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Flutter delivered double-digit revenue growth in Q1 2024, and moved its operational headquarters to New York in anticipation of its US primary listing becoming effective at the end of May.

Flutter Entertainment generated a 16% year-on-year revenue increase to $3.4bn in Q1 2024.

The FanDuel owner attributed the revenue rise to the continued growth of its US business, where revenue increased 32% year-on-year to $1.41bn, despite unfavourable sports results in the second half of March.

FanDuel started the year strongly, consolidating its leadership position in sports betting with a 52% online NGR market share and a GGR share of 46% for the quarter.

Moreover, Flutter said FanDuel had a record 27% iGaming GGR share in Q1, a four percentage point increase year on year.

Revenue in Flutter’s UK & Ireland division also jumped 17% year-on-year to $861m.

The addition of MaxBet in Q1 added $47m, or two percentage points, to year-on-year revenue growth for the group.

Flutter’s international business, meanwhile, registered a 5% revenue increase to $797m, while its Australian operations recorded a 6% revenue decrease to $329m due to a “softer racing market environment”.

Adjusted EBITDA grew 46% year-on-year to $514m. The adjusted EBITDA margin reached 15.1%, up from 12.1% in Q1 2023.

Despite this, Flutter still reported an overall net loss, which had increased from $111m in Q1 2023 to $177m in Q1 2024.

This was also reflected in the net loss per share, which increased from $0.58 per share to $1.10 per share.

The increase in net loss was attributed in part to a non-cash charge of $184m (up from $64m in Q1 2023) due to the closure of the Fox Bet brand.

CEO comment

“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,” said Flutter CEO Peter Jackson.

“We are focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment.

“Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date, and in Italy where we have been taking online sports betting and iGaming market share during Q1 and reached an all-time record in April,” Jackson said.  

He added that “a US primary listing is the natural home for the group and we look forward to this becoming effective on 31 May.”

“With a greater proportion of the Group’s future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting and iGaming market to our business.”

Flutter first announced its intention to pursue a primary US listing in January this year, after completing a dual listing between London and New York and removing its shares from the Euronext Dublin in the process.

Current trading & outlook

The operator reaffirmed its full-year 2024 guidance despite experiencing unfavourable US sports results in the final two weeks of March.

In the US segment, the revenue and adjusted EBITDA range midpoints are set at $6bn and $710m, respectively.

This reflects expected year-on-year growth of 36.3% in revenue and 206.1% in adjusted EBITDA.

For the group excluding the US segment, the revenue and adjusted EBITDA midpoints stand at $7.85bn and $1.73bn respectively, marking expected growth of 6.3% in revenue and 5.4% in adjusted EBITDA.

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