Flutter Enjoys Exceptional Performance for First Half of 2023

Globally-recognized sports betting group, Flutter Entertainment, released its latest interim results, highlighting strong growth in revenue, EBITDA and the number of average monthly players for the first half of 2023. Released Wednesday, the financial results outline details regarding the company’s performance for the six months ended June 30, 2023, pointing to a solid growth of revenue.

Overall, Flutter reported £4.81 billion ($6.12 billion) in group revenue for the first half of 2023. This result marked a significant 42% increase when compared to the H1 2022 result of £3.39 billion ($4.31 billion). Group EBITDA for the period soared as well, hitting £823 million ($1.04 billion). While in H1 2022, group EBITDA halted at £476 million ($606.2 million), this year’s result represented an increase of 73%, judging by the latest 2023 interim results.

Not unexpectedly, Flutter reported a significant increase in the number of average monthly players. For the first half of 2022, the number of average monthly players halted at 9.6 million. In contrast, for H1 this year, the average monthly players’ number increased to nearly 12.9 million, representing a growth of 28% year-over-year.

Company Reports Significant Growth in the US

Judging by the recent report, the delivery of strategic goals played an important role in the latest results. Flutter explained that the addition of Sisal positively impacted its results which were further fueled by its outstanding performance in the US with FanDuel. ” Reached profitability inflection point, FanDuel generated $100m (£79m) Adjusted EBITDA in H1 (US division $63m (£49m)),” explained the company. Further underlining FanDuel’s outstanding performance, Flutter acknowledged that in Q2, the sportsbook had a 47% market share, designating it as an unquestionable leader within the US market.

Outside of the US market, Flutter posted a 13% increase in its revenue for UK and Ireland. The result comes after an increase in the number of recreational players and market share gains within the gaming and betting vertical, explained the company. While international markets reported revenue growth of 8% for the first half of 2023, Flutter saw a 1% dip in its revenue for the market in Australia.

The Results Mark a Pivotal Moment for Flutter

Peter Jackson, Flutter’s chief executive, said about the latest results: “The first half of 2023 marks a pivotal moment for the Group, with our US business now at a profitability inflection point, helping transform the earnings profile of the Group and significantly enhance our financial flexibility.”

Speaking about the results, he explained that the company saw an uptick in the number of average monthly players and observed a significant increase in the number of clients that use safer gambling tools. Jackson said that the increase in the interaction with safer gambling tools was impacted positively by the company’s investment in its Play Well strategy.

Focusing on the US market, he said that the company enjoyed outstanding performance once again. According to him, product enhancements in the UK enabled Flutter to increase its market share while Sisal continued to bring benefits too. Finally, Jackson predicted that the company will retain the positive momentum and add a listing in the US either through the end of 2023 or in 2024.