Flutter Entertainment Group, a leading global gaming and sports betting company, has released its financial results for the first quarter of 2023. As of March 31, 2023, the company generated a total of GBP 2.4 billion which is a 46% increase compared to the same period last year. According to the Group, the revenue growth has particularly been driven by the strong performance of its US operations.
The Group reported that the first quarter of 2023 featured an average monthly player count of more than 12 million across its US, ex-US, and international subsidiaries. This figure shows that the operator’s customer base increased by 30% on a year-on-year basis.
Indeed, Flutter’s revenue in the US grew by 92% in the first quarter of 2023 compared to the prior year’s quarter and was substantially supported by the 147% growth achieved by its sports betting operations on a year-on-year basis. iGaming revenue contributed a 43% higher overall revenue figure than the first quarter of the last year. The financial result of the Group’s US business in Q1 2023 testifies to the rising opportunities for the company to achieve full-year profitability in 2023.
Flutter’s operations in UK and Ireland continued a steady growth at a 17% pace in comparison to the same period last year. International operations showed a similar trend with a 6% growth percentage and around 4 million average monthly player count. This market was still affected by the Ukraine war circumstances, while Australian operations underperformed by 4% due to reportedly challenging Covid comparatives in this market in the first quarter of 2023.
Flutter Entertainment Group remained committed to sustainability and continued the implementation of its Positive Impact Plan. The Dublin-based company reportedly acknowledged the Gambling Act Review published by UK Government and set the Play Well strategy to call for responsible gaming.
Peter Jackson, Chief Executive, said that the Group ”delivered a very strong Q1 performance” and reviewed the contribution of the Group’s US operations: ” In the US, the combination of FanDuel Advantage and the Flutter Edge drove further market share gains. We added over 1.5 m customers in the quarter and we remain the clear market leader. Our US sports betting handle of $10.9 bn represented almost 60% of the Group’s total sportsbook stakes.”
Jackson also said that the operations outside the US demonstrated the benefits of Flutter’s portfolio: ”We continued to take share across UK & Ireland and International businesses while in Australia we did an excellent job defending our leadership position. We remain delighted with the progress of Sisal since the acquisition in August 2022.” Flutter CEO added that the company took proactive actions in the UK to protect customers from gambling harm and ensure responsible gaming practices.
The financial result achieved by Flutter Entertainment Group in the US in Q1 2023 received shareholder approval and the operator has been added to the US listing. Jackson expects that this move will bring strategic and market benefits that ”will position the Group well for its next phase of growth.”