Buoyed by a US$3.25 billion (£2.55bn/€3.06bn) 27 percent year-over-year surge in Q3 revenue, newly-U.S domiciled Flutter Entertainment launches a US$5 billion (£3.92bn/€4.71bn) share buyback programme tomorrow, November 14 , which underlines its trajectory as America’s dominant online betting leader.
The Irish and U.K.-origin Omnichannel, owner of FanDuel and storied Paddy Power, which relocated its headquarters and primary stock market listing to New York City earlier this year, has also reported a 16 percent increase in average monthly players (AMPs), reaching nearly 13 million, and a 74 percent rise in Adjusted EBITDA to US$450 million (£353.24m/€423.91m), with an improved margin of 13.9 percent, for its quarter, ending September 30.
Although the company posted a nominal net loss of US$114 million for Q3 (£89.48m/€107.39m), this figure reflected a 56 percent improvement over the same quarter last year.
Leadership
“Flutter had an excellent quarter, well ahead of market expectations,” affirmed CEO Peter Jackson.
“Tomorrow we believe that the Group has exciting growth prospects due to our unparalleled leadership positions across the world, underpinned by access to the Flutter Edge.
“We expect to have significant capital to deploy over the coming years and I am excited to commence the share repurchase program in Q4.”
In the U.S. Flutter had a fantastic start to the new NFL season, with peak wagers-per-minute already higher than Super Bowl norms.
Over in Italy the operator’s Sisal vertical, empowered by the recent purchase of Snai, continued to make significant market gains; while Flutter’s Australian brand Sportsbet has been shaking-up gaming action Down Under.
Pivotal
The U.S. market continues to play a pivotal role in Flutter’s growth, particularly with the launch of new products at the start of the NFL season and favorable Q3 sports results.
In the U.S., AMPs and revenue grew by 28 percent and 51 percent, respectively, underlining Flutter’s market leadership and 35 percent share of online gaming GGR.
Outside America Flutter’s operations also showed notable progress.
Overall revenue from the U.K., Ireland, Europe and Australia grew by some 15 percent in Q3.
Tomorrow Flutter begins its US$5 billion share buyback programme, planned over the next three- to four-years, with an initial tranche of US$350 million capital returns (£274.72m/€329.7) to financial stakeholders.
The online giant has now slightly raised its full-year 2024 guidance to reflect a one percent increase in revenue and Adjusted EBITDA and is forecasting a 22 percent year-over-year revenue rise with Adjusted EBITDA expected to increase by 35 percent.
Hurry tomorrow.
On this form the future belongs to Flutter.
