Flutter Entertainment PLC has released its latest quarterly report revealing that group revenues increased by 16% in the first quarter of 2024.
According to the announcement, revenues for the quarter came to $3.4 billion, up by 16% on the $2.9 billion reported in Q1 2023.
However, Flutter also reported net losses of $177 million during the quarter, an increase of $66 million year-on-year in group operating losses.
The Group reported that Flutter’s brand portfolio increased its average monthly players to 13.7 million, an increase of 11% compared to the same period in 2023.
Q1 2024 Key Highlights
- Group revenue – $3.4 billion, up by 16%
- Average monthly players (AMPs) – 13.7 million, up by 11%
- US Revenue – $1.4 billion, up by 32%
- UK & IE Revenue – $861 million, up by 17%
- AUS Revenue – $329 million, down by 6%
- Int. Revenue – $797 million, up by 5%
- Adj. Group EBITDA – $514 million, up by 46%
- Net Losses – $177 million, increase of $66 million
Peter Jackson, Chief Executive, commented:
“We have had an excellent start to the year. In the US, FanDuel’s top line momentum is translating into strong growth in US Adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment. Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date, and in Italy where we have been taking online sports betting and iGaming market share during Q1 and reached an all-time record in April.
We are proud to be one of the founding members of the US Responsible Online Gaming Association whose goal is to develop and advance responsible gaming practices. We are a strong advocate for building a sustainable sector in the US. We believe that our global experience positions us well to help lead the way.
On May 1, shareholders voted to move our primary listing to the US. We believe a US primary listing is the natural home for the Group and we look forward to this becoming effective on May 31. With a greater proportion of the Group’s future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports
betting and iGaming market to our business.”
An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.