Flutter Revenue Up 19% in 2024, Hits $14.05B
Key Takeaways
Flutter Entertainment has released its financial figures for 2024. Revenue increased by 19% to USD 14.05 billion. After a net loss of USD 1.2 billion in 2023, the company achieved a net profit of USD 162 million. The U.S. market showed particularly strong growth, generating USD 5.8 billion in revenue. The number of active users rose by 13% to 13.9 million monthly players.
Revenue Growth and Profit Increase
Flutter Entertainment recorded significant revenue growth in 2024. Total revenue rose to USD 14.05 billion, representing a 19% increase compared to the previous year. Particularly noteworthy is the shift from a net loss of USD 1.2 billion in 2023 to a net profit of USD 162 million. CEO Peter Jackson and CFO Rob Coldrake attributed this turnaround to a tax credit in the U.S. related to previous losses.
Strong Performance in the U.S.
Flutter’s U.S. division generated USD 5.8 billion in revenue. The company forecasts an increase to USD 7.7 billion in 2025. FanDuel, a subsidiary of Flutter, established itself as the leading provider in sports betting and iGaming. The company holds a 43% market share in sports betting and 26% in the iGaming sector.
FanDuel: Market Leader with Challenges
FanDuel increased its revenue in Q4 2024 by 14% to USD 1.6 billion. However, adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) declined by 3% to USD 163 million. This was due to unfavorable sports results, particularly in the NFL, which cost Flutter an estimated USD 550 million in revenue and USD 360 million in EBITDA.
iGaming and Sports Betting Growth
Revenue from sports betting increased by 8% to USD 1.1 billion, while the iGaming segment grew by 43% to USD 441 million. FanDuel’s betting volume rose by 12% to USD 16.4 billion. Despite a decline in EBITDA for the quarter, Flutter managed to increase total EBITDA for Q4 by 4% to USD 655 million.
Future Plans and Market Expansion
Flutter plans to repurchase up to USD 1 billion in shares in 2025. The company is also monitoring the development of the U.S. iGaming market and potential expansions into new markets. However, tax increases in Illinois resulted in an estimated revenue loss of USD 50 million.
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Expectations for 2025
The company plans market entries in Missouri and Alberta, which could initially negatively impact revenue. Flutter expects a revenue decline of USD 90 million in 2025 due to these expansions. The market entry in Alberta is scheduled for early 2026.
Our Assessment
Flutter Entertainment is showing strong recovery after the losses in 2023. The expansion in the U.S. and the growth of FanDuel are key contributors to this positive development. Despite challenges from unfavorable sports results and tax increases, the company remains optimistic. While the planned expansions may temporarily impact profits, they could drive further long-term growth.
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