Flutter Entertainment has released its financial results for the third quarter, showcasing a significant improvement in performance compared to the previous year. The company recorded a net loss of $103 million, which marks a considerable reduction from the $275 million loss reported last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) surged by 74% to reach $450 million, while revenue increased by 27% to $3.25 billion.
Enhanced financial outlook for 2024:
According to NASDAQ, the company has revised its fiscal projections upward for 2024, now anticipating a 22% year-over-year increase in Group revenue and a 35% rise in adjusted EBITDA at the midpoint estimates (pdf). These adjustments reflect a more optimistic financial outlook based on current performance trends.
Peter Jackson, CEO of Flutter Entertainment, expressed satisfaction with the company’s performance, highlighting the accelerated revenue growth which surpassed market expectations in a company’s report (pdf). “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,” Jackson commented. He emphasized the strong start to the new NFL season in the US, where peak wagers per minute have already exceeded those of Super Bowl LVII.
Jackson also noted significant progress in other key markets. “Outside of the US, all divisions delivered a strong performance in the quarter as they leveraged the benefits of the Flutter Edge,” he stated. The UK and Ireland (UKI) saw growth driven by a diversified product range, while in Italy, the Sisal brand made substantial market share gains. The Australian market, led by Sportsbet, also showed encouraging trends.
Strategic moves and market expansion plans:
During an investor day presentation on September 25, Jackson outlined the company’s strategy for organic growth and potential mergers and acquisitions. He announced plans for a share repurchase program set to commence in the fourth quarter, highlighting Flutter’s robust capital deployment opportunities for growth and shareholder returns.
Looking ahead, Jackson revealed plans to launch new wagering markets in North America. “We are preparing for launches in Alberta, Canada, and Missouri, with Alberta expected to go live in the first quarter of 2025 and Missouri by the fourth quarter,” he explained. Regulatory developments in these regions are underway, with Alberta’s launch date now pushed to 2025 and Missouri mandated to launch by December 1, 2025.
The company’s commitment to innovation is evident in its new product, the Your Way Parlay, currently in beta testing in Colorado and West Virginia. This product offers unprecedented customization for bettors, a move that has received positive initial feedback.
Additionally, Flutter’s strategic partnerships are strengthening its market position. A notable collaboration with the Seminole tribe in Florida facilitated through a partnership with West Flagler & Associates, exemplifies this approach. This partnership allows for digital jai alai betting, marking a significant step in Flutter’s integration into regulated markets.
Flutter is not only enhancing its presence in established markets but also looking to emerging markets like Brazil, where legal sports betting is set to commence on January 1, 2025. The company’s acquisition of a 56% stake in Betnacional parent NSX Group positions it as a top contender in Brazil’s burgeoning betting landscape.
In Europe, the acquisition of Italian wagering operator Snaitech bolsters Flutter’s footprint, complementing its already strong presence driven by the Sisal integration. These strategic acquisitions underscore Flutter’s commitment to expanding its global reach and enhancing its product offerings across diverse markets.
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