A well-known operator in the gaming sector, Flutter, just released its financial results for the full year 2023. The numbers reflect both noteworthy changes in operational dynamics and a remarkable rise in revenue.
Flutter saw a remarkable 24.6% increase in sales, rising from $9.46 billion in FY22 to $11.79 billion in FY23. But the corporation also saw a significant rise in net loss, which increased from -$370 million in FY22 to -$1.21 billion in FY23, a 227.3% increase. The principal cause of this increase in net loss was a number of non-cash items, one of which was a sizeable impairment charge associated with the PokerStars brand.
Market Performance and Stock Prices
Despite the financial ups and downs, Flutter’s stock prices exhibited resilience, registering a modest increase of approximately 1.7% during the trading day on March 26. Starting at £17.18 ($21.74), the stock peaked at £17.97 by 8:20 am GMT.
Flutter’s strategic focus on the US market bore fruit, with revenue derived from US operations amounting to $4.48bn. Adjusted EBITDA for US operations surged from a loss of $347m in the previous year to a profit of $65m in FY23. CEO Peter Jackson highlighted the pivotal role of FanDuel in driving positive adjusted EBITDA in the US market.
The company’s annual revenue from the US market witnessed remarkable growth of 40.6%, outpacing other sectors such as UK&I, International, and Australia. Notably, iGaming and sportsbook revenue experienced substantial growth, attracting an additional 3.7 million players and achieving a combined growth rate of 19% over the year.
Flutter provided guidance for FY24, anticipating revenue in the range of $5.8bn to $6.2bn from US operations alone. Despite a slight decline in market share, FanDuel maintained its dominance in terms of net gaming revenue and gross gaming revenue.
Strategic initiatives including the launch of new products like the Parlay Hub for same-game parlays and the expansion of sportsbook operations into additional states like Kentucky propelled the growth trajectory. In addition, the growth in iGaming income was greatly aided by collaborations with top game developers like Playtech and Aristocrat.
Flutter further strengthened its position in the cutthroat gambling market by revealing details about its performance in the first quarter of 2024, which included strong year-over-year growth in sportsbook and iGaming income for US operations.
The post Flutter’s FY23 Report, US Operations Flourish with $4.48bn Revenue, iGaming Tops Charts appeared first on iGaming.org.