Online betting giant Flutter Entertainment has posted third-quarter revenue of $3.25 billion, exceeding analysts’ expectations of $3.05 billion and marking a 27% year-over-year increase. The performance boost was attributed to growth across both US and non-US markets, driving Flutter to raise its full-year guidance for revenue and EBITDA for a second consecutive quarter by 1%.
The company, which owns major brands including FanDuel, Paddy Power, and Betfair, reported a 74% surge in EBITDA to $450 million, including a $58 million profit in the US. CEO Peter Jackson described the quarter as “very strong for the group and once again ahead of market expectations,” noting momentum in non-US markets, where core profit in regions like Europe, Australia, and the UK rose by 24% to $392 million.
In the US, FanDuel’s growth remained a key factor, benefiting from a surge in NFL betting activity. Jackson highlighted that, since the start of the NFL season, FanDuel saw “peak wagers per minute already higher than during Super Bowl LVII.” In states where sports betting had launched before 2022, FanDuel reported 23% growth; in states launched more recently, it saw 37% growth at the beginning of the season.
Flutter has set its sights on launching sports betting operations in Alberta, Canada, and Missouri in 2025. Alberta regulators are expected to finalize their framework by the first quarter, while Missouri, the only US state to legalize sports betting in 2024, is scheduled to go live by December 2025. Missouri’s experienced gaming commission and established casino industry may allow an earlier rollout.
Outside North America, Flutter has secured a 56% stake in Brazil’s NSX Group, positioning it as one of the country’s top three wagering companies ahead of the regulated sports betting market launch planned for 1 January 2025.
Combined with its Betfair brand, Flutter now holds an 11% share of the Brazilian market. CFO Rob Coldrake expressed confidence in the company’s Brazilian position, calling it “a very exciting market with a lot of opportunity.”
The company’s expansion plans also span Italy, where acquisitions and integrations in brands like Sisal and Snai have fortified its standing. Meanwhile, Flutter’s SportsBet brand continues to show growth in Australia, and in the UK and Ireland, a broader product offering is driving revenue growth and user engagement.
As part of its shareholder value strategy, Flutter announced a $5 billion share buyback program, with the initial $350 million tranche starting on 14 November. Jackson said the buyback demonstrates Flutter’s commitment to long-term investment, signaling its confidence in future performance.
While Flutter did report a net loss of $114 million for the quarter, this represents a year-over-year improvement of $148 million, driven by stronger revenues. The company expects core profit to rise by 35% and revenue by 22% year-on-year through the end of 2024.
Original article: https://www.yogonet.com/international/noticias/2024/11/13/85176-flutter-39s-q3-revenue-surpasses-projections-amid-north-america-brazil-expansion-plans-for-2025
