FanDuel, owned by US firm, propels Flutter Entertainment forward, with strong growth projected for 2024.

The parent company of Paddy Power, Betfair and Sky Bet, Flutter, reported a significant increase in revenue, earnings, and player numbers for the year 2023. The company expects this growth to continue into 2024. Flutter’s revenue for the year increased by nearly 25 percent to $11.79 billion, with average monthly players up by more than 20 percent to 12.3 million.

Adjusted Ebitda rose by more than 45 percent year-on-year to $1.87 billion. However, the company recorded a net loss of $1.2 billion for 2023 due to various expenses, including a $725 million writedown against the value of the PokerStars brand. Flutter’s UK and Ireland brands added two percentage points of market share, reaching 30 percent during the year.

This offset “softness” in the Australian horseracing market, expected to persist through the year. FanDuel significantly impacted the group’s earnings profile, with a revenue increase of 40.7 percent and a first year of positive Ebitda of $167 million. Flutter described a “very good start to 2024” with group revenue up 23.4 percent for the first 11 weeks of the year.

In the US, revenue for the start of 2024 increased by 55.6 percent, thanks to a record-breaking Super Bowl during which FanDuel took 14 million bets totaling more than $300 million. Flutter acquired a secondary listing on the NYSE in January, and CEO Peter Jackson mentioned an increased focus from new US investors. Flutter is moving towards a shareholder vote on May 1 to approve a primary listing move to the NYSE, with plans to maintain a secondary listing in London.

This strategic move would position the company well for future growth through both organic and inorganic opportunities. David Brohan, a gaming and leisure analyst, described Flutter as “best in class,” with its US business continuing to strengthen. Flutter shares closed down 1.10% at 17,095 on Tuesday.