FanDuel parent corporation Flutter Entertainment posted a loss of $114 million in the third quarter. That is down from a $262 million dose of red ink in the third quarter of 2023.
The New York- and Dublin, Ireland-based company posted cash flow of $450 million for the quarter, up from $258 million. The loss per share was $0.58, down from $1.55. Flutter reduced its leverage from 3.1 times cash flow to 2.4 times.
Revenue increased 27 percent and Flutter credited the start of NFL season, new products, and favorable sporting outcomes for the surge. Flutter’s total online market share was 35 percent; it was even higher in sports betting (41 percent). Market share in igaming was 25 percent.
Flutter reported a 46 percent growth in customers. But it cautioned that the third-quarter outperformance “has subsequently been more than offset by unfavorable sports results in Q4 to date.”
In Ireland and the United Kingdom, Flutter had strong momentum from the Euro Cup soccer tournament in July, contributing to a 15 percent increase in non-U.S. business. Market share in Italy also grew through subsidiary Sisal. Positive sports results in Australia helped drive a 12 percent revenue increase Down Under.
CEO Peter Jackson reported that NFL games saw “peak wagers per minute already higher than Super Bowl LVII. Our proprietary product offering continued to drive strong parlay penetration, as well as a step up in live betting handle.”
