Flutter Entertainment has released a provisional trading update for the fourth quarter ending 31 December 2023.
The operator reported a 15% rise in Q4 revenue, totalling £2.67bn ($3.39bn), with a breakdown showing a 15% increase in sports revenue (£1.66bn) and a 19% increase in gaming revenue (£1.02bn).
The group's performance in the US demonstrated momentum, with average monthly players increasing by 33%, sportsbook stakes by 53% and gaming revenue by 49%.
US Sportsbook FanDuel maintained its market position with a 43% Q4 gross revenue market share. FanDuel Casino secured the #2 iGaming brand spot with a 26% market share in Q4.
However, Q4 revenue growth in the US was reported to have been impacted by customer-friendly sports results, leading to net revenue of £1.14bn, £147m below the previous guidance. Flutter highlighted a 35% approximate flow-through to adjusted EBITDA due to this revenue miss.
In regions outside the US, the UK & Ireland reported a revenue increase of 19%, Australia reflected a 2% decline and international markets showed a 4% growth, driven by 'consolidate and invest' markets.
Flutter anticipates its US listing on the NYSE to be effective on 29 January 2024, subject to the approval of its Form 20-F Registration Statement. Additionally, the company completed the acquisition of MaxBet, a local brand in Serbia, on 9 January 2024.
In related news, Flutter Entertainment announced changes to its Board of Directors, with Richard Flint, a key figure since March 2020, choosing not to seek re-election at the upcoming Annual General Meeting scheduled for 1 May 2024.
Flint played a role in shaping Flutter post-merger and was the Executive Chair of Sky Betting & Gaming. This announcement followed Flutter's US listing and Dublin delisting plans at the end of 2023.
