Flutter Entertainment is a gambling giant. Last Tuesday, they posted a 25% surge in its revenue. The fast-paced growth of its United States subsidiary FanDuel is driving it. Additionally, its overall losses widened due to a series of multi-million dollar impairment charges impacting its bottom line.
The Dublin headquartered company posted a 25% increase in its last year’s full-year revenue, reaching $11.79 billion. These are its first set of results since moving its secondary listing to New York. This comes as its sales saw a boost from a 40.6% increase in revenues.
Peter Jackson, the chief executive of Flutter Entertainment, has praised FanDuel’s 2023 performance. This comes after its US brand reported a full year of positive annual adjusted EBITDA in the country for the first time.
He states that, through FanDuel, Flutter is now in a market-leading position in the United States. Further adjusted EBITDA in the country was also $167 million for the past year. This marks a significant rise from the loss of $263 million recorded in Flutter’s financial year in 2022.
This is also the first time the company has recorded a positive further adjusted EBITDA over an entire year. More adjusted margin is now up from -8.2% in 2022 to -3.7% in the past year. It is now in positive territory.
In March 26, on Flutter’s earnings call, Jackson piled up praise on the performance of the company in the United States, particularly in relate to iGaming.
Paul Edgecliffe-Johnson is the chief financial officer and he declared that Flutter and FanDuel had been the number one online casino operator in the United States market since January of this year.
Jackson expressed tremendous momentum in the business and his delight with the team’s efforts. He added that they have only just deployed some innovations and they are excited to see where they can take the company.
