Paddy Power and FanDuel owner Flutter Entertainment has re-affirmed its top draw leadership of world iGaming on the back of a spectacular FY24.
Across all metrics, 2024 saw a 19 percent rise in revenue to US$14.05 billion (£10.95bn) for the Irish-origin company. Net income was US$162 million (£126.29m)–compared to a loss of US$1.21 billion (£949.3m) in 2023–; Adjusted EBITDA was up 26 percent to US$2.36 billion (££1.83bn) and free cash flow was recorded as some US$941 million (£733.62m).
In Q4 2024, revenue increased 14 percent, year-on-year, to US$3.79 billion (£2.95bn), with net income reaching US$156 million (£121.62m), reflecting a 117 percent improvement.
“I am proud of the progress we made during 2024 as we delivered against our strategic priorities and enhanced our leadership positions,” asserted Peter Jackson, CEO of the now New York-listed omnichannel.
“FanDuel remains America’s number one sportsbook with its leading product maintaining a clear structural revenue margin advantage over competitors.
“At the same time, excellent execution secured a new number one spot for FanDuel Casino in iGaming.”
Expansion
Flutter’s 2024 success was underpinned by continued expansion in international gaming, building on the late 2023 acquisition of a majority stake in Serbia’s market-leading MaxBet platform by buying NSX in Brazil and Snai in Italy.
In the U.S., FanDuel maintained its 43 percent share of online sports betting GGR and its 26 percent slice of iGaming.
Sportsbook revenue grew by 14 percent – despite the most favorable NFL results for customers in two decades. And iGaming revenue surged by an impressive 43 percent.
Overall revenue, outside the U.S., in Ireland, the UK, Italy, India, Turkey, Georgia and Brazil, grew by 14 percent. Australia remained stable.
International revenue, ex-USA, is expected to be US$8.25 billion (£6.43bn), with Adjusted EBITDA of US$1.85 billion (£1.44bn).
Success
And the company is continuing its market expansion, with planned launches in Missouri later this year and Canada’s province of Alberta in early 2026.
Flutter has also initiated a US$5 billion (£3.89bn) share repurchase program, returning US$121 million (£94.3m) in Q4 2024.
“A key driver of our success has been the Flutter Edge, our unique competitive advantage, which delivered innovative, market-leading product propositions to 35 million customers worldwide in 2024,” underlined Jackson.
“We did this sustainably, with players using a Play Well tool increasing since 2023.
“The launch of the Responsible Online Gaming Association in the U.S. was another big milestone, advancing industry standards for both customers and operators.
“We have had a great start to 2025, including record levels of customer engagement for the Super Bowl where FanDuel had three million active customers placing 17.7 million bets with US$470 million wagered on the day.
“I am excited to build on this strong momentum as we seize the growth opportunities.”
