Flutter Posts Strong First Quarter Results with Revenue Up 54%

The international sports betting and gambling company, Flutter Entertainment, released a new trading update, outlining its performance for the first quarter of 2023. Judging by the preliminary figures revealing the performance for the three-month period ended March 31, 2023, the company has seen strong growth in revenue as well as an increase in its number of average monthly players.

The total revenue reported by Flutter for Q1 2023 hit £2.41 billion ($3.02 billion). This result, when compared to the $1.57 billion ($1.96 billion) reported for the corresponding period in 2022 marked an increase of 54%. On the other hand, the constant currency growth of the revenue for the first quarter of this year was 46%.

A breakdown provided by Flutter reveals that its two operating segments reported strong growth in revenue. The company’s gaming revenue for the first quarter this year hit £916 million ($1.15 billion), representing an increase of 44% when compared to the £636 million ($796 million) result from Q1 2022. An even bigger increase was observed in Flutter’s sports revenue for the first three months of this year. In Q1 last year, sports revenue halted at £930 million ($1.16 billion). In contrast, this year, sports revenue soared by 61% hitting £1.5 billion ($1.88 billion).

Additionally, the company revealed that its average monthly players in Q1 this year increased as well. The number of average monthly players in Q1 2022 halted at 9.5 million, while for the same period this year, it increased by 30% to 12.3 million average monthly players.

The Company Enjoys a Busy First Quarter

Peter Jackson, Flutter’s chief executive, shared his excitement about the latest results explaining that the company enjoyed a strong performance for the first quarter of the year. He outlined that Flutter continues to hold a leadership position within the regulated gambling market in the United States with FanDuel. Jackson spoke about the addition of more than 1.5 million new customers over the quarter which reaffirmed the sportsbook’s leadership position in the market.

“The Group delivered a very strong Q1 performance with pro forma revenue growth of 29% achieved through continued execution against the Group’s strategic priorities.“

Peter Jackson, chief executive at Flutter Entertainment

The chief executive outlined that the company is delighted to see the support from its shareholders for an additional listing in the US. “The strategic and capital markets benefits this will bring to Flutter will position the Group well for its next phase of growth,” he explained in conclusion.

A breakdown of the reported Q1 2023 revenue per market revealed significant growth for nearly all markets. In the US, Flutter has seen 112% revenue growth for the first quarter this year, while the UK and Ireland markets brought a solid 17% increase when compared to Q1 2022. Revenue slightly dipped in Australia, marking a 1% decline, but the company’s international markets saw revenue increase by 85%.