Flutter Entertainment has released its latest financial report revealing revenue of £7.69 billion (€8.66 billion) for the year January 1st to December 31st, 2022.
The latest figures mark a 27% increase from the previous reporting period while earnings before interest, taxes, depreciation and amortization (EBITDA) also grew by 27% to £918 million (€1.03 billion).
The report also reveals a loss after tax of £305 million (€343 million) as a result of a £608 million (€684 million) charge for amortisation of acquired intangibles. Meanwhile the adjusted basic earnings per share reduced from 252.7p to 189.0p. Net debt at the end of the period was £4.6 billion (€5.18 billion).
According to the report, average monthly players (AMPs) grew by 26% throughout the year. This is mostly attributed to the group’s expansion in the United States. Flutter’s sportsbook operation in the USA remains the clear market leader with 50% market share in Q4 of 2022.
AMPs grew in both Ireland and the UK thanks to product improvements and the 2022 World Cup in Q4 while the group’s Australian businesses also reported strong AMP growth throughout the year.
Flutter Entertainment Chief Executive Peter Jackson said of the results:
“Flutter delivered a strong performance in 2022, continuing to execute on the strategic priorities we outlined last March. Growth in our recreational customer base delivered 2022 revenue growth of 27% and we ended the year with a record 12.1m average monthly players in Q4.
We have an unparalleled number one position in the US where we continue to go from strength to strength. The combined power of the ‘FanDuel Advantage’ and the ‘Flutter Edge’ delivered our most successful launches to date in Maryland and Ohio. Leveraging our number one FanDuel brand we had a record Super Bowl and have acquired over 1.2m customers in 2023 so far.
Outside of the US we have been pleased with the performance of the business as we faced regulatory changes and challenging comparatives. We are well placed to build on gold medal positions in our mature markets while we are delivering very strong growth in a range of attractive high growth markets.”
He went on to add:
We recently announced that we believe an additional US listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits. We have begun an extensive consultation with our shareholders and early feedback has been supportive. We look forward to continued engagement with investors and stakeholders on this matter and we will announce the results of this engagement in due course.
2023 is off to a pleasing start driven by positive momentum from the end of last year. With our combined US business on track to deliver a positive EBITDA for the full year 2023 for the first time, the Group is currently at an earnings’ transformation point and we look forward to delivering future growth and progressing further against Flutter’s strategic priorities in the coming year.”
2022 also saw Flutter’s UK brand SkyVegas and its Australian brand SportsBet fined £1.7 million and £1.3 million for responsible gambling failures.
Based in London, Natasha is a former sports journalist with experience working for some of the biggest athletes & brands in the world of sports and iGaming.