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  • FY23: Flutter reports $1.2bn net loss despite 25% annual revenue rise
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Flutter Entertainment generated $11.79bn in revenue in the full-year 2023, amid year-on-year growth of 24.6%.

Growth was driven in part by an increase in the number of average monthly players across Flutter’s brands, which grew by 20.3% to 12.3 million.

Of the total revenue, the largest segment came from Flutter’s US operations, which delivered $4.48bn for the business amid year-on-year growth of 40.7%.

That growth was driven by “strong revenue performance in existing states,” as well as the addition of three new states during 2023.

Crucially, further adjusted EBITDA for the full year in the US also came in positive at $167m, compared to a $263m loss in full-year 2022.

The UK and Ireland delivered a further $3.05bn in revenue, up 14.4%, while the International segment generated $2.81bn, up 36.8%.

The only geographical region not to deliver year-on-year growth was Australia, where revenue dropped 7.1% year-on-year to $1.45bn.

Still, the business remained further adjusted EBITDA positive across all of its operating regions, with the UK and Ireland delivering $911m, up 17.2%, the International segment delivering $627m, up 50.4%, and Australia generating $356m despite a year-on-year drop of 26.6%.

In spite of its positive EBITDA figures across the board, Flutter still declared a net loss for the year of $1.21bn, compared to a $370m net loss in 2022.

The loss was driven by non-cash charges of $1.68bn during the year, including $725m related to a PokerStars trademark impairment, $791m in acquired intangibles amortisation and a $165m fair value change on the firm’s Fox option liability.

Current trading and outlook

So far in 2024, Flutter said revenue was up 23% year-on-year for the 11 weeks to 17 March.

Overall, the business expects to generate revenue of between $13.45bn and $14.25bn for full-year 2024.

That is expected to be made up of $5.8bn-$6.2bn from the US and $7.65bn-$8.05bn from other markets.

Further adjusted EBITDA from the US is expected to fall between $635m and $785m for the year, while further adjusted EBITDA from the rest of the world is expected between $1.63bn and $1.83bn.

At the midpoints of their respective ranges, Flutter therefore expects 17.5% revenue growth and 30.2% further adjusted EBITDA growth this year.

Following the secondary listing of Flutter’s shares on the New York Stock Exchange earlier this year, the business will hold a shareholder vote on 1 May to approve moving its primary listing to the US.

“Flutter delivered a strong 2023 performance as we continued to deliver on our strategy,” said CEO Peter Jackson in a statement. 

“This was underpinned by a localised approach to technology and product coupled with the unique scale advantages of the Flutter Edge. 

“As anticipated, our number one position in the US has transformed the group’s earnings profile during 2023 as FanDuel delivered a positive US full year adjusted EBITDA for the first time.

“We believe that our strategy and competitive advantages position us well to continue to grow the business through both organic and inorganic opportunities.”

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