Key points:
- Flutter cited ex-US expansion throughout FY2024, including the addition of MaxBet and “substantial” growth in the UK and Italy
- Revenue for the company’s ex-US group increased by 14% year-over-year for a total of $2.2bn, driven by favorable sports results and “excellent” iGaming expansion
Flutter Entertainment reported the company’s financial results for both the fourth quarter of 2024 and fiscal year (FY) on March 4, witnessing a total revenue of $14.05bn during FY2024 and net income growth of 113% to $162m.
The company’s adjusted EBITDA also grew during FY2024, reported to be nearly $2.4bn, equating to an increase of 26% year-over-year. The revenue figure represents an increase of 19% from the prior year period, primarily driven by ex-US expansion including the addition of MaxBet as well as favorable sports results and substantial growth from iGaming.
Revenue for the UKI and International groups of Flutter increased by 17% and 23%, respectively, during the fourth quarter of 2024, for reported totals of $963m and $872m. While Australia’s revenue decreased by 8% year-over-year to $346m, Flutter stated that player trends remain “encouraging” with a third consecutive quarter of average monthly player growth.
The company’s US group accounted for the majority of revenue during Q4 2024 by generating $1.6bn of the $3.8bn total, which represents an increase of 14% year-over-year for Flutter. Similar to that of FY2024, Flutter managed to report a net income of $156m during Q4 2024, following a net loss of over $900m from the fourth quarter of 2023.
Due to the US and Australia group’s adjusted EBITDA decreasing by 3% and 35% year-over-year, respectively, Flutter’s total adjusted EBITDA during Q4 2024 was reported to be $655m, still good for an increase of 4% from the prior year period. UKI’s adjusted EBITDA was reported to be $319m, increasing by 17% from the prior year period, while International grew by 15% for an adjusted EBITDA of $172m during Q4 2024.
Due to the favorable results seen throughout both periods, Flutter set a 2025 midpoint revenue guidance of between $8.05bn and $8.45bn for the ex-US group as part of its report. Also including a midpoint adjusted EBITDA guidance of $1.75bn-$1.95bn, the midpoint figures would represent increases of 6% year-over-year for revenue and 10% growth for adjusted EBITDA.
Good to know: Gambling Insider reached out to industry experts on March 4 regarding potential concerns Flutter could face in Italy expansion efforts from local lobby groups
Flutter also stated that it expects new launches in Missouri and Alberta to cost $90m in negative revenue during 2025, with the operator’s debut in Alberta currently set for early 2026.
As part of a conference call hosted after the report was released, Flutter CEO Peter Jackson and CFO Rob Coldrake spoke to reporters about the possibility of challenging International Game Technology (IGT) for Italy’s main lottery licence.
Jackson stated that with two weeks until a bid needs to be made - operators officially have until 17 March - Flutter will continue “pulling thoughts together” before making a decision on whether to pursue the licence.
He described the lottery licence as a “very different type of product” than what Flutter currently offers within the country, but that the impact of potentially securing the licence is well-understood by the company.
In UKI, sportsbook revenue during the fourth quarter of 2024 was reported to be $473m, while iGaming contributed an additional $458m, representing increases of 31% and 16%, respectively, from the prior year period. For the International group, sportsbook revenue increased by 46% year-over-year to $213m during Q4 2024, while iGaming grew by 14% to account for $626m of revenue.
