Flutter shrugs off NFL losses to grow revenue by a quarter in Q4
Flutter's shares went up even though they didn't win much from US football in November.
The company, which owns Paddy Power and Betfair, said it made more money last year. They didn't do as well as expected in the US because the NFL games were good for the players, not the company. This meant they lost about £270 million.
But overall, Flutter had a strong year of trading. Their revenues went up by 26% at the end of the year, and the US part grew by nearly 20%. For the whole year, they made 24% more revenues, and in the US, they earned a whopping £3.60 billion, which is 38% more than before.
In the UK and Ireland, they got 15% more revenues, making £2.46 billion. Only their business in Australia didn't grow. Peter Jackson, the Chief Executive, said: "The group traded well in the fourth quarter underpinned by our leading local brands supported by global Flutter Edge advantages."
"In the US, FanDuel consolidated its sports leadership position during the peak quarter for sporting activity, while FanDuel Casino went from strength to strength. While sports results were very customer friendly, particularly on the NFL in November, the underlying momentum in the business remains very strong heading into 2024."
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Despite a bit of turbulence with sports results, Mr Jackson remains optimistic. He shared his enthusiasm for their upcoming US plans: "We are very excited that the addition of a US Flutter listing is now just days away. This is a pivotal moment for the group as we make Flutter more accessible to US-based investors and gain access to deeper capital markets."
The company shares soared by 11% on Thursday morning.
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to [email protected]
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