

Global

    Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth
  • Sports wagering revenue – £1.1 billion ($1.35 billion/€1.26 billion), up by 4%
    • Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth
  • Average monthly players (AMPs) – 11.1 million, up by 16%

U.S.

  • Revenue – £668 million ($820.9 million/€766.1 million), up by 12%
    • Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth
  • Gross sports revenue share of 40%
  • Net sports revenue share of 47%
    • Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth
  • FanDuel iGaming revenue growth of 52%

UK & Ireland

  • Revenue – £566 million ($820.9 million/€766.1 million), up by 11%
  • AMP – 3.6 million, up by 5%

Peter Jackson, Chief Executive, commented:

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

Outside of the US, our strategy ensures we can capitalise on the many growth opportunities which exist across our global markets. Our diversified portfolio of leading brands are well positioned to adapt to challenges and opportunities in their respective markets. In Q3, our UK & Ireland brands continued to take share across online and retail channels through our winning product offering. In addition, our Consolidate and Invest markets drove strong momentum within our International business. We were pleased to add MaxBet to the Flutter portfolio, in line with our strategy for acquiring “Local Hero” brands in attractive markets. While market conditions in Australian racing remain challenging, as the clear market leader with a player base 1.8 times that in 2019, we are confident that Sportsbet is the best positioned brand in the market.

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.