Flutter reported a 67% increase as its total revenue grew to $3.2 billion in 2022.
There was nothing unsteady yesterday about Flutter as it released its 2022 preliminary financial results for the period ending 31 December 2022.
The online betting firm, which owns operators Sky Bet
& Gaming, Paddy Power Sportsbook
, Sportsbet, PokerStars
, and FanDuel,
among others, posted a 27% increase in group revenue and EBITDA to £7.69bn and £918m respectively. The acquisitions of Tombola, which is one of the U.K.’s leading online bingo operators, and Sisal, which is a leading gambling group in Italy, spurred these positive numbers.
“Flutter delivered a strong performance in 2022, continuing to execute on the strategic priorities we outlined last March,” said Flutter Chief Executive Peter Jackson in a press release. “Growth in our recreational customer base delivered 2022 revenue growth of 27% and we ended the year with a record 12.1m average monthly players in Q4.”
Flutter really shined though in the U.S., which is due in part to FanDuel
’s success. The company reported a 67% increase as its total revenue grew to $3.2 billion and its AMPS exceeding three million for the first time in Q4. In addition to this, the company reported an EBITDA loss of 6% to $313 million. In terms of guidance ranges, these numbers fall on the upper end for total revenue and lower end for EBITDA loss.
The online betting firm also reported that FanDuel
finished Q4 with a market share of 50%, which is a 10% increase from the previous year. This was in large part due to FanDuel’s launch in Maryland and Ohio, which are the most successful states to launch to date. In fact, FanDuel accounted for 45% of January’s handle in The Buckeye State
. FanDuel also grew its standing in the iGaming world to a 21%.
“We have an unparalleled number one position in the U.S. where we continue to go from strength to strength,” said Jackson in a press release. “The combined power of the ‘FanDuel Advantage’ and the ‘Flutter Edge’ delivered our most successful launches to date in Maryland and Ohio. Leveraging our number one FanDuel brand we had a record Super Bowl and have acquired over 1.2m customers in 2023 so far.”
Flutter also invested £60m in safer gambling initiatives group-wide in 2022.
“We’ve been really encouraged by the eight-percentage point increase achieved in safer gambling tool usage to over 40% of our player base,” said Jackson in a press release. “Early feedback from shareholders on an additional U.S. listing of Flutter's ordinary shares has been ‘supportive.’”
Things don’t seem to be slowing down for Flutter in 2023 either.
“2023 is off to a pleasing start driven by positive momentum from the end of last year,” said Jackson in a press release. “With our combined U.S. business on track to deliver a positive EBITDA for the full year 2023 for the first time, the Group is currently at an earnings’ transformation point and we look forward to delivering future growth and progressing further against Flutter’s strategic priorities in the coming year.”