Flutter Q3: Gross profit increases 28% year-on-year to $1.5bn
By Lucy Wynne
Global sports betting and casino operator, Flutter, have released their Q3 results for 2024.
Under Flutter ownership are brands such as FanDuel, Betfair, Pokerstars, Paddy Power, Tombola and more. Flutter’s Q3 report for this year reflected a lot of positives and growth in the right areas.
Group revenue rose 27% from $2.56bn in Q3 2023, to $3.25bn in Q3 2024 and average monthly players also increased by an impressive 16%, from 11.1m to 12.9m year-on-year (Y-o-Y). Furthermore, adjusted EBITDA also rose from $258m to $450m Y-o-Y.
Net loss reduced overall by 56%, decreasing from $262m in Q3 2023, to $114m in Q3 2024 and gross profit increased from $1.17bn to $1.5bn, up 28% year-on-year. The net loss reduction is thanks to the strong revenue growth that occurred during this quarter.
When broken down geographically, the US accounted for $1.25bn of group revenue, up 51% YoY, the UK&I accounted for $846m, up 18% compared to the last quarter and Australia made up $371m of total revenue, which again increased by 12% when compared to Q3 of the previous year. Lastly, the rest of the world generated $781m of group revenue for Q3 2024, an increase of 15% year-on-year.
Additionally, group revenue minus the US market also rose by 15% year-on-year from $1.73bn to $2bn.
Bookmaker revenue in the US grew by 62% due to new marketing promotions which was a part of their investment strategy as well as a 36% increase in sports wagers; thanks to the new NFL season.
UK&I also saw an overall revenue growth of 18%, as bookmaker revenue increased 9% due to the amount of bets made on the Euros; which accounted for 8% of sports wagers in Q3 2024.
Peter Jackson, CEO at Flutter, commented on the report: “Flutter had an excellent quarter with revenue growth accelerating to 27%, well ahead of market expectations, and increases to our revenue and Adjusted EBITDA guidance for 2024.
“In the US, we had a fantastic start to the new NFL season with peak wagers per minute already higher than Super Bowl LVII. Our proprietary product offering continued to drive strong parlay penetration as well as a step up in live betting handle.”