FanDuel sees 41% increase for Q2 revenue, remains number one in market share
Overall, Flutter’s Q2 2024 revenue increased 20% year-over-year for a total of $1.1bn during the second quarter of 2024.
Flutter Entertainment has released the company’s financial performance throughout the second quarter of 2024, including revenue generated by FanDuel.
Flutter sportsbook revenue increased 41% year-over-year for a Q2 2024 revenue of just under $1.1bn, while its total online gross gaming revenue (GGR) market share was reported to be 38%, including sportsbook GGR share of 51% and iGaming GGR share of 25%.
FanDuel remains the number one sportsbook and now iGaming operator in the US by market share.
Overall, the company’s revenue was reported to be $3.6bn, a 20% increase from the prior year period. Adjusted EBITDA and net income also grew, being reported at $738m and $297m for increases of 17% and 364%, respectively.
Net income included non-cash impacts of $147m acquired through intangibles amortization charge as well as a $91m fair value gain on Fox Option liability, which represented a Q2 2023 loss of $53m.
US adjusted EBITDA grew 51% year-over-year for a Q2 2024 total of $260m.
US revenue for the company generated $1.5bn throughout the second quarter of 2024, a 39% increase from the prior year period. UKI revenue grew 18% year-over-year as well, having been reported to be $928m for Q2 2024.
“Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market,” Flutter CEO Peter Jackson said.
“We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA playoffs, while we also increased our MLB parlay penetration. The returns we are seeing give us the confidence to continue driving customer acquisition in the second half, building a bigger business, which bodes well for 2025 and beyond.”
Flutter also stated that the completion of FanDuel Casino migration to proprietary technology during the second quarter of 2024 will enable further improvements in customer offering and user experience.
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