Flutter’s H1 revenue reaches $6.11bn with the US accounting for over a third

The company’s US businesses reach £1.8bn in revenue and continue to overtake US rival, DraftKings.

Flutter has released its H1 financial results, posting a group revenue increase of 42% year-on-year to £4.81bn ($6.11bn). A 63% rise in US sector revenue, from brands such as FanDuel, (the now closed) Fox Bet, TVG and PokerStars, reached £1.8bn.

Noting the market share of its US brands, the industry giant also confirmed that 99% of shareholders voted to approve a US stock listing, which will be completed in late Q4 this year, or early in the first quarter of 2024. Flutter’s current share price is £144.65.

The breakdown of US revenue showed sports revenue has increased 84% reaching £1.37bn, while gaming rose 52% to £425m. The report cites strong growth in existing states where Flutter’s US brands were already active; FanDuel achieved 51% of the market share in New York in May.

Group EBITDA for H1 reached £765m, up from £434m year-on-year, while profit after tax for this half reached £128m, rising from a loss of £122m in 2022’s second quarter. In the company’s Q1 report, CEO Peter Jackson already commented that Flutter is “firmly on track for full-year profitability.”

This quarter, Jackson commented, “The first half of 2023 marks a pivotal moment for the Group, with our US business now at a profitability inflection point, helping transform the earnings profile of the Group and significantly enhance our financial flexibility.”

For this half, the report states that FanDuel alone generated £79m in adjusted EBITDA. For this quarter, Flutter US had 47% of the market share in the US sportsbook market. Both NBA markets and iGaming drove this result.

Flutter’s H1 gross profit sits at £2.8bn, up 38% year-on-year, while gross profit in the US businesses reached £897m, up from £507m in H1 of 2022. DraftKings, though often coming in second place in terms of revenue and market share, however, is still posting net losses from operations; its H1 loss reached $69m, though this is an improvement from 2022’s first-half loss of $458.8m.

FanDuel also recently launched in Kansas, Maryland, Ohio and Massachusetts.

Jackson also commented on Flutter’s efforts concerning responsible gambling, “Importantly, more players than ever interacting with our safer gambling tools, aided by a £45m investment in our Play Well strategy in H1.”

Stephanie Feeley

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