Flutter Entertainment’s chief executive, Peter Jackson, is looking to capitalize on the upcoming Brazilian market as he presented a full-year 2023 trading update. The company’s Q4 financial results showed a 25% rise in revenue to £9.51bn, primarily driven by growth in the US market.
Brazil’s potential regulation of the gambling industry has led Flutter to focus on the region, with Jackson expressing his satisfaction with the performances of Pokerstars and Betfair in the country. The company is eagerly awaiting the official regulation of the industry in Brazil.
Jackson outlined Flutter’s three-year strategy in Brazil, emphasizing the goal to stay ahead in the market. The company aims to build its position in the Brazilian market as it approaches the end of the three-year strategy.
In addition to organic growth, Flutter has been engaging in strategic mergers and acquisitions in the region, with Jackson viewing this as a way to solidify the company’s standing in the market. The chief executive also praised the group’s performance in sports and casino, particularly in the UK market.
Looking at Q4 as a whole, Flutter has seen a strong performance in sports and casino, despite the sporadic nature of the first and final quarter. The company plans to take the lead in the casino space and continue its growth in the UK market.
Flutter faces intense competition in the US market, with the company acknowledging the competitive environment. Jackson highlighted the launch of the football season and the entry of new competitors in the market. However, he expressed confidence in the quality of the company’s products and its strong performance in customer acquisition. Flutter’s US sportsbook currently holds a 43% gross revenue market share across all US jurisdictions in which it operates.
Overall, Flutter is optimistic about its position in the market, with Jackson noting that the business is in a good place. He expressed confidence in the company’s products and momentum, especially in the US market. Despite falling short of initial revenue targets in the US during Q4, Flutter is well-positioned for future success in this competitive landscape.