Expanding player numbers drive further growth at betting giant

Flutter Entertainment, owner of Leeds-based Sky Betting and Gaming, says its strategy is delivering continued strong growth as the business publishes its results for the three months ended 31 March.

Revenue during the period climbed 16% to $3.4bn/£2.7bn, while the business recorded a pre-tax loss of $162m/£129m (2023: $152m/£121m pre-tax loss) and an 11% rise in average monthly players to 13.7m (2023: 12.3m).

Adjusted EBITDA was up 46% to $514m/£409.3m (2023: $352m/£280.3m).

Peter Jackson, CEO, said: “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.

“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.

“On May 1, shareholders voted to move our primary listing to the US. We believe a US primary listing is the natural home for the group and we look forward to this becoming effective on May 31.”