Flutter Revenues up by 27% in Q3 2024
Flutter Entertainment PLC has unveiled its latest quarterly report, showcasing a remarkable 27% increase in group revenues for the third quarter of 2024. This notable growth reflects a revenue total of $3.2 billion, a significant rise from $2.5 billion reported in the same period last year. Nonetheless, it is important to note that this figure also represents a decline of $600 million compared to the previous quarter.
In addition to revenue growth, Flutter reported a net loss of $114 million, which signifies a substantial 56% improvement over the losses incurred during the same quarter of 2023. The company’s diverse portfolio of brands has successfully increased its average monthly players (AMPs) to 12.9 million, marking a 16% year-on-year growth.
Key Highlights for Q3 2024
- Group Revenue: $3.2 billion (up 27% year-on-year)
- Average Monthly Players (AMPs): 12.9 million (up 16% year-on-year)
- U.S. Revenue: $1.2 billion (up 51% year-on-year)
- U.K. & Ireland Revenue: $846 million (up 18% year-on-year)
- Australia Revenue: $371 million (up 12% year-on-year)
- International Revenue: $781 million (up 15% year-on-year)
- Adjusted Group EBITDA: $450 million (up 74% year-on-year)
- Net Loss: $114 million (56% improvement on Q3 2023)
Peter Jackson, Chief Executive Officer, emphasized the company’s outstanding performance, stating, "Flutter had an excellent quarter with revenue growth accelerating to 27%, well ahead of market expectations. This increase in revenue and Adjusted EBITDA has allowed us to revise our guidance for 2024 upwards. The start of the new NFL season in the U.S. has been particularly strong, with peak wagers per minute already exceeding those witnessed during Super Bowl LVII. Our proprietary product offerings have continued to push significant parlay penetration and enhance live betting engagement."
The momentum extends beyond the United States, with all divisions exhibiting robust performances as they capitalize on the advantages conferred by the Flutter Edge. In the U.K. and Ireland (UKI), a broader portfolio of products across both sports betting and iGaming has driven both player engagement and revenue growth. Additionally, Sisal has made impressive gains in the Italian market, with plans for further expansion through the acquisition of Snai. In Australia, promising trends have emerged from Sportsbet.
Jackson concluded, "During our recent Investor Day on September 25, we outlined our vision for being an ‘and’ business—committed to deploying capital effectively, both organically and through mergers and acquisitions, including Snai and NSX, while also prioritizing returns to our shareholders. With our strong market positions and access to the Flutter Edge, we are confident in our prospects for future growth. Excitingly, we anticipate having substantial capital for deployment in the coming years and are eager to initiate a share repurchase program in Q4."
As of the close of trading yesterday, Flutter’s stock was listed at $248.17 on the New York Stock Exchange (NYSE), and the company’s current market capitalization stands at $43.84 billion, reinforcing its status as one of the foremost publicly traded entities in the gambling sector.
Conclusion
Flutter Entertainment’s recent quarterly results not only highlight its strong growth trajectory but also reflect the company’s strategic agility in navigating a rapidly evolving market landscape. With significant opportunities ahead, industry stakeholders will be keenly watching how Flutter continues to optimize its operations and pursue growth in both established and emerging markets.
