Flutter Off To Strong Start in Q1 Update

Flutter Entertainment announced a positive update to their first quarter trading today showing  group revenues up 46% to £2.4 billion compared to the same period in 2022 which stood at £1.56 billion.

The largest revenue driver was as expected sports betting showing a rise of 61% to £1.49 billion compared to last year at £930 million. Online gambling came in with a 44% rise in revenues hitting £916 million.

Flutter will also be dual listing on the US Stock Exchange later this year with its US facing FanDuel business.

Peter Jackson, Chief Executive, commented:

“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 1.5m 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.

Outside of the US, pro forma revenue growth of 8% demonstrated the benefits of diversification of our portfolio. We continued to take share across our UK & Ireland and International businesses while in Australia we did an excellent job defending our leadership position. We remain delighted with the progress of Sisal since the acquisition in August 2022.

In the UK, the publication of the White Paper has vindicated the proactive actions we have taken to further embed safer gambling across our organisation through our Play Well strategy. The changes will bring consistency to safer gambling protections for customers and make responsible play a priority across all operators, which we strongly support.

We were also very pleased to receive overwhelming support among our shareholders for the addition of a Flutter US listing. The strategic and capital markets benefits this will bring to Flutter will position the Group well for its next phase of growth.”