Flutter Entertainment PLC has released its latest quarterly report revealing that group revenues increased by 27% in the third quarter of 2024.
According to the announcement, revenues for the quarter came to $3.2 billion, up by 27% on the $2.5 billion reported in Q3 2023. However, this also represented a drop of $600 million compared to the previous quarter.
Flutter also reported net loss of -$114 million, a 56% improvement on loss reported in the same period in 2023.
The Group reported that Flutter’s brand portfolio increased its average monthly players (AMPs) to 12.9 million, up by 16% year-on-year.
Q2 2024 Key Highlights
- Group revenue – $3 billion, up by 27%
- Average monthly players (AMPs) – 12.9 million, up by 16%
- US Revenue – $1.2billion, up by 51%
- UK & IE Revenue – $846 million, up by 18%
- AUS Revenue – $371 million, up by 12%
- Int. Revenue – $781 million, up by 15%
- Adj. Group EBITDA – $450 million, up by 74%
- Net Loss – $114 million, 56% improvement on Q3 2023
Peter Jackson, Chief Executive, commented:
“Flutter had an excellent quarter with revenue growth accelerating to 27%, well ahead of market expectations, and increases to our revenue and Adjusted EBITDA guidance for 2024. In the US, we had a fantastic start to the new NFL season with peak wagers per minute already higher than Super Bowl LVII. Our proprietary product offering continued to drive strong parlay penetration as well as a step up in live betting handle.
Outside of the US, all divisions delivered a strong performance in the quarter as they leveraged the benefits of the Flutter Edge. In UKI, a broader product range across both sports and iGaming drove player and revenue growth. Sisal continued to make significant share gains in Italy as we look to expand our presence there with the addition of Snai. In Australia, Sportsbet has been demonstrating encouraging trends. On September 25, we hosted our Investor Day where we outlined how we are an ‘and’ business, with opportunities to deploy capital organically and in M&A, such as the Snai and NSX acquisitions, and also in shareholder returns.
We believe that the Group has exciting growth prospects due to our unparalleled leadership positions across the world, underpinned by access to the Flutter Edge. We expect to have significant capital to deploy over the coming years and I am excited to commence the share repurchase program in Q4.””
At the end of trading yesterday Flutter closed on the NYSE at 248.17 while it has a current market cap value of $43.84 billion topping the list of publicly traded gambling companies.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.