In the first half of this year, Flutter saw a group revenue of £4.8 billion (€5.58 billion). The number of average monthly players increased by 28% compared to the same period last year, reaching 12.3 million.
According to a recent update, the betting giant reported a profit after tax of £128 million, showing an improvement from the £112 million loss reported in the first half of 2022.
Flutter’s US division experienced a 63% year-on-year increase in revenues, reaching £1.8 billion. The FanDuel group accounted for 98% of the total revenue from this region and attracted two million new players.
The adjusted EBITDA for the US market was £49 million, a significant improvement from the £132 million loss reported in the same period in 2022. This positive performance was credited to strong growth in the existing sports book and iGaming states.
The US division now represents Flutter’s largest segment. The company is currently working towards listing in the US market, aiming for the final quarter of this year or early next year.
For over a year, the group had been considering a small holding stock market flotation of FanDuel in the US, especially as several US states legalized sports betting, leading to its growth as the group’s largest revenue-generating business. However, the group has decided to pursue an additional listing to boost Flutter’s profile and gain access to new capital markets.
Excluding the US market, Flutter’s sales showed an 8% increase despite facing regulatory challenges.
Revenues from the UK and Ireland grew by 13%. Betting across Flutter’s stores increased by 11% despite inflationary pressures.
“The first half of 2023 marks a pivotal moment for the group, with our US business now reaching a profitability turning point, which has transformed the Group’s earnings profile and significantly enhanced our financial flexibility,” said Chief Executive Peter Jackson.
The group anticipates US revenue between £3.6 billion and £3.9 billion, with adjusted EBITDA ranging from £90 million to £190 million, assuming Flutter can launch in Kentucky.
Outside of the US market, the group expects the EBITDA to align with market conditions, estimating it to be around £1.44 billion to £1.6 billion, driven by strong momentum in the UK and Ireland.
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