Flutter sees 46pc revenue surge as it adds millions of new players

Flutter CEO Peter Jackson. Photo: Flutter

Sarah Collins

Gaming giant Flutter has added more than 1.5m customers in the first three months of the year, a 30pc increase on last year.

It brings average monthly players to 12.3 million, the London and Dublin-listed firm said in a trading update today.

The new players drove revenue growth of 46pc year on year to £2.4bn (€2.7bn). Pro forma revenues were up 29pc.

Its strong US performance was behind the positive results, with revenue almost doubling (up 92pc), with its first-quarter sports market share in the country of 50pc.

Its US sports betting handle of $10.9bn represented almost 60pc of the group's total sportsbook stakes.

Revenues were up 17pc in the UK and Ireland, but there was a 4pc fall in its Australian market.

At the group’s annual general meeting last week, shareholders voted on a number of changes to the group’s articles of association which are necessary to facilitate a new US listing.

Chairman Gary McGann told reporters following the AGM that its main listing would remain in London. It means the group will have to exit its Irish listing.

Chief executive Peter Jackson said Flutter was “very pleased to receive overwhelming support among our shareholders for the addition of a Flutter US listing”.

“The strategic and capital markets benefits this will bring to Flutter will position the group well for its next phase of growth,” he said on Wednesday.

“The group delivered a very strong Q1 performance with pro forma revenue growth of 29pc, achieved through continued execution against the Group's strategic priorities.

“In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains.

"Outside of the US, pro forma revenue growth of 8pc demonstrated the benefits of diversification of our portfolio.

“We continued to take share across our UK and Ireland and international businesses while in Australia we did an excellent job defending our leadership position.

“We remain delighted with the progress of Sisal since the acquisition in August 2022.”

He said the publication of a gambling white paper in the UK has “vindicated the proactive actions” the company has taken on safer gambling

"The changes will bring consistency to safer gambling protections for customers and make responsible play a priority across all operators, which we strongly support.”