Flutter Entertainment Report Great Revenue Progress in 2023
Flutter Entertainment has published its financial results for the fiscal year ending 31 December 2023. The company saw revenue increase by an impressive 24.7% when compared to the previous year to $11.79 billion.
Flutter also enjoyed an increase in Average Monthly Players; it grew by 20.3% to 12.3 million, and further adjusted EBITDA rocketed 45.4% year-on-year to $1.87 billion.
LISTEN TO THIS ARTICLE:Strong Performance in the US
As in the past, Flutter performed well in the US online gambling market. FanDuel leads the market in several states and this resulted in a 40.7% increase in revenue. It was also the first year that FanDuel achieved positive further adjusted EBITDA, a total of $167 million.
Excluding US operations, Flutter’s divisions in international markets, including the UK and Ireland, generated an adjusted EBITDA of $1.613 billion.
However, the company announced a net loss of $1.2 billion, mainly due to non-cash expenses. These included a $725 million charge for the reduction in value of the PokerStars trademark and the amortization of acquired intangible assets.
Flutter delivered a strong 2023 performance as we continued to deliver on our strategy. This was underpinned by a localized 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.
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An Impressive Start to 2024
Flutter has started 2024 strongly with revenue up 23.4% in the first 11 weeks of the year. The increased revenue was primarily driven by a 55.6% increase in US revenue, which was due to increased Super Bowl betting activity.
Flutter also completed its secondary listing on the NYSE on 29 January 2024. Plans for a primary listing will be voted upon by shareholders at the company’s annual general meeting on 1 May 2024. Flutter also recently completed the acquisition of MaxBet, a Serbian betting brand.
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