Flutter Entertainment has announced financial results for the fiscal year ended 31 December 2023. The group reported an increase in revenue, reaching $11.79bn, marking a 24.6% growth compared to the previous year.
Average Monthly Players (AMPs) also saw a notable rise of 20.3%, reaching 12.3 million, while further adjusted EBITDA surged by 45.4% year-on-year to $1.87bn.
Yet again, the company's performance in the US market was particularly noteworthy, with FanDuel's market leadership driving a 40.7% increase in revenue. FanDuel achieved its first year of positive further adjusted EBITDA, totalling $167m.
Outside the US, Flutter's International and UKI divisions contributed group ex-US adjusted EBITDA of $1.613bn. The company reported a net loss of $1.2bn, primarily attributed to non-cash charges, including $725m for PokerStars' trademark impairment and acquired intangibles amortisation.
Looking ahead, Flutter has started 2024 on a positive note, with revenue increasing by 23.4% in the first 11 weeks of the year. This growth was reportedly driven primarily by a 55.6% increase in US revenue, fueled by record Super Bowl engagement.
In terms of strategic initiatives, Flutter successfully completed a secondary listing on the NYSE on 29 January 2024, with plans for a primary listing pending shareholder approval at the Annual General Meeting on 1 May 2024. The company also completed the acquisition of MaxBet, a local brand in Serbia, further expanding its presence in key markets.
These financial results come after Flutter's provisional trading update for the fourth quarter of 2023, which showcased a 15% increase in Q4 revenue.
Additionally, Flutter announced changes to its Board of Directors, with Richard Flint, a key figure in shaping the company post-merger, choosing not to seek re-election at the upcoming Annual General Meeting.
Flutter shares were up 1.65% following publication of its report.
