Flutter Entertainment Reports Impressive 25% Revenue Growth in 2023
Date: 2024-01-18 Author: Dima Zakharov Categories: EVENTS
Impressive Year for Flutter Entertainment
Flutter Entertainment, a leading player in the gaming and betting industry, has reported outstanding financial results for 2023. The company's revenue soared to an impressive £9.51 billion, representing a substantial 25% year-on-year increase. This remarkable performance was primarily fueled by a remarkable 38% rise in revenue from its US operations.
Across-the-Board Growth
Flutter's success in 2023 extended to all sectors of its business, with the exception of its Australian branch. The United States, with its FanDuel platform leading the way, remained the primary source of revenue for the group, contributing nearly 38% of the total revenue.
UK and Ireland: Double-Digit Growth
In the UK and Ireland, Flutter witnessed a 15% increase in revenue, totaling £2.46 billion, with double-digit growth in sports betting and gaming. The average monthly player count also increased by 5% to 3.9 million.
International Expansion
Flutter's international segment, excluding the US, UK, Ireland, and Australia, reported robust growth, with revenue surging by 36%. The international market saw a 60% increase in sports betting revenue and a 29% rise in gaming revenue. Average monthly players across these markets increased by an impressive 31% to 4.1 million.
Challenges in Australia
However, Flutter faced challenges in Australia, where revenue declined by 8% year-on-year to £1.17 billion. This was attributed to a 3% drop in revenue on a constant currency basis. Nevertheless, average monthly players in Australia increased by 2% to 1.1 million.
Strong Finish in Q4
Flutter closed the year with a strong performance in the final quarter, reporting a 15% increase in group revenue to £2.67 billion. The US operations continued to drive growth in Q4, with a 19% revenue increase. FanDuel's sportsbook achieved a remarkable 43% gross revenue market share in all US jurisdictions, solidifying its leadership position.
NYSE Listing Imminent
CEO Peter Jackson revealed that Flutter is on the verge of listing its ordinary shares on the New York Stock Exchange (NYSE). This move aims to support the company's expansion plans in the United States, granting easier access to US-based investors and capital markets.
MaxBet Acquisition Completed
Flutter also successfully completed its acquisition of a majority stake in MaxBet, a Serbian sports betting and gaming operator. This strategic move demonstrates Flutter's commitment to expanding its presence in global markets.
Continued Growth Through M&A
Flutter's recent acquisitions, including Sisal and Tombola, have played a significant role in driving growth and strengthening the company's position in the gaming and betting industry. The company remains dedicated to its strategy of building leadership positions in regulated markets worldwide.
