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Flutter Entertainment posts £1.89bn in Q3 revenue

Flutter Entertainment has reported revenue of £1.89bn ($2.18bn) for the third quarter of 2022, a 31% increase from the prior-year period.

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The operator noted that such a positive result was driven by US growth of 82% to £598m, and the acquisition of Sisal.

Sports revenue accounted for £1.14bn of total revenue, with gaming revenue accounting for the remaining £748m.

UK and Ireland revenue grew 3% year-on-year to £509m, split between £443m from online and £66m from retail. The former is up 4% year-on-year, with the latter down 3%.

Australia revenue for Q3 2022 amounted to £319m, a 21% decline from Q3 2021, while International revenue grew 43% year-on-year to £466m.

“Flutter delivered a strong Q3 performance with pro forma growth of 11% in both revenue and average monthly players,” said Flutter Entertainment Chief Executive Peter Jackson.

“We are really pleased with our performance in our US division since the start of the NFL in September where we are now averaging over 1m players on a regular NFL Sunday. In addition, we are seeing an increase in customer retention rates as our parlay products continue to grow in popularity, boosted by the start of the NBA season. 

“The ongoing momentum in our US division has led to an upgrade to our outlook for the year, underpinning our confidence that we will be profitable for 2023.”

He continued: “Outside of the US, we welcomed Sisal, Italy’s leading gaming operator, to our International division during the quarter and look forward to working with the team to grow the business in Italy and in other International markets.”

Regarding its full year guidance, Flutter noted an upgrade in US revenue guidance to $2.95bn-$3.2bn, with an adjusted EBITDA loss still expected to be in line with previous guidance of $300m-$360m.

Excluding the US, adjusted EBITDA for 2022 is expected to remain within the previously guided range and in line with expectations of £1.29bn-£1.39bn.

Jackson continued: “As we look ahead our product and geographic diversification, as well as our recreational customer base, position us well for future growth.”

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