Sports betting and gaming company Flutter Entertainment has reported that first-quarter revenue was up 16.4 percent year-over-year to $3.4 billion, but the company reported a net loss of $375 million, compared to $54 million net profit in the first quarter of 2023. Flutter cited several reasons for the loss, including higher operating expenses and negative foreign currency translation, the latter of which resulted in a $185 million loss this quarter.
“We have had an excellent start to the year,” said Peter Jackson, Flutter CEO. “In the U.S., FanDuel’s top-line momentum is translating into strong growth in U.S. adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share and embedding future profits within our business through disciplined investment.”
Flutter reported growth across all markets except Australia, with the United States accounting for more than 40 percent of group revenue, exceeding $1.41 billion. FanDuel strengthened the company’s position in the U.S. market with its new casino content, resulting in a record igaming GGR share of 27 percent.
“Outside of the U.S., our focus on delivering the best products for our players is driving good momentum in key markets such as the U.K. where the launch of Super Sub on Paddy Power has been our most successful product launch to date,” Jackson said. “Also in Italy, where we have been taking online sports betting and igaming market share during Q1 and reached an all-time record in April.”
Jackson also confirmed that Flutter is on track to move its primary share listing from the London Stock Exchange to the New York Stock Exchange by the end of this month.
“We believe a U.S. primary listing is the natural home for the group,” Jackson said. “We look forward to this becoming effective on 31 May.”
