Flutter Entertainment has posted a 13 per cent increase in revenue for Q3, up from £1.9bn to £2.03bn.
In the US, the group’s revenue climbed by 12 per cent year-on-year to £668m. Flutter said this growth has been steered by its acquisition of a record number of new players during the NFL season launch, with customers up 37 per cent.
Outside the US, Flutter’s customer base in the UK and Ireland expanded by five per cent and revenue jumped 11 per cent to £566m.
In Australia, Sportsbet revenue declined by seven per cent, with Flutter pointing to racing market weakness which it expects to continue into 2024.
Peter Jackson, chief executive of Flutter, said: “We are particularly pleased by the great progress we are making in the US. We are the first online operator to achieve structural profitability, and the strong ramp in EBITDA during 2023 will continue into 2024 and beyond, as our profit margins expand materially.
“The NFL season is off to an excellent start with our product leadership driving average monthly player growth of 38 per cent to £2.6m in the quarter.
“I am excited about our plans heading into the sports rich months of November and December as we execute on our winning strategy which, combined with the FanDuel Advantage, keep us leading the industry.”
He added: “We were pleased to add MaxBet to the Flutter portfolio, in line with our strategy for acquiring ‘Local Hero’ brands in attractive markets. While market conditions in Australian racing remain challenging, as the clear market leader with a player base 1.8 times that in 2019, we are confident that Sportsbet is the best positioned brand in the market.”
Flutter said it has submitted an SEC application for its US listing. It expects an additional listing on the New York Stock Exchange in Q1 2024 – and to delist from Euronext Dublin “simultaneously or shortly prior to this.”
“We are making good progress towards our US listing which will bring the group significant benefits from accessing the world's deepest and most liquid capital markets,” Jackson said.
