{"id":269,"date":"2024-06-27T22:24:48","date_gmt":"2024-06-27T19:24:48","guid":{"rendered":"https:\/\/bebidashve.com\/2024\/06\/27\/flutter-entertainment-reports-strong-first-quarter-earnings\/"},"modified":"2024-06-27T22:24:48","modified_gmt":"2024-06-27T19:24:48","slug":"flutter-entertainment-reports-strong-first-quarter-earnings","status":"publish","type":"post","link":"https:\/\/bebidashve.com\/2024\/06\/27\/flutter-entertainment-reports-strong-first-quarter-earnings\/","title":{"rendered":"Flutter Entertainment Reports Strong First-Quarter Earnings"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/1p7piaCCEkc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Flutter Entertainment&#8217;s earnings for the initial three months of fiscal year 2023 rose by 54% in comparison to the same period last year, primarily fueled by expansion in its American operations.<\/p>\n<p>In a trading update, Flutter disclosed that all of its operational divisions witnessed growth, with the exception of Australia, which encountered a slight decrease in earnings during the three months concluding on March 31.<\/p>\n<p>The American business experienced the most substantial growth and served as the primary contributor to Flutter&#8217;s revenue this quarter, with a 112% year-over-year increase. Both sports wagering and gaming operations saw significant expansion.<\/p>\n<p>Flutter&#8217;s chief executive, Peter Jackson (pictured), stated: &#8220;The organization delivered a very robust performance in the initial quarter, achieving 29% revenue growth through the ongoing implementation of the group&#8217;s strategic priorities.&#8221;<\/p>\n<p>&#8220;In the United States, the strength of FanDuel combined with Flutter&#8217;s strengths has propelled further market share gains. We acquired over 1.5 million new clients this quarter and maintain our position as the market leader.&#8221;<\/p>\n<p>&#8220;Our American sports betting handle amounted to $10.9 billion, representing nearly 60% of the group&#8217;s total sports betting handle.&#8221;<\/p>\n<p>Flutter&#8217;s first-quarter revenue reached \u00a32.41 billion.<\/p>\n<p>The group&#8217;s total revenue for the three-month period was \u00a32.41 billion (\u20ac2.73 billion\/$3.01 billion), an increase from \u00a31 billion last year. <\/p>\n<p>During the initial three months of 2022, Flutter Entertainment reported a total income of \u00a357 billion. The sports wagering division performed exceptionally well, with income rising by 61% to \u00a31.5 billion, while the gaming division also recorded a 44% increase, reaching \u00a3916 million.<\/p>\n<p>The American market witnessed the most substantial revenue growth, reaching \u00a3908 million, a 112% increase from the previous year. Sports betting income skyrocketed by 116%, with wagering volume increasing by 43%, and gaming income also expanded by 43%, driven by the success of FanDuel Advantage and Flutter Edge.<\/p>\n<p>Flutter noted that the recently introduced offerings in Ohio and Massachusetts significantly contributed to the expansion of the US market, with a 20% rise in new users. The company also emphasized the success of its &#8220;same-game parlays&#8221; product, particularly during March Madness and NBA basketball matches, offering a wider range of options.<\/p>\n<p>In other regions, income in the United Kingdom and Ireland increased by 17% to \u00a3608 million, with online income growing by 17% to \u00a3532 million and retail income increasing by 17% to \u00a377 million.<\/p>\n<p>Flutter attributed the growth of its online business in the UK and Ireland to the restructuring of the business in recent years, focusing on expanding the casual customer base. Online sports betting income increased by 16%, driven by player retention and strong customer acquisition during the World Cup. Gaming income also expanded by 17%, thanks to wider bonus offers on Sky Vegas.<\/p>\n<p>For the UK and Ireland retail business, Flutter stated that the growth in this segment reflected the return to normal behavior following the pandemic and strong customer engagement in the quarter.<\/p>\n<p>International income grew by 85% to \u00a3605 million, primarily driven by the impact of the acquisition of Sisal in August 2022. <\/p>\n<p>Flutter has witnessed advantages from merging Sisal into its broader operations, with retail clients converting to its online product selection, propelling revenue growth of 19% in Italy alone.<\/p>\n<p>Flutter did acknowledge that its Sportsbet brand was able to attain good player retention in a difficult COVID-19 comparison, although Australian revenue decreased 4% year-over-year to \u00a3289 million, demonstrating a decline from the enhanced revenue observed last year due to the prevalence of COVID-19.<\/p>\n<p>In terms of customer interaction, the group&#8217;s average monthly active players rose by 30% to 12.3 million, with the US increasing 46% to 3.4 million and international rising 48% to 3.9 million.<\/p>\n<p>Stockholders endorse US secondary listing<br \/>\nFollowing the conclusion of the initial quarter, Flutter stockholders approved a measure introducing the intention to seek a secondary listing in the US. According to Flutter, the listing will become effective &#8220;mid-Q4 2023&#8221; and will expand upon the operator&#8217;s current listings on the London Stock Exchange and Euronext Dublin.<\/p>\n<p>While the precise location of the second listing has not yet been determined, Flutter stated it will be on either the Nasdaq Stock Market or the New York Stock Exchange.<\/p>\n<p>Jackson, in his response to the first-quarter results, remarked: &#8220;We are pleased to observe the overwhelming support from our stockholders for the addition of a US listing for Flutter.&#8221; &#8220;The strategic and capital markets benefits this will provide to Flutter will position the group for the subsequent phase of growth.&#8221; <\/p>\n<p>Jackson also pointed out the UK&#8217;s Gambling Act White Paper, which was issued last week, stating that Flutter backs the suggested modifications.<\/p>\n<p>Jackson said, &#8220;In the UK, the release of the White Paper demonstrates our positive action in integrating safer gambling more deeply throughout the organization through our &#8216;Play Responsibly&#8217; strategy.&#8221;<\/p>\n<p>&#8220;These alterations will provide consistent safer gambling safeguards for customers and make responsible gaming a priority for all operators, which we wholeheartedly support.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flutter Entertainment&#8217;s earnings for the initial three months of fiscal year 2023 rose by 54% in comparison to the same period last year, primarily fueled by expansion in its American operations. In a trading update, Flutter disclosed that all of its operational divisions witnessed growth, with the exception of Australia, which encountered a slight decrease [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flutter Entertainment Soars: US Growth Fuels Q1 Surge<\/title>\n<meta name=\"description\" content=\"Flutter Entertainment reports a 54% jump in Q1 earnings, driven by strong performance in the US market. 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