Flutter Q1; Revenue hits $3.4bn, net loss increases 59%

The operator saw growth for the most part across its segments and metrics, with iGaming revenue up across the US, UK&I and international segments.  

flutter revenue

Flutter has released its financial results for the first quarter of 2024. In total, the operator made $3.4bn in revenue, up 16% year-on-year, while adjusted EBITDA grew 46%, reaching $514m. 

Despite this, Flutter still reported an overall net loss, which had increased from $111m in Q1 2023 to $177m in Q1 2024. This was also reflected in the net loss per share, which was up from $0.58 per share to $1.10 per share. This was attributed in part to a non-cash charge of $184m (up from $64m in Q1 2023) following the closure of the Fox Bet brand. 

US and FanDuel 

The most significant financial contribution to Flutter’s Q1 revenue came from Flutter’s US operations, which made $1.41bn, or 41.5% of the group's total revenue. This reflects year-on-year growth of 32% – the most significant of any of Flutter’s segments. As well as this, adjusted EBITDA this quarter was reported at $26m, compared to last year’s loss of $53m. 

FanDuel remained the top US sportsbook, with net gaming revenue (NGR) market share of 52% and a gross gaming revenue (GGR) market share of 46%. FanDuel’s iGaming offering even improved to the number one spot, with a GGR market share of 27%, up from the second-place spot reported in Q4 2023.  

Sportsbook revenue was up 30% to $986m, while iGaming revenue grew 49% to $358m.  

Part of the operator's success in the quarter was attributed to the launch of mobile sports betting in North Carolina in March, where FanDuel partnered with bodies including the Carolina Panthers as an Official Sports Betting Partner. In the report, it was found that 5.3% of adults in the Tar Heel State signed up for FanDuel in the first 45 days of launch.  

On the results, Flutter CEO Peter Jackson said: “We have had an excellent start to the year. In the US, FanDuel’s top-line momentum is translating into strong growth in US adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share and embedding future profits within our business through disciplined investment.” 

UK and Ireland 

In the UK, revenue was up 17% year-on-year (12% on a constant currency basis) to $861m, with adjusted EBITDA up 30% to $268m. Of this total revenue, $411m was generated by sportsbook operations (up 9%) and $406m was generated by iGaming operations (up 27%), with total sportsbooks stakes coming to $3.26bn – a relative stagnation with 1% growth. 

How the UK and Ireland segment will fare following Flutter’s exit from the Irish stock market and prioritisation of the US market in May will impact this segment in future quarters has yet to be seen.  


Revenue from the international segment was $797m, up 5% year-on-year (6% on a constant currency basis). Adjusted EBITDA has also grown, up 20% just behind the UK and Ireland. Flutter’s international segment includes revenue from Italy, Spain, Brazil, India, Turkey, Morrocco, Bosnia Georgia, Armenia, Serbia and Herzegovina. 

By segment, sports betting stakes in the international segment totaled $1.57bn, up 21% year-on-year. Sportsbook revenue came to $160m while iGaming revenue totaled $600m, the highest of any Flutter segment and an inverse of trends seen in the UK&I and US.  

Note was taken of the increased performance of Sisal in Italy, where average monthly players grew by 22% from March 2023 to March 2024. This was in part attributed to the launch of the Sisal betting app, which came out in Q3 2023.  

A 20% increase in average monthly players in March was also attributed to the Indian Premier League and growth in Junglee Daily Fantasy Sports, though this was not enough to stop the $160m in sports betting revenue reflecting a decline of 12% year-on-year. IGaming revenue was up 8% year-on-year. 


In Australia, sports betting stakes were down 19%, with sportsbook revenue down 6% to $329m (down 2% on a constant currency basis). Adjusted EBITDA came to $83m, remaining fairly stagnant, down 2% year-on-year or up 2% on a constant currency basis. Average monthly players came to 991,000.  

Group excluding US 

Combining results from Australia, UK&I and the international segment, revenue came to $1.99bn, up 16% year-on-year, with adjusted EBITDA growth of 20%, totaling $488m.  

On the results, Jackson added: “Outside of the US, our focus on delivering the best products for our players is driving good momentum in key markets such as the UK where the launch of Super Sub on Paddy Power has been our most successful product launch to date, and in Italy where we have been taking online sports betting and iGaming market share during Q1 and reached an all-time record in April.” 

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