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Flutter Earnings

March 2, 2023 14

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Flutter Earnings

Flutter reported impressive results with a 27% increase in revenues for the year to £7.69bn, supported by strong US revenues. The company’s CEO, Peter Jackson, stated that he was not solely focused on profitability for FanDuel, but rather on achieving sizable profit gains in 2024 and 2025. FanDuel is the no.1 sportsbook in 15 out of 18 US states, and Regulus analysts suggest that it looks operationally unassailable, at least in the short term. However, Jackson warned that sub-scale brands in the US may find it difficult to make money, and noted that Fox Bet was struggling. Flutter’s UK and Ireland business showed a revenue increase of 4% to £2.14bn, and the company’s CFO for Australia, Jonathan Hill, commented on increased competition in the market, stating that it had prompted Sportsbet to increase its generosity. Flutter is continuing to consult with shareholders regarding a potential joint listing in the US.

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