Flutter has reported a 16 per cent rise in Q1 revenue to US$3.4bn, with FanDuel and Paddy Power helping steer the growth across the operator group’s US and UK and Ireland segments.
Revenue in the US was up by 32 per cent to $1.4bn while the UK figure climbed 17 per cent year-on-year to £861m.
Flutter said FanDuel’s strong launch in North Carolina in March saw 5.3 per cent of the adult population sign up with the operator in the first 45 days of the regulated market going live.
In the UKI segment, Paddy Power’s Super Sub product launch has been Flutter’s “most successful launch to date,” said CEO Peter Jackson.
“We have had an excellent start to the year,” he added. “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.”
Overall adjusted EBITDA rose by 46 per cent to $514m but net loss widened to $177m, up from $111m in Q1 2023, due to the “improved financial performance” being “more than offset by an associated tax charge and the change in the fair value of the Fox Option liability,” Flutter said.
In Flutter’s International Segment, Sisal reached an all-time record for market share in Q1 in April with strong igaming performance.
The addition of MaxBet, the eastern European-focused operator Flutter recently acquired, added $47m to group revenue growth year-on-year, the group said.
Flutter revealed its primary listing in the US is set to become effective on May 31.
“With a greater proportion of the group's future profits expected to be generated in the US, we have moved our operational headquarters to New York reflecting the importance of the US sports betting and igaming market to our business,” said Jackson.
Indeed, US revenue was steered by 49 per cent growth in FanDuel’s igaming segment and sportsbook revenue growth of 30 per cent.
An igaming revenue rise of 27 per cent, meanwhile, was the key influence in Flutter’s UKI growth, it said, with sportsbook revenue up nine per cent year-on-year.
