Flutter reports 9% annual revenue increase; FanDuel increases market share to 51%
FanDuel drove positive earnings in Q2 and paved the way for Flutter’s profitability in 2023.
Flutter (owner of FanDuel) has posted its results for H1 of 2022, showing a 9% year-on-year revenue increase to $4.12bn. This was partially driven by a 14% uptick of 1.1 million new customers, gained through aggressive marketing campaigns in the US this year.
The adjusted EBITDA of $579.3m was in line with the company’s expectations for H1. International regulatory changes and increased US investment indicate there will be stronger results in 2023.
FanDuel continues to prove integral to Flutter’s financial result, as the company’s market share rose to 51%. This was a 6% year-on-year rise from its first-half market share of 2021, as FanDuel consolidated its position as the US market’s leading sports betting company.
First half-year revenue exceeded $750m for the first time in the company’s history, with an adjusted EBITDA of $22m in the same period. FanDuel remains firmly on the path to profitability in 2023, having focused heavily on marketing for the H1 of this year.
Outside the US, Flutter achieved revenue of $2.9bn and an EBITDA of $740.2m. Entain, whose brands include Ladbrokes and Coral, reported $2.5bn for H1 2022, a 19% increase from the prior-year period by comparison.
New international assets include the recently purchased Sisal, Italy’s leading online gambling operator, which will give Flutter access to one of the world’s largest regulated markets.
Flutter CEO Peter Jackson commented, “The first half of 2022 was positive for the group with significant progress made against the strategic objectives we outlined in March. We are particularly pleased with momentum in the US where we extended our leadership in online sports betting with FanDuel claiming a 51% share of the market and number one position in 13 of 15 states.”
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