Post by Blitz on Apr 3, 2024 6:15:46 GMT -5
FanDuel reports $4B in full-year revenue amid iGaming growth
By Justin Byers - March 26, 2024
sbcamericas.com/2024/03/26/fanduel-reports-4b-revenue-flutter/
FanDuel owner Flutter Entertainment reported favorable full-year growth from its North American operations despite a significant increase in net losses.
The gambling giant, which also owns Betfair, PokerStars, and Paddy Power, generated $11.7 billion in group revenue in FY2023, a 24.9% increase year-over-year. Flutter saw its U.S. business, which includes FanDuel’s sports betting and iGaming operations, report $4.4 billion in revenue in FY2023 compared to $3.1 billion for the fiscal year prior.
“The business had an excellent 2023,” said Flutter CEO Peter Jackson during the company’s earnings call. “FanDuel has reached an inflection point, where we believe we will generate significant further adjusted EBITDA in 2024.”
FanDuel’s adjusted EBITDA in FY2023 reached $65 million compared to a loss of $347 million for the fiscal year prior. Flutter reported strong results for FanDuel but the company posted a net loss of $1.2 billion in 2023, a 227.3% increase compared to the year prior.
Flutter attributed the loss to a $725 million trademark impairment charge for PokerStars.
FanDuel growing under Flutter
FanDuel gained 3.7 million new sports betting and iGaming players in 2023, a 19% uptick year-over-year. FanDuel generated the results behind its investment in iGaming, which saw the company release 82% more games in 2023 compared to the year prior.
Last year, FanDuel Casino bolstered its marketing efforts with innovative ad campaigns, including “Winning is Undefeated,” which coincided with the release of an exclusive game. As of Q4 2023, FanDuel Casino holds roughly 25.7% of the iGaming market share in the U.S. and is the top iGaming brand for gross gaming revenue in America as of January.
The operator’s sports betting operations have a net gaming revenue share of 53.4%.
Flutter goes listing in America
The company will continue to expand its reach with a presence on a new stock exchange.
In December 2023, Flutter announced formal plans to list on the New York Stock Exchange. A mother later, the Ireland-based company went public with its entire portfolio of brands and traded as high as $210.98, up 3%, on its first day of trading.
As part of its U.S. listing, Flutter delisted from Euronext Dublin to limit exposure.
By Justin Byers - March 26, 2024
sbcamericas.com/2024/03/26/fanduel-reports-4b-revenue-flutter/
FanDuel owner Flutter Entertainment reported favorable full-year growth from its North American operations despite a significant increase in net losses.
The gambling giant, which also owns Betfair, PokerStars, and Paddy Power, generated $11.7 billion in group revenue in FY2023, a 24.9% increase year-over-year. Flutter saw its U.S. business, which includes FanDuel’s sports betting and iGaming operations, report $4.4 billion in revenue in FY2023 compared to $3.1 billion for the fiscal year prior.
“The business had an excellent 2023,” said Flutter CEO Peter Jackson during the company’s earnings call. “FanDuel has reached an inflection point, where we believe we will generate significant further adjusted EBITDA in 2024.”
FanDuel’s adjusted EBITDA in FY2023 reached $65 million compared to a loss of $347 million for the fiscal year prior. Flutter reported strong results for FanDuel but the company posted a net loss of $1.2 billion in 2023, a 227.3% increase compared to the year prior.
Flutter attributed the loss to a $725 million trademark impairment charge for PokerStars.
FanDuel growing under Flutter
FanDuel gained 3.7 million new sports betting and iGaming players in 2023, a 19% uptick year-over-year. FanDuel generated the results behind its investment in iGaming, which saw the company release 82% more games in 2023 compared to the year prior.
Last year, FanDuel Casino bolstered its marketing efforts with innovative ad campaigns, including “Winning is Undefeated,” which coincided with the release of an exclusive game. As of Q4 2023, FanDuel Casino holds roughly 25.7% of the iGaming market share in the U.S. and is the top iGaming brand for gross gaming revenue in America as of January.
The operator’s sports betting operations have a net gaming revenue share of 53.4%.
Flutter goes listing in America
The company will continue to expand its reach with a presence on a new stock exchange.
In December 2023, Flutter announced formal plans to list on the New York Stock Exchange. A mother later, the Ireland-based company went public with its entire portfolio of brands and traded as high as $210.98, up 3%, on its first day of trading.
As part of its U.S. listing, Flutter delisted from Euronext Dublin to limit exposure.