Flutter Revenues up by 13% in Q3 2023 as U.S. Drives Growth

Flutter Entertainment has released its Q3 2023 report revealing a 13% increase in group revenue to £2.03 billion ($2.49 billion/€2.38 billion).
According to the report, non-U.S. territories contributed £1.36 billion ($1.67 billion/€1.55 billion) to the total revenue figure, up by 10% compared to Q3 2022. The U.S. reported the highest increase in revenue with a year-on-year jump of 20% in revenues.
Revenues across all other markets grew with the exception of Australia which saw an 18% drop in revenues from £319 million ($391.9 million/€365.9 million) in Q3 2022 to £262 million ($321.9 million/€300.5 million) in the latest reporting period.
Sports wagering made up over £1.1 billion ($1.35 billion/€1.26 billion) all all revenue while gaming accounted for £914 million ($1.12 billion/€1.04 billion). Gaming revenues were the main driver of growth improving on Q3 2022’s figure by 26%.
Q3 Key Highlights
Global

Group revenue – £2.03 billion ($2.49 billion/€2.38 billion), up by 13%
Sports wagering revenue – £1.1 billion ($1.35 billion/€1.26 billion), up by 4%
Gaming revenue – £914 million ($1.12 billion/€1.04 billion), up by 26%
Average monthly players (AMPs) – 11.1 million, up by 16%

U.S.

Revenue – £668 million ($820.9 million/€766.1 million), up by 12%
AMP – 2.5 million, up by 38%
Gross sports revenue share of 40%
Net sports revenue share of 47%
FanDuel iGaming 23% market share (#2 in market)
FanDuel iGaming revenue growth of 52%

UK & Ireland

Revenue – £566 million ($820.9 million/€766.1 million), up by 11%
AMP – 3.6 million, up by 5%

Peter Jackson, Chief Executive, commented:
“The Group had another strong quarter in Q3 and even in this seasonally quieter period, the power of our diversified business is clear with revenue growth of 13% to over £2bn. We remain the number one choice for sports betting and gaming customers globally, and our 16% growth in average monthly players augurs well for our continued growth and market leadership. We are particularly pleased by the great progress we are making in the US. We are the first online operator to achieve structural profitability, and the strong ramp in EBITDA during 2023 will continue into 2024 and beyond, as our profit margins expand materially.
Outside of the US, our strategy ensures we can capitalise on the many growth opportunities which exist across our global markets. Our diversified portfolio of leading brands are well positioned to adapt to challenges and opportunities in their respective markets. In Q3, our UK & Ireland brands continued to take share across online and retail channels through our winning product offering. In addition, our Consolidate and Invest markets drove strong momentum within our International business. We were pleased to add MaxBet to the Flutter portfolio, in line with our strategy for acquiring “Local Hero” brands in attractive markets. While market conditions in Australian racing remain challenging, as the clear market leader with a player base 1.8 times that in 2019, we are confident that Sportsbet is the best positioned brand in the market.
Jackson also noted that the company is well positioned ahead of its planned U.S. listing in 2024:
We are making good progress towards our US listing which will bring the Group significant benefits from accessing the world’s deepest and most liquid capital markets. Overall, the significant potential for US growth and ability to leverage scale benefits across our diversified portfolio outside of the US, underpins our confidence in our significant and sustainable long term earnings growth potential.”

Ciaran McEneaney Gambling industry analyst with over a decade of experience working with some of the biggest names in the sports-betting, gambling, poker & casino industry.

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