Flutter Entertainment has revealed fiscal year 2023 revenue growth of 24.6 per cent to $11.8bn.
It said its US business, led by operator FanDuel, is “rapidly scaling” having posted a revenue jump of 40.7 per cent to $4.5bn, translating to the division’s first year of positive adjusted EBITDA of $65m.
Flutter’s net loss for FY23 was $1.2bn, up 227 per cent from 2022’s £370m, reflecting non-cash charges of $1.7bn.
For the start of 2024, the group said trading from January 1 to March 17 is up 23.4 per cent versus the prior comparable period.
Flutter CEO Peter Jackson said: “As anticipated, our number one position in the US has transformed the group's earnings profile during 2023 as FanDuel delivered a positive US full-year adjusted EBITDA for the first time.
“Outside of the US, we made excellent progress integrating Sisal into our International business, a business which is a great example of our ‘local hero’ strategy at work, and took market share in UKI.”
US revenue growth is at 55.6 per cent for the year so far, with sportsbook revenue up 63.7 per cent and igaming up 50.3 per cent.
Jackson added: “Record Super Bowl engagement contributed to US revenue growth of 55.6 per cent for the period from January 1, 2024 to March 17, 2024. We also launched in North Carolina where we have been really pleased with performance to date.”
Flutter said its UK and Ireland business grew by two percentage points to 30.6 per cent, with Paddy Power reaching 53 per cent of sports customers playing igaming in Q4.
In Australia, Sportsbet grew average monthly players by 1.9 per cent to 1.1 million.
“We believe that our strategy and competitive advantages position us well to continue to grow the business through both organic and inorganic opportunities,” Jackson concluded.
Flutter has revealed full-year 2024 revenue guidance of growth of 17.5 per cent and further adjusted EBITDA growth of 30.2 per cent at midpoint.
It expects US revenue to be between $5.8bn and $6.2bn, up 36.3 per cent at midpoint.
Group ex-US revenue, meanwhile, is forecasted to reach between $7.65bn and $8.05bn, up 6.3 per cent at midpoint.
