Flutter Entertainment said its US business has reached a profitability tipping point after FanDuel generated $100 million (RUB9.6 billion) in adjusted EBITDA.
Following this success, the company said it is confident in its financial growth strategy, which includes mergers and acquisitions in other parts of the world.
Publishing its interim results for 2023, Flutter announced that group revenue amounted to £4.8 billion (RUB589 billion). This is an increase of 38% compared to the previous period. The company attributes these results to strong performance in the US and positive momentum in the UK, Ireland and international markets, as well as the addition of Sisal in August 2022.
Sports betting revenue increased by 39% to £3 billion (RUB 368.13 billion). Gambling brought in £1.8 billion (RUB 220.8 billion), up 38% year-on-year. The average monthly number of users on the platform also grew by 28% year-on-year during the period to over 12 billion.
Flutter said the group is in a profit transformation phase after adjusted EBITDA rose 72% to £823m (RUB100.99bn). The significant improvement was driven by the US operations. There, the figure amounted to 49 mln pounds (6 bln rubles) compared to a loss brands benefited from the competitive advantages provided by Flutter Edge, performance in the reporting period was very strong. Our customer base grew to over 12 million customers per month.
Regionally, as previously noted, the US operations reached a profitability tipping point, with FanDuel’s adjusted EBITDA of $100 million (RUB 9.6 billion) and revenue up 63% YoY to £1.8 billion (RUB 220.9 billion).
Sports betting revenue increased 70% year-on-year to £1.4 billion (RUB 171.8 billion), while gambling revenue rose 44% to £425 million (RUB 52.15 billion).
FanDuel accounted for 98% of total revenue in the US, with adjusted EBITDA more than offsetting losses at PokerStars and FOX Bet. The latter recently began a phased closure.
The progress made in the US is due to Flutter continuing to work towards a late 2023 or early 2024 listing.
Jackson stated, The US has demonstrated another exceptional result. During the period, we acquired more than two million new players, strengthened our leadership position in sports and increased our share of the gambling industry to 23%. This momentum provides us with a clear platform for significant investment in the second half of the year as we sta
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