International sports betting and gaming company Flutter Entertainment plc has reported $11.79 billion in revenue in 2023, a 24.7 percent increase compared to the previous year.
Revenue was up across the United States, United Kingdom and Ireland. Australia was the only market reporting a slight revenue decline.
The United States was a huge driver behind the success, contributing more than a third to the revenue figure. U.S. revenue reached $4.48 billion, a 40.6 percent increase from the previous year. Flutter’s U.S. division includes FanDuel, through which the company established its U.S. market dominance, PokerStars, and horse racing broadcaster TVG.
“Flutter delivered a strong 2023 performance as we continued to deliver on our strategy,” said Peter Jackson, Flutter Entertainment CEO. “This was underpinned by a localized approach to technology and product coupled with the unique scale advantages of the Flutter Edge. As anticipated, our No. 1 position in the U.S. has transformed the group’s earnings profile during 2023 as FanDuel delivered a positive U.S. full year adjusted EBITDA for the first time.”
As Flutter expanded into three more states where sports betting is legal, sportsbook year-on-year revenue was 45.9 percent higher. U.S. igaming revenue increased by 47.2 percent, a growth driven by strong player volumes.
In August 2022, Flutter Entertainment completed a $1.9 billion deal, acquiring Italian online gaming operator Sisal and adding it to its portfolio of global brands. Speaking about the group’s non-U.S. business, Jackson said, “Outside the U.S., we made excellent progress integrating Sisal into our international business. This is a great example of our ‘local hero’ strategy at work and took market share in UKI,” referring to the U.K. and Ireland, where Flutter owns local market-leading brands like Sky Betting & Gaming and Paddy Power.
Flutter forecasts double-digit growth across group revenue and adjusted EBITDA for 2024, with revenue expected to increase by 17.5 percent and EBITDA by 30.2 percent.
