Flutter’s Q3 2024 Revenue up 27% to $3.25bn as US and International Grow
Flutter Entertainment had a great Q3 2024 with 27% year on year revenue growth to $3.25bn, well ahead of market expectations. This was driven by US growth of 51% and international growth of 15%. The recent Maxbet acquisition added 2% to the group’s revenue growth and cements Flutter as the global leader in sports betting and gaming.

Record Growth and Narrower Losses
Revenue grew but Flutter made a net loss of $114m, a big improvement on the $262m loss in Q3 2023. This year’s loss includes non-cash items, $121m fair value loss on the Fox option liability and $128m amortisation of acquired intangibles.
Adjusted EBITDA up 74% to $450m, driven by revenue growth and US profitability. Adjusted EBITDA margin up 380bps, due to sales and marketing efficiencies in the early days of US regulation.
FanDuel, Flutter’s US brand, had a great quarter with strong results, particularly with the start of the new NFL season. US revenue up 51% with sports betting up 62% and iGaming up 46%.
Sports betting revenue growth driven by 36% increase in stakes and 130bps increase in structural margin to 12.8%, due to competitive pricing. 120bps better sports results than last year also helped overall revenue.
Player Engagement and Product Growth
Outside the US, Flutter saw strong player engagement with active monthly players (AMP) up 13% and revenue up 15%. This was driven by iGaming and the start of the European football season and the end of the European Championships in July.
In the UK and Ireland, AMP was also up 13% as Flutter’s product range and advanced sports betting options attracted more players. Single game parlay (SGP) bets were up 142% in the early rounds of the new football season compared to the same period in 2022 with 64% of those bets including markets introduced in the last 2 years.
In Italy, Sisal launches SGP for Serie A, first in the market. 24% of Serie A bets in the first rounds of the season were SGP. Sisal also expanded the eligible markets for its “Duo” product which is popular with Italian players.
In Australia, the horse racing market is as expected declining but player engagement is strong. AMP in sports and horse racing was up 6% in Q3 which is good for long term growth in the region.
2024 guidance upgraded
Following the Q3 performance, Flutter has upgraded its full year 2024 guidance. US revenue now expected to be $6.05-6.25bn and adjusted EBITDA $670-750m, down slightly due to poor sports results in Q4.
International revenue guidance upgraded to $8.1-8.3bn and adjusted EBITDA $1.77-1.87bn driven by strong Australia. This guidance includes $290m adjusted EBITDA from Australia, up from $270m previously.
Flutter’s board has approved a share buyback programme of up to $5bn over the next 3-4 years. The first phase will commence on November 14, 2024 on the NYSE and will buy back up to $350m of ordinary shares by end Q1 2025. This buyback is a sign of the company’s financial strength and commitment to returning value to shareholders.
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