Flutter Entertainment, the parent company of FanDuel, reversed a $902 million loss in the fourth quarter of 2023 to a $156 million profit a year later. The news was disclosed after the close of financial markets on March 4.
In addition, Flutter grew revenue 14% to $3.7 billion. Cash flow was up 4% to $655 million, with free cash flow of $473 million. The cash flow margin was 17.3%, a slight narrowing from the fourth quarter of 2023.
Profit was grown in part through an acquired intangibles amortization charge of $134 million. The 2023 fourth-quarter loss had been swollen by a one-time impairment charge to the tune of $725 million.
Chief Executive Officer Peter Jackson said, “I am proud of the progress we made during 2024 as we delivered against our strategic priorities and enhanced our leadership positions.”
