Wednesday, May 22, 2024

Flutter Entertainment reports rise in revenues

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Peter Jackson, chief executive officer of Flutter Entertainment. Photo: Carlotta Cardona/Bloomberg

Paddy Power owner Flutter Entertainment saw its revenue rise last year.

The betting giant expects total revenue of £9.5bn (€11bn) in 2023, a 24pc increase from the prior year.

Revenues in the US market rose 38pc year-on-year to £3.6bn, while UK & Ireland revenues increased by 15pc in 2023 to £2.45bn.

The number of average monthly players also grewby 20pc to over 12.3 million across the year.

In a trading update published today, the group also reported a 11pc jump in revenues in the final quarter of 2023 compared to the same period in 2022. Revenues for the period were £2.67bn.

Flutter reported that average monthly players in the US market rose by a third in the final three months of the year, while gaming revenue was up by 49pc in this market.

US revenues for the quarter were £1.1bn, a 19pc increase compared to the corresponding period in 2022.

UK and Ireland revenues were up 19pc to £647m. The group attributed this rise to product improvements.

Flutter has also filed its formal registration statement with the US Securities and Exchange Commission in advance of its shares listing on the New York Stock Exchange on January 29.

Its shares will delist from Dublin on January 23.

The group will publish its full year results on March 26.

“In the US, FanDuel consolidated its sports leadership position during the peak quarter for sporting activity, while FanDuel Casino went from strength to strength,” chief executive Peter Jackson said.

“While sports results were very customer friendly, particularly on the NFL in November, the underlying momentum in the business remains very strong heading into 2024.”

He added that the group’s performance utside of the US was “in line with expectations.”

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