Flutter posts $1.14bn in US revenue for Q1

May 3, 2023
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FanDuel and the US market account for around one third of the international sports betting giant's total $3.02bn revenue.

Flutter Entertainment (Flutter), global sports betting provider and parent company of FanDuel, has released its Q1 financial results. The company achieved an overall revenue of $3.02bn, a 54% year-on-year increase.

The operator posted an average monthly player base of 12.3 million players in this quarter, a year-on-year rise of 30%. Of Flutter’s total revenue, sports accounted for $1.87bn, while gaming accounted for $1.15bn.

The financial report’s initial comment stated that the US experienced, “very strong performance.” US revenue rose 92% year-on-year to $1.14bn, including sportsbook revenue increasing 147%. However, a slight 5% decrease occurred from the previous quarter.

The US held a first-quarter sports market share of 50%. Flutter also reached iGaming revenue growth of 43%. The report states the company remains “firmly on track for full-year profitability.”

Flutter Chief Executive, Peter Jackson, commented, “In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains.

“We added over 1.5m customers in the quarter and we remain the clear market leader. Our US sports betting handle of $10.9bn represented almost 60% of the group’s total sportsbook stakes.”

FanDuel has also recently launched in both Ohio and Massachusetts this quarter, driving a 20% increase in the total new players. Sportsbook stakes rose 43%, while sportsbook net revenue margin also increased by 290 basis points year-on-year to 7.0%.

Flutter has also recently made the decision to go ahead with a US listing, after a 99.99% approval at its AGM. Previously, Flutter's primary listing was on the London Stock Exchange, but FanDuel’s US market share has prompted Flutter to see a US stock listing.

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