Flutter Entertainment Revenue Grows 25% in 2023
LISTEN TO THIS ARTICLE:Flutter Entertainment has announced a 25% year-on-year increase in its group revenue, reaching £9.51 billion. This rise was mainly driven by the US market, where revenue soared by 38%.
The company’s update encapsulates its performance throughout 2023, including the fourth quarter, where the growth trend mirrored that of the full year. Notably, FanDuel, Flutter’s US-based entity, saw its revenue climb by 38%, marking it as the chief revenue contributor for the group and accounting for 37.9% of the total revenue. The company also highlighted a significant uptick in the US gambling market, both in sports revenue and gaming, with a notable 38% increase in monthly players.
Performance in UK, Ireland, Italy and Australia
In the UK and Ireland, Flutter’s revenue rose by 15% to £2.46bn. This growth was consistent across sports betting and gaming sectors, with the company reporting a 5% increase in average monthly players.
Breaking down the numbers further, both sports betting and gaming saw double-digit growth, and even the retail sector posted a 10% increase. Internationally, the company’s performance was robust, with a 36% surge in revenue. This segment includes prominent brands such as Italy’s Sisal, PokerStars, and Adjarabet. However, the situation in Australia contrasted with the overall upbeat trend, with an 8% fall in revenue, despite a slight increase in monthly players.
Q4 Performance and Market Positioning
Closing the year, Flutter’s fourth-quarter performance echoed its annual success, with a 15% increase in group revenue. The US market remained a focal point, especially with FanDuel’s sportsbook achieving a 43% gross revenue market share.
Despite a shortfall in US revenue against the initial target, primarily due to customer-friendly sports results, the company maintained a positive outlook, reinforced by the strong performance of FanDuel Casino. Additionally, the UK and Ireland markets also reported growth, driven by strategic product improvements and market share gains. While the international revenue remained steady, the Australian market faced a slight downturn, aligning with the company’s guided racing trends.
Peter Jackson, the CEO of Flutter, expressed satisfaction with the company’s Q4 performance and its robust brand positioning, highlighting the future growth prospects over the coming year.
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