Flutter looks set for another share price boost after US revenues jump again
Gambling giant Flutter Entertainment reported a boost in revenue for the first quarter of 2023 as a result of its continued expansion drive in the US.
The London-listed company — which owns PaddyPower, Betfair and FanDuel — increased its average monthly players by 30 per cent year on year to £12.3m, pushing revenues up by 46 per cent to £2.4bn.
Revenue in the US increased by 92 per cent to £908m.
“In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains. We added over 1.5m customers in the quarter and we remain the clear market leader. Our US sports betting handle of $10.9bn represented almost 60% of the Group’s total sportsbook stakes,” chief executive Peter Jackson said in a statement.
Flutter’s shares are up 91 per cent over the past 12 months.
Just days before reporting its quarterly results, Flutter won shareholder approval to launch a secondary listing in the US, paving the way for it to switch its primary listing in the future. Around 99 per cent of shareholders voted in favour.
“The strategic and capital markets benefits this will bring to Flutter will position the Group well for its next phase of growth,” Jackson said on Wednesday.
Meanwhile in the UK, the London-listed gambling company — alongside its rivals — will be subject to tighter regulations including a statutory levy and stricter checks on losses, the government announced last week in its long-awaited gambling white paper.
Jackson said the group “strongly” supported the measures. In the UK and Ireland, revenue increased by 17 per cent to £608 million.
Flutter shares (FLTR) were last trading up 1.55 per cent at 16,035p.