FanDuel’s $5.8B Revenue Haul in 2024 Fuels 19% Growth for Flutter

A Banner Year for Sports Betting and iGaming

Average monthly players (AMP) for sports betting grew 23% to 3.1 million. The net revenue margin improved to 7.9% from 7.5% in 2023, despite a 3% revenue hit from unfavorable NFL season outcomes.

“FanDuel remains America’s number one sportsbook with its leading product maintaining a clear structural revenue margin advantage over competitors,” said Peter Jackson, CEO of Flutter Entertainment.

In iGaming, FanDuel seized the No. 1 spot, capturing 25% of the market in its five operating states. Revenue soared 46% to $1.524 billion from $1.045 billion in 2023, fueled by a 36% AMP increase to 0.8 million. “Excellent execution secured a new number one spot for FanDuel Casino in iGaming,” Jackson noted.

Overall AMP across all offerings rose 13%, signaling broad appeal. Net profit surged 113%, and adjusted EBITDA grew 26%.

Q4 Numbers

In the fourth quarter, FanDuel led sports betting with a 43% gross gaming revenue (GGR) share and iGaming with 26%. AMP grew 15% year-over-year. Handle growth moderated to 12%, influenced by an extra NFL game round in the prior year’s Q4 and a shift to higher-margin Same Game Parlay bets. The GGR margin rose 100 basis points to 14.5%, boosted by a 500-basis-point uptick in NFL parlay penetration.

FanDuel rolled out its “Your Way” parlay customization tool across all NFL states in Q4, enhancing user flexibility. Customer acquisition investments paid off with an under-18-month payback period. In states active before 2022, online revenue grew 9%, showing sustained momentum.

Unfavorable sports results in Q4, particularly NFL games, cut into revenue growth by 70 basis points more than in 2023. Still, FanDuel’s pricing and risk management capabilities kept margins strong. Revenue from non-betting sources dipped 9%, a minor setback amid the year’s overall gains.

“We have had a great start to 2025, including record levels of customer engagement for the Super Bowl where FanDuel had 3m active customers placing 17.7m bets with $470m wagered on the day,” Jackson said.

As FanDuel’s parent, Flutter Entertainment saw U.S. operations account for 41% of its 2024 revenue. Group revenue hit $14.048 billion, up 19% from $11.790 billion in 2023, with AMP rising 13% to 13.898 million.

Net profit flipped from a $1.211 billion loss to a $162 million gain, a 113% swing, while adjusted EBITDA grew 26% to $2.357 billion.

In Q4, revenue reached $3.792 billion (up 14%), AMP increased 7% to 14.605 million, and net profit soared 117% to $156 million, despite $134 million in amortization costs and a $212 million Fox option loss. Adjusted EBITDA rose 4% to $655 million.

“I’m excited to build on this strong momentum and capitalize on growth opportunities outlined at our Investor Day in September,” Jackson said.

Flutter kicked off a share buyback program, returning $121 million in Q4, with up to $1 billion planned for 2025. Corporate overhead costs grew 12% in Q4, driven by Flutter Edge investments in global sports pricing, like tennis, and office relocation expenses.

Plans for 2025

FanDuel’s online sportsbook reached 23 states, while its casino operated in five. Flutter’s 2025 guidance projects a 13% revenue increase and 34% adjusted EBITDA growth group-wide, with FanDuel driving much of that upside.

FanDuel has big moves lined up. It aims to launch in Missouri in Q4 2025, part of a broader geographic push expected to dent revenue by $40 million and adjusted EBITDA by $90 million due to startup costs. Product innovations, like enhanced live betting and expanded “Your Way” options, will roll out alongside a partnership with Boyd Gaming to tap new markets.

FanDuel also plans to leverage Flutter Edge, a group-wide resource pool, to stay ahead of rivals while focusing on profitability through disciplined capital allocation.