Flutter Entertainment Reports 8% Year-Over-Year Revenue Growth in Q3 2023
Date: 2023-11-09 Author: Dima Zakharov Categories: SPORTS BETTING, EVENTS
In its latest trading update, Flutter Entertainment plc disclosed impressive financial results for the third quarter of 2023. The company reported a total revenue of £2.04 billion ($2.5 billion) during this period, marking an 8% year-over-year growth compared to the corresponding period in 2022.
Diversified Revenue Streams
Flutter's Q3 2023 results showcased the strength of its diversified business model. While sports operations generated £1.12 billion ($1.37 billion) in revenue, representing a 2% decrease compared to Q3 2022, gaming revenue reached £914 million ($1.12 billion), indicating a substantial 22% year-over-year increase.
Growing Player Base
Notably, the average monthly players (AMPs) increased by 16% year-over-year, totaling 11.1 million AMPs for Q3 2023 compared to 9.6 million in Q3 2022.
Strategic Acquisition
During the same quarter, Flutter Entertainment acquired a 51% stake in MaxBet, a prominent betting and gaming operator with a presence in Serbia. This strategic move, which was announced in September, came with a price tag of €141 million ($148.6 million).
Regional Performance
Flutter's performance varied by region, with robust growth observed in the United States. US-facing operations generated revenue of £668 million ($820.2 million), reflecting a 12% year-over-year increase. The UK and Ireland operations also posted substantial revenue growth, reaching £566 million ($694.7 million) – an 11% increase.
In contrast, Flutter's international operations reported revenue of £539 million ($661.2 million), representing a 16% uptick compared to Q3 2022. However, the company's operations in Australia faced a challenging quarter, with revenue decreasing by 18% to £262 million ($321.4 million).
Leadership Perspective
Peter Jackson, CEO of Flutter Entertainment, addressed the results, acknowledging the challenging operating conditions in Australia. Despite these challenges, he emphasized the company's strong market position, particularly with its Sportsbet brand, which has nearly doubled its player base since 2019.
Jackson praised Flutter's diversified business model, which contributed to a 13% revenue growth, surpassing £2 billion. He highlighted the company's success in expanding its market share and customer base in the United States, positioning it for long-term and sustainable growth.
