Flutter has released a prelimiinary trading update for Q4 2023, reporting a total quarterly revenue of $2.67bn, with $1.14bn generated in the US. This total reflects quarterly growth of 11%, with the US reporting even more significant growth of 19%.
The report also updated the status of FanDuel in the US market. The online sportsbook has remained the leading product, with a 43% Q4 gross revenue market share (and over 50% of the US’ net revenue share). This is down slightly from the 47% market share reported in Q3, potentially accounting for the growth of DraftKings in some states. Examples include Ohio, where DraftKings outperformed FanDuel in November.
FanDuel Casino, the company's iGaming product, was also up in Q4, with a market share of 26%. It is now the second-biggest iGaming product by market share, with BetMGM still holding the number one spot.
Gaming for Flutter in the US, in total, was up 49%. Sports, on the other hand, saw growth of 21%.
For more on FanDuel and its position in the US market, we spoke with FanDuel CEO Amy Howe at G2E in a previous edition of The Huddle.
Quarterly growth of Flutter players, up 33% for a US monthly player base of 4.03 million. This was significantly higher than overall global growth, which averaged out at 12%.
An early look at the company’s fiscal-year earnings was also available in the report. Total revenue generated by Flutter in 2023 was $9.51bn, up 24% from the $7.69bn reported in 2022.
From the US market, Flutter generated $3.6bn, up 38% year-on-year. This means that US operations for Flutter accounted for 37.9% of the company's annual revenue.
This 38% year-on-year growth also makes the US the territory with the most significant growth, with other Flutter territories like the UK and Ireland up only 15%.
The full year's report is scheduled to be released on March 26.
