Flutter Entertainment reported a 54% year-over-year revenue growth for the first quarter of its 2023 financial year. The success was primarily due to growth within the company’s US online gambling business.
The Dublin-based firm also reported a 27% revenue increase for 2022.
Flutter’s US business delivers the highest growth
Flutter highlighted its US operations maintained a 50% Q4 2022 market share. Led by FanDuel, Flutter delivered another strong quarter with revenue growth of 92% in the first three months of this year.
Flutter’s other US brands include TVG, FOX Bet and PokerStars. An increase was driven by a 46% uptick in active monthly players (AMPs).
US Division revenue was up 112% year-on-year, seeing significant growth across sports betting (116%) and gaming divisions (43%).
As the company announced, Maryland and Ohio have been its most successful launches so far. The two recent launches drove a 20% increase in total new players.
The operator also outlined the influence of its Same Game Parlay products, including “a broader offering on March Madness and in-play NBA betting.”
Flutter CEO Peter Jackson said via press release:
“The Group delivered a very strong Q1 performance with pro forma revenue growth of 29% achieved through continued execution against the Group’s strategic priorities.
In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains. We added over 1.5 million 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.”
Last week, Flutter received approval to list its shares from the majority of voting shareholders at the company’s annual general meeting. The sportsbook operator can now pursue an IPO in New York.
UK and Ireland divisions continue to outperform
Flutter’s performance in its home markets of the UK and Ireland also saw product improvements. Contributed to expanding revenue by 17%. The company’s UK brands:
- Paddy Power
- Sky Betting and Gaming
Online sports betting revenue went up 16%, with the World Cup player retention from Q4 2022 and strong customer acquisition.
Average monthly players rose by 11% in Britain and Ireland.
Flutter International reports revenue growth of 69%
The company reported its international revenue growth of 69%, reflecting the acquisition of Italian operator Sisal in August 2022.
Sportsbet brought good player retention despite challenging COVID comparatives, with AMPs growing 9% year-on-year.
Revenue in Australia declined by 4%, reflecting the unwinding of the COVID frequency benefit from the year before.