Flutter Entertainment Reports Fiscal Year 2023 Earnings and Sets 2024 Outlook

Flutter Entertainment, a company specializing in online sports betting and iGaming, has shared its financial results for the year ending December 31, 2023. The company also provided an outlook for the year ending December 31, 2024, indicating an expected revenue growth of 17.5%.

In 2023, Flutter Entertainment reported an increase in average monthly players by 20.3% to 12,325,000. Its revenue rose by 24.6% to US$11.79 bn (£9.32 bn/€10.87 bn). However, the net loss for the year expanded to US$(1.21) bn, which was significantly higher than the previous year’s loss. Adjusted EBITDA, a measure of profitability, grew by 45.4% to US$1.874 bn. The company’s debt to earnings ratio improved to 3.1x from 4.4x, showing a stronger financial position.

The company’s strategic efforts led to growth in both player base and revenue. In the U.S., revenue increased by 40.7%, and the segment reported positive Adjusted EBITDA for the first time. Outside the U.S., the player base grew by 15% and revenue by 16.4%, driven by a diversified portfolio.

The net loss reported includes non-cash charges related to strategic adjustments. The U.S. business contributed to the overall EBITDA increase despite being in its early stages of profitability. The company’s cash flow from operations decreased slightly, but its Adjusted Free Cash Flow improved.

For early 2024, Flutter has seen a 23.4% increase in Group revenue. In the U.S., revenue growth is expected to be significant, driven by sportsbook and iGaming segments. Outside the U.S., the company anticipates modest revenue growth, supported by a diversified geographic portfolio.

Looking ahead to 2024, Flutter Entertainment expects revenue and EBITDA growth, demonstrating confidence in its operational capabilities and strategic direction. The company focuses on regulated markets and responsible gaming practices.

Peter Jackson, CEO of Flutter commented: “Flutter delivered a strong 2023 performance as we continued to deliver on our strategy. This was underpinned by a localized approach to technology and product coupled with the unique scale advantages of the Flutter Edge. As anticipated, our number one position in the US has transformed the Group’s earnings profile during 2023 as FanDuel delivered a positive US full-year Adjusted EBITDA for the first time. Outside of the US we made excellent progress integrating Sisal into our International business, a business which is a great example of our “local hero” strategy at work, and took market share in UKI. We also made further progress on our sustainability strategy with an increase in Play Well safer gambling tool usage, investment of over $100m in our global safer gambling initiatives including key marketing campaigns in the US with our FanDuel ambassadors to promote responsible play during the year.

“I was proud to see Flutter shares trading for the first time on the NYSE on January 29, 2024 and we have been encouraged by the increased focus from new US investors as a result of our US listing. We are working towards a shareholder vote on May 1, 2024 to approve our primary listing move to NYSE.

“The year has started well with very good momentum continuing into Q1. Record Super Bowl engagement contributed to US revenue growth of 55.6% for the period from January 1, 2024 to March 17, 2024. We also launched in North Carolina where we have been really pleased with performance to date. Outside of the US, revenue grew 6.3% as the market driven decline in Australia was more than offset by the growth of our UKI and other International businesses. We believe that our strategy and competitive advantages position us well to continue to grow the business through both organic and inorganic opportunities.”