Flutter Entertainment posts 27% increase in annual revenue in preliminary results

March 2, 2023
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The Group highlighted its dominance of the US sports betting market – a 50% share in Q4.

Flutter Entertainment, the global sports betting company, has announced preliminary results for the full financial year 2022. Its annual revenue was reported at $7.7bn, which marks a 27% increase from its results in the same prior year period.

Group EBITDA also jumped by the same figure – 27% (compared to its 2021 results) and hit $918m.

There were also encouraging figures regarding Flutter’s net loss which came in at $305m compared to $412 in 2012, representing a 26% decline. Its loss for earnings per share was 170.8 pence for FY2022 in comparison to its posting of 236.5 pence in 2021: another decline of 27%.

Another positive result came in the form of its average monthly players which rose by 26%, from 8,146 to 10,245. However, its net debt saw an increase of 77%, from $2.6bn in FY2021 to $4.6bn last year.

Flutter highlighted some operational successes achieved throughout the year. The operator was the clear dominant leader in the US sports betting market, holding 50% of the Q4 market share. Maryland and Ohio were its most successful state launches to date.

Its improved iGaming offerings drove its share of this market to 24% in Q4 of 2021. Flutter also shined a light on its strong EBITDA performances during Q4 (excluding its Maryland and Ohio investments).

An analyst, Edison Group Director Russell Pointon, commented: “Gaming company Flutter Entertainment has reported a strong increase in revenue and customer growth, whilst adjusted EBITDA increased by a much lower 4%.

"Flutter’s rapid US expansion has driven customer growth, with the number of average monthly players rising by 26% and revenue was at the upper end of expectations whilst EBITDA losses were at the lower end of guidance.

“Acquisitions such as Italy’s Sisal and tombola products provided further boosts in revenue, while the FIFA World Cup drove a strong betting performance in the second half of 2022."

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