Flutter Q3 Results: FanDuel Drives Revenue Surge, UK & Ireland Share Grows

Flutter Entertainment has announced its third-quarter results, revealing a notable 7.6% revenue increase to £2.04 billion, with FanDuel’s exceptional performance in the United States significantly contributing to this achievement. Despite this uplift, Sportsbet’s operations in Australia faced downturns.

FanDuel’s Expansion and US Market Leadership

Originally a daily fantasy sports operator, FanDuel has evolved into a frontrunner in the U.S. sports betting and online casino landscape. It now stands as Flutter’s primary source of revenue, with the U.S. segment bringing in £668 million during Q3, marking an 11.7% rise. Flutter’s CEO, Peter Jackson, underscores the U.S. market’s robust growth, with FanDuel’s structural profitability milestone underscoring its success.

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The U.S. success story is not just about numbers; it reflects Flutter’s deepened market penetration through strategic customer acquisition and product innovation. Sports betting in the U.S. witnessed a 10.0% increase, and igaming soared by 52.0% on a constant currency basis. This expansion is partly due to FanDuel’s commanding market share, which grew to 23.0%.

Growth in the UK and Ireland: Online and Retail Revenue Increases

In the UK and Ireland, Flutter Entertainment’s financial health continued to strengthen, with an 11.2% increase in revenue to £566 million. Online ventures were particularly robust, achieving an 11.5% growth to £494 million, while retail also demonstrated a steady rise, up by 9.1% to £72 million. Group Chief Financial Officer Paul Edgecliffe-Johnson attributed this uptick primarily to the gaming segment’s vigorous performance.

International Growth and Sisal’s Role

On the international front, Flutter’s revenue rose by 15.7% to £539 million, with the Sisal acquisition being a pivotal growth driver. This upward trajectory is reflected across several markets, though Italy faced setbacks due to a sportsbook-heavy revenue mix.

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Challenges Down Under

In stark contrast to the growth in other regions, Australia presented challenges, with a 17.9% revenue decline to £262 million. Flutter attributed this to the challenging racing market and anticipates a continuation of this trend into 2024, alongside the impact of new regulatory measures.

Leading the Regulatory Race

CEO Peter Jackson emphasized the proactive stance the company has taken in adapting to regulatory changes. He expressed confidence that Flutter’s early actions, particularly in response to the UK’s white paper on gambling reform, have positioned the company at the forefront of the industry in the UK and Ireland. This forward-thinking approach, according to Jackson, will ensure that Flutter emerges stronger from the Gambling Act review.

Jackson further elaborated on the company’s eagerness to engage with the Great Britain Gambling Commission on forthcoming consultations stemming from the white paper, with the initial round concluding in October. This collaborative approach is seen as a continuation of the company’s strategy to lead and innovate within the regulatory framework.

Product Enhancements and Market Share

Echoing Jackson’s sentiments, Edgecliffe-Johnson reinforced the notion of Flutter’s dominance in the UK market, highlighting their market share growth as a direct result of preempting regulatory changes. He also mentioned significant product improvements within the region, singling out Sky Bet as a key focus for enhancement, indicating an ongoing commitment to elevating the customer experience.

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Optimism for Latin American Markets

Turning attention to Latin America, Flutter maintains a positive outlook for Brazil, anticipating regulatory developments that could further enhance the company’s performance in the region. Despite current uncertainties, Flutter does not foresee Brazil posing a significant challenge in 2024 but rather anticipates regulatory progress. The company noted that its operations in Brazil have been growing, and the prospect of market regulation presents exciting opportunities. This optimism is bolstered by the mention of double-digit growth in Brazil during Q3, reflecting strong momentum and potential for further expansion across Latin America

Financial Forecasts and Strategy

While detailed financials for the third quarter were not disclosed, Flutter provided an updated full-year guidance, projecting an adjusted EBITDA of approximately £1.44 billion. The U.S. sector is expected to continue its strong performance with mid-range revenue forecasts and a steady EBITDA.

Moreover, Flutter is poised to enhance its market presence with an additional U.S. listing on the New York Stock Exchange, set for the first quarter of 2024. This move will coincide with the delisting from Euronext Dublin, streamlining the company’s regulatory framework.

Flutter’s future growth does come with a reservation nevertheless. In October, we reported that the business is letting go of more than a hundred of its workers in a large  scale restructuring bid, which includes those working with the Fox Bet division, that also closed down recently.

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