Flutter cuts net loss by $148m, reports $3.2bn in revenue for Q3 2024

Flutter Entertainment has released the company’s financial results for the third quarter of 2024, reporting an increase in revenue and adjusted EBITDA while decreasing its net loss from the prior year period. Total revenue increased by 27% year-over-year to reach $3.2bn during Q3 2024, while adjusted EBITDA managed to rise by 74% from the prior year period for a total of $450m. 

“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,” Flutter CEO Peter Jackson said. 

“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.”

After reporting a net loss of $262m during the third quarter of 2024, Flutter was able to cut the figure by over 50% with a net loss of $114m for Q3 2024. The company stated that the decrease in net loss was a factor of the strong revenue growth shown throughout the period. 

Good to know: Flutter authorized a share repurchase program of up to $5bn at an investor event during the third quarter of 2024

US revenue was reported to be $1.25bn for Q3 2024, a 51% increase year-over-year, while UKI and International revenues were $846m and $781m, increases of 18% and 15% from the prior year period, respectively. Australia also managed to increase by 12% year-over-year for a revenue total of $371m during the third quarter of 2024. 

Sportsbook revenue for Flutter accounted for over $1.7bn of the company’s total revenue, while iGaming was reported to be just over $1.4bn throughout Q3 2024. The US accounted for $822m of total sportsbook revenue and $368m of iGaming revenue. Sportsbook revenue in the US increased by 62% year-over-year while iGaming managed to rise by 46% from the prior year period. 

Flutter also increased its average monthly players (AMPs) by 16% year-over-year for a total of 12.9m, reporting a gross gaming revenue (GGR) market share of 35%, including a 41% share for sportsbook GGR, 43% for net gaming revenue share and an iGaming GGR share of 25%.

Kirk Geller

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