Flutter Entertainment’s First-Quarter Surge Driven by US Market Expansion
Flutter Entertainment has reported a 46% increase in its first-quarter adjusted core profit. This financial growth is particularly notable as it aligns with the company’s strategic expansion in the US market. The period also saw a commendable 16% increase in overall revenue, which amounted to $3.4 billion.
Growth in Active Users
Another aspect of Flutter’s successful quarter was the expansion of its user base. The company experienced an 11% rise in average monthly active players, now totaling 13.8 million.
The standout performance of Flutter’s US operations, primarily driven by the FanDuel brand, was a key contributor to this quarter’s success.
From a $53 million loss in the same quarter last year to a $26 million profit this year, FanDuel has demonstrated an impressive turnaround. This shift is largely attributed to its expanded market share in sports betting, where it now commands a dominant 47% share.
Global Performance and Diversification
While the US has been a focal point, Flutter’s performance in other markets has also been strong. The company’s international division, including the Betfair brand, saw a 20% profit increase to $488 million.
Reflecting the strategic importance of the US market, Flutter’s shareholders have endorsed a proposal to transfer the company’s primary stock listing to the New York Stock Exchange.
This move is an important logistical change and a strategic alignment of Flutter’s operational focus with the epicenter of the sports betting and iGaming industry, setting the stage for further growth and market penetration in the coming years.
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