Operator News
UK – FanDuel drives Flutter’s 2023 up by 25 per cent
By Phil - 19 January 2024
Flutter Entertainment experienced a 25 per cent surge in revenues last year which hit £9.51bn fulled by the success of FanDuel in the states where there was a 38 per cent increase in revenues to reach £3.06bn.
US earnings accounted for 37.9 per cent of all revenue. FanDuel remained the number one US sportsbook with 43 per cent Q4 gross revenue market share, industry leading pricing and risk management capabilities delivering significant expected gross. FanDuel Casino, was the state’s number two iGaming brand with continued market share gains to hitting per cent in the fourth quarter.
Peter Jackson, Chief Executive, commented: “The Group traded well in Q4 underpinned by our leading local brands supported by global Flutter Edge advantages. In the US, FanDuel consolidated its sports leadership position during the peak quarter for sporting activity, while FanDuel Casino went from strength to strength. While sports results were very customer friendly, particularly on the NFL in November, the underlying momentum in the business remains very strong heading into. Outside of the US, the quarter traded in line with expectations, with continued strong momentum in the UK&I supported by recent product enhancements and International growth driven by our “Consolidate and Invest” markets.
Subject to the effectiveness of our Form 20-F registration statement with the US Securities and Exchange Commission, we are very excited that the addition of a US Flutter listing is now just days away. This is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets. I am looking forward to 2024 and further building on the momentum within the Group to continue delivering growth.”
Revenue in the UK & Ireland was up19 per cent with Flutter’s brands delivering continued market share gains through product improvements. International was up four per cent whilst Australia was down two per cent.
The MaxBet transaction was completed on January 9 2024 adding a local hero brand in Serbia, a fast growing regulated market, to the Flutter portfolio.
