Betting giant Flutter grew revenue by more than a quarter in the last three months of 2023
The Paddy Power and Betfair owner said that it had met expectations outside the US, but that National Football League (NFL) games had gone the way of customers, hitting its bottom line.
In industry parlance, the “customer friendly” results from sports in the fourth quarter of the year hit revenue by 343 million dollars (£270m), Flutter said. This was largely mitigated by better margins.
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Hide AdAs a result, US net revenue was significantly below previous guidance.
However, the business still managed to grow strongly. Revenue was up 26 per cent in the period as a whole, and even the US business managed to grow by nearly a fifth. Across the year as a whole total revenue was up 24 per cent, and the US part of the business grew 38 per cent to £3.60bn. In the UK and Ireland revenue was up 15 per cent to £2.46bn. Only the Australian business, which is less than half the size of the UK business, shrank during the year.
Chief executive Peter Jackson said: “The group traded well in the fourth quarter underpinned by our leading local brands supported by global Flutter Edge advantages. In the US, FanDuel consolidated its sports leadership position during the peak quarter for sporting activity, while FanDuel Casino went from strength to strength.”
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