Flutter reports $14.05bn in revenue for FY2024, cites ‘unfavorable sports results’ in US during Q4

Flutter Entertainment has reported the company’s financial results for the fourth quarter of 2024 and fiscal year (FY), increasing revenue by 19% year-over-year to $14.05bn during FY2024 and generating a net income of $162m following a net loss of $1.2bn during FY2023. 

CEO Peter Jackson and CFO Rob Coldrake spoke on the significant growth in net income, stating that it was primarily attributed to a 2024 tax credit due to “historic US losses” from the prior year period. Throughout FY2024, the company’s US operations reported $5.8bn of revenue, resulting in a midpoint guidance projection of $7.7bn for FY2025.

With total revenue and net income seeing increases year-over-year, adjusted EBITDA also grew by 26% from the prior year period for a total of nearly $2.4bn during FY2024. The amount of average monthly players for Flutter was reported to be 13.9bn for FY2024, representing an increase of 13% year-over-year. 

“Outside of the US, our commitment to first-to-market product innovation led to market share gains in key markets including the UK and Italy, while in Australia, we saw encouraging trends in our player base,” Jackson said. 

“A key driver of our success has been the Flutter Edge, our unique competitive advantage, which delivered innovative, market-leading product propositions to 35m customers worldwide in 2024. We did this sustainably, with players using a Play Well tool increasing since 2023.”

FanDuel was the number one sports betting and iGaming operator during the quarter with gross gaming revenue (GGR) market shares of 43% and 26%, respectively.

Good to know: Flutter and FanDuel donated $250,000 on January 10 in support of organizations attempting to provide relief efforts for the wildfires impacting Southern California

During the fourth quarter of 2024, US revenue grew by 14% year-over-year for a total of $1.6bn, but the group’s adjusted EBITDA decreased by 3% from the prior year period to $163m. The increase in revenue was generated despite what Coldrake described as “unfavorable sports results” during the quarter. FanDuel experienced the “most customer friendly” NFL results in 20 years during the quarter, according to Flutter’s report. 

Sportsbook revenue managed to increase by 8% year-over-year to account for $1.1bn of the group’s total revenue, while iGaming grew by 43% from the prior year period to be $441m during the fourth quarter of 2024. 

FanDuel’s sports betting handle increased by 12% year-over-year for Q4 2024, reported to be nearly $16.4bn. Coldrake stated that the customer-friendly NFL results cost Flutter a projected $550m in revenue and $360m in adjusted EBITDA during the quarter. Keeping a positive mindset about the results, Jackson stated that the losses are “part of operating” within the industry but will have “no bearings” on 2025 projections. 

Even with US adjusted EBITDA witnessing a decrease year-over-year, Flutter still reported an increase of 4% in Q4 2024 adjusted EBITDA for a total of $655m. Like FY2024, Flutter managed to report a net income of $156m during Q4 2024, following a net loss of $902m from the prior year period. Average monthly players increased as well, rising by 7% year-over-year to reach 14.6bn during the quarter, as Jackson and Coldrake stated that the positive results mean Flutter can repurchase up to $1bn worth of shares throughout 2025. 

Jackson also spoke on the tax increases seen in Illinois during 2024, which were said to have cost Flutter a projected $50m in revenue, with the CEO stating that Flutter is in an “advantage position” to mitigate possible impacts. He also feels “confident” that iGaming will continue to expand throughout the US, while Flutter is set to keep a close eye on opportunities surrounding prediction markets. 

Flutter also stated it expects new launches in Missouri and Alberta to cost $90m in negative revenue during 2025, with the operator’s debut in Alberta currently set for early 2026.

Kirk Geller

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