Flutter’s financial report for the three months ended March 31 shows that the company performed admirably, with sales reaching $3.40 billion and considerable growth across all markets with the exception of Australia. Flutter has opted to delay its initial public offering (IPO) in the US, even in the face of positive market optimism.
The Q1 report from Flutter shows significant growth, especially in the US market where revenue topped $1.41 billion. FanDuel set a record with a 27% gross gaming revenue (GGR) share in igaming. Thanks to strategic efforts and product improvements, revenue in the UK, Ireland, and international markets also increased year over year.
Peter Jackson, the CEO of Flutter, emphasized the company’s “excellent start to the year” and voiced confidence in the company’s approach. He emphasized the success of product releases like as Super Sub on Paddy Power in the UK and the momentum FanDuel has in the US.
He said, “In the US, FanDuel’s top line momentum is translating into strong growth in US adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share and embedding future profits within our business through disciplined investment.
“Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date. Also in Italy, where we have been taking online sports betting and igaming market share during Q1 and reached an all-time record in April.”
US Listing Plans and Growth Outlook
Flutter’s shareholders approved plans to relocate its primary listing to the New York Stock Exchange (NYSE), reflecting the company’s focus on the US market. Despite the postponement of the IPO, Flutter remains committed to its growth trajectory, with a significant portion of future profits expected from the US market.
Flutter announced strong revenue growth outside of the US, with revenue from companies operating outside of the US hitting $1.99 billion, up 7.6% from the previous year. Product innovation and market growth activities were the main drivers of the UK, Ireland, and international markets’ strong performance.
Although there has been a noticeable rise in income, Flutter’s expenditures have also gone up, which has affected the first-quarter pre-tax profit and net loss results. On the other hand, adjusted EBITDA significantly improved, demonstrating the company’s fundamental financial stability.
Flutter anticipates continuing revenue growth in both the US and foreign markets, and the company has confidence in its full-year projection. Flutter is optimistic about the upcoming year in spite of obstacles.
The post Flutter’s Q1 Revenue Soars, but Net Loss Hits $375m appeared first on iGaming.org.