Flutter Entertainment Group, a major player in the global gaming and sports betting industry, has announced impressive financial results for Q1 2023. The company’s earnings have skyrocketed, driven primarily by the strong performance of its US operations.
The outstanding Q1 2023 financial results for Flutter Entertainment Group showcase the company’s remarkable growth, driven predominantly by its US operations. With a commitment to sustainability and responsible gaming, the Group is well-positioned for continued success in the global gaming and sports betting market.
Q1 Financial Results
Flutter Entertainment Group posted a revenue of GBP 2.4 billion for Q1 2023, marking a 46% increase compared to the same period in the previous year. The group’s US, ex-US, and international subsidiaries boasted an average monthly player count of over 12 million, reflecting a 30% year-on-year growth in its customer base.
US Market Performance
The company’s US revenue experienced a 92% growth in Q1 2023 compared to the same period last year. This success is attributed to a remarkable 147% growth in sports betting operations and a 43% increase in iGaming revenue. These results indicate that the company is on track to achieve full-year profitability in 2023.
ex-US Market Performance
In the UK and Ireland, Flutter’s operations grew by 17% compared to the previous year, while international operations saw a 6% growth. However, Australian operations underperformed by 4% due to challenging Covid comparatives during Q1 2023.
Commitment to Sustainability
Flutter Entertainment Group continues to prioritize sustainability, implementing its Positive Impact Plan and responding to the Gambling Act Review published by the UK Government with its Play Well strategy for responsible gaming.
CEO Commentary
CEO Peter Jackson commended the Group’s strong Q1 performance, attributing the success to its US operations and market share gains through FanDuel Advantage and Flutter Edge. He also highlighted the company’s proactive efforts in the UK to protect customers from gambling harm and promote responsible gaming practices.
Shareholder Approval and US Listing
Flutter Entertainment Group’s Q1 2023 financial results have been well received by shareholders, leading to its addition to the US listing. Jackson believes that this move will provide strategic and market benefits that will set the stage for the Group’s future growth.
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