Flutter Group’s 2023 Financial Highlights
- Active Monthly Players (AMPs): The group saw a 12% year-over-year increase in AMPs, reaching 13,588,000 in 2023.
- Sports Revenue: Achieved an 8% year-over-year growth, rising to £1,655 million, and an impressive 13% growth in constant currency.
- Gaming Revenue: Marked a 15% increase to £1,016 million, showing consistent performance in constant currency.
- Total Revenue: Total revenue surged by 11%, reaching £2,671 million, indicating a robust 15% growth in constant currency.
Flutter Group’s US segment, led by FanDuel, demonstrated remarkable growth. FanDuel maintained its #1 position in the US sportsbook market with significant gains in revenue and market share. The company’s multi-faceted approach, including superior pricing and risk management strategies, contributed to this achievement.
Global Expansion: Steady and Strategic
Outside the US, Flutter Group’s performance aligned with expectations, showing considerable momentum in the UK, Ireland, and International markets. The UK & Ireland segment recorded a 19% revenue increase, while Australia and International markets also contributed positively to the group’s global footprint.
The group is on track for its NYSE listing scheduled for January 29, 2024, which marks a significant milestone in making Flutter more accessible to US investors. The full-year 2023 numbers will be reported in US GAAP and US dollars on March 26, 2024, with guidance for 2024.
MaxBet Acquisition: Expanding in Emerging Markets
The acquisition of MaxBet, completed on January 9, 2024, adds a significant asset to Flutter’s portfolio, marking its entry into the fast-growing Serbian market.
Peter Jackson, Chief Executive of Flutter Group, highlights the company’s strong Q4 performance and the pivotal role of the upcoming US listing. He notes, “This is a pivotal moment for the Group as we make Flutter more accessible to US-based investors and gain access to deeper capital markets.”
Our Comment on the Article
Flutter Group’s performance in 2023 exemplifies a strategic blend of market consolidation and global expansion. The company’s adept handling of the dynamic US market, coupled with consistent growth in international arenas, positions it as a formidable entity in the iGaming sector.
With the upcoming US listing and the expansion into new markets like Serbia, Flutter Group is set to further its global influence, offering promising prospects for investors and stakeholders in the iGaming industry.
