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November 9, 2022 Online, Land Based, Finance, Results

US growth fuels 31% annual revenue growth for Flutter in Q3

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Flutter reported an 82% year-on-year US revenue rise to $689.5m.

Flutter has posted its Q3 performance, recording $2.18bn in revenue for Q3, which represents a 31% year-over-year increase for the gambling giant. US growth fuelled this healthy growth, with an 82% rise to $689.5m. Sports betting revenue made up $1.31bn with gaming revenue accounting for the remaining $870m.

Meanwhile, the company’s adjusted EBITDA loss for the US was projected at being anywhere between $345.9m – $415.1m. Excluding the US, the company’s Q3 EBITDA was reported at $1.49bn – $1.6bn compared to $1.43bn – $1.48bn for the same prior year period.

In addition to to the US’ stellar revenue performance, the UK and Ireland saw a 3% rise, still delivering $586.9m toward Flutter’s consolidated revenue. 

In this region, online well outperformed retail, delivering $510.8m which is up 4% from the same prior year period. Retail revenue pulled in $76.1m in contrast, which was still up 3% annually.

In global markets outside the US and the UK, Flutter saw further positive revenue growth, with international revenue growing 43% to $514.3m. Australia was the only global market to take a notable hit for Flutter – down 21% from Q3 of 2021.

Flutter CEO Peter Jackson commented: “Flutter delivered a strong Q3 performance with pro forma growth of 11% in both revenue and average monthly players. 

“We are really pleased with our performance in our US division since the start of the NFL in September where we are now averaging over one million players on a regular NFL Sunday. In addition, we are seeing an increase in customer retention rates as our parlay products continue to grow in popularity, boosted by the start of the NBA season.

“The ongoing momentum in our US division has led to an upgrade to our outlook for the year, underpinning our confidence that we will be profitable for 2023.”

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