Flutter has released its financial performance for the first quarter of 2024. The company reported a revenue of $3.4 billion, marking a 16 percent increase compared to the same period last year. This growth was largely driven by the company��s iGaming operations across the US, UK, Ireland, and other international markets.
However, despite the impressive revenue growth and a 46 percent increase in adjusted EBITDA to $514 million, Flutter��s net loss widened. The company reported a net loss of $177 million, a significant 59 percent increase from the $111 million loss reported in Q1 2023. This increase was partly due to a non-cash charge of $184 million following the closure of the Fox Bet brand.
In the US, Flutter��s operations contributed significantly to the Q1 revenue, accounting for 41.5 percent of the group��s total revenue. This segment reported a revenue of $1.41 billion, reflecting a year-on-year growth of 32 percent. FanDuel, Flutter��s US sportsbook, remained the market leader with a net gaming revenue market share of 52 percent and a gross gaming revenue market share of 46 percent.
In the UK and Ireland, revenue increased by 17 percent year-on-year to $861 million, with adjusted EBITDA up 30 percent to $268 million. The future performance of this segment remains uncertain following Flutter��s exit from the Irish stock market and its focus on the US market.
The international segment, which includes markets like Italy, Spain, Brazil, India, and others, reported a revenue of $797 million, up 5 percent year-on-year. The segment also saw a 20 percent growth in adjusted EBITDA. However, the sports betting revenue in this segment declined by 12 percent year-on-year, despite an 8 percent increase in iGaming revenue.
In Australia, sports betting stakes were down 19 percent, and sportsbook revenue decreased by 6 percent to $329 million. The adjusted EBITDA remained relatively stagnant at $83 million.
When excluding the US, the combined results from Australia, UK, Ireland, and the international segment amounted to a revenue of $1.99 billion, up 16 percent year-on-year, with adjusted EBITDA growth of 20 percent, totalling $488 million.
Flutter��s CEO, Peter Jackson, expressed satisfaction with the company��s performance, particularly in the US. He stated, ��We have had an excellent start to the year. In the US, FanDuel��s top-line momentum is translating into strong growth in US adjusted EBITDA and market share gains.�� He also highlighted the company��s focus on delivering the best products for its players, which is driving good momentum in key markets such as the UK and Italy.
