Flutter Entertainment has released its full year 2023 report revealing a 24.6% increase in group revenue to $11.79 billion.
According to the report, non-U.S. territories contributed $7.3 billion to the total revenue figure, up by 16% compared to 2022. The U.S. reported the highest increase in revenue with a year-on-year jump of 41% in revenues.
The report also revealed that Flutter’s U.S. sports betting operations saw FanDuel report a 43% gross sports revenue share while the company is now the leading iGaming provider in the United States with a 26% market share.
2023 Key Highlights
Group
- Average monthly players – 12.3 million, up 20.3%
- Revenue – $11.79 billion, up by 24.6%
- Net loss – $1.2 billion, up by 227.3%
- Further Adjusted EBITDA – $1.8 billion, up by 45.4%
U.S.
- Average monthly players – 3.2 million, up by 38%
- Revenue – $4.4 billion, up by 41%
- Further Adjusted EBITDA – $167 million, up by $430 million
- Gross sports revenue share of 43%
- Net sports revenue share of 53%
- FanDuel iGaming 26% market share (#1 in market)
Non-US
- Average monthly players – 9.1 billion, up by 15%
- Revenue – $7.3 billion, up by 16%
- Further Adjusted EBITDA – $1.7 billion, up by 10%
Peter Jackson, Chief Executive, commented:
“Flutter delivered a strong 2023 performance as we continued to deliver on our strategy. This was underpinned by a localized approach to technology and product coupled with the unique scale advantages of the Flutter Edge. As anticipated, our number one position in the US has transformed the Group’s earnings profile during 2023 as FanDuel delivered a positive US full year Adjusted EBITDA for the first time. Outside of the US we made excellent progress integrating Sisal into our International business, a business which is a great example of our “local hero” strategy at work, and took market share in UKI.
The year has started well with very good momentum continuing into Q1. Record Super Bowl engagement contributed to US revenue growth of 55.6% for the period from January 1, 2024 to March 17, 2024. We also launched in North Carolina where we have been really pleased with performance to date. Outside of the US, revenue grew 6.3% as the market driven decline in Australia was more than offset by the growth of our UKI and other International businesses. We believe that our strategy and competitive advantages position us well to continue to grow the business through both organic and inorganic opportunities.”
This is the first financial report released since Flutter moved its primary listing to the NYSE.
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.