Flutter Entertainment has reported a 20% increase in revenue year-on-year for the second quarter of 2024, bringing total revenue to $3.61bn.
The company’s net income rose to $297m, marking a 364% increase from $64m for Q2 2023. This growth was accompanied by a rise in net income margin, which increased by 610 basis points to 8.2%.
The average monthly players (AMPs) across all of Flutter’s platforms reached 14.3 million, representing a 17% increase. Adjusted EBITDA for the quarter was $738m, reflecting 17% growth, though the adjusted EBITDA margin slightly declined by 70 basis points to 20.4%.
Diluted earnings per share saw a rise of 290% to $1.45, while adjusted earnings per share increased by 56% to $2.61. Net cash provided by operating activities grew sharply by 688% to $323m.
In the US, Flutter’s operations showed growth, with AMPs and revenue increasing by 27% and 39%, respectively. The company’s FanDuel brand maintained its leading market position, holding a 47% share of the US sportsbook gross gaming revenue (GGR) market and a 51% share of net gaming revenue (NGR).
Outside the US, Flutter reported a 15% increase in AMPs and a 10% rise in revenue. In the UK and Ireland, performance was boosted by the European Football Championship and ongoing growth in the iGaming sector. In Italy, Flutter’s Sisal brand achieved record market share, with AMPs increasing by 25%.
This financial performance follows Flutter’s first-quarter results, where the company reported a 16% increase in revenue to $3.4bn, despite a net loss attributed to non-cash charges from the closure of the Fox Bet brand. The US segment contributed to this growth, with a 32% increase in revenue.
Given the strong Q2 results, Flutter has raised its full-year 2024 guidance, now anticipating group revenue to increase by 20% and adjusted EBITDA by 34% at the midpoints.
Flutter's share price currently sits at £161.70, up 10% after the results (this was originally 12%) at the time of writing.
