Flutter Entertainment has reported a 25% increase in group revenue to £9.51bn for the fiscal year 2023, driven by a 38% rise in revenue from operations in the US. The company’s trading update for 2023 revealed growth across all sectors, except for its Australian business. Q4 performance followed a similar pattern.

FanDuel, Flutter’s US-facing division, saw its revenue increase by 38% year-on-year to £3.06bn. US operations remain the primary source of revenue, accounting for 37.9% of all revenue. Revenue from US sports jumped 39% on a constant currency basis, with gaming revenue up 47%. Flutter also noted a 38% increase in average monthly players to over 3.2 million in the US.

In the UK and Ireland, revenue was up 15% to £2.46bn, with sports betting revenue rising 12% and gaming revenue climbing 17% on a constant currency basis. Total average monthly players increased by 5% to 3.9 million. However, Flutter’s Australian business struggled, with revenue slipping 8% year-on-year to £1.17bn.

The company reported a 36% increase in revenue from its international arm, with sports betting revenue up 60% and gaming revenue up 29%. Average monthly players across the international business increased by 31% to 4.1 million. However, Flutter’s Australian revenue slipped 8% year-on-year to £1.17bn.

In Q4, group revenue was 15% higher at £2.67bn, with sports betting revenue climbing 8% to £1.66bn and gaming revenue up 15% to £1.02bn. US revenue during Q4 was 19% higher at £1.14bn, with FanDuel’s sportsbook holding a 43% gross revenue market share across all US jurisdictions in which it operates.

Flutter is close to listing its ordinary shares on the New York Stock Exchange (NYSE), with hopes to launch shares on January 29th. This move will spell the end for Flutter on Euronext Dublin but will not impact the London Stock Exchange (LSE) listing or FTSE 100 status. The company also recently completed its acquisition of a majority stake in Serbian sports betting and gaming operator MaxBet.

Flutter’s ongoing M&A strategy includes strategic acquisitions such as Italian online gaming and lottery operator Sisal and bingo operator Tombola to expand its presence in regulated markets worldwide.

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