During the third quarter earnings presentation, Flutter CEO Peter Jackson stated that the period was “very strong for the group and once again ahead of market expectations”.
The key number is a 74% increase in EBITDA to $450 million. The company reported a profit of US$58 million in the USA. The company also increased guidance on revenue and EBITDA by 1%.
According to its financial results, Flutter had a net loss of $114 million in the quarter. But still, there was an improvement of US$148 million compared to the previous year.
Combined core profit in Australia, Britain and across Europe increased by 24%. Flutter is present all over the world in sports betting and igaming.
Flutter celebrates the approval of games in Missouri
In his opening remarks, Jackson highlighted FanDuel’s growth in the US, saying that since the start of the NFL season, the company has seen “a peak in bets per minute already exceeding that of Super Bowl LVII.”
He also pointed to the approval of sports betting in Missouri as positive. Jackson said the company is planning to launch in Alberta, Canada, in the first quarter of 2025, and in Missouri in the fourth quarter.
So Alberta regulators have been working on the regulations for months, and at one point stakeholders were hoping for a late 2024 launch. But it looks like that will be pushed back to 2025.
Missouri, the only US state to legalize this year, is expected to launch gambling by December 1, 2025. Because the state has an experienced gaming commission and an existing casino market, an early launch is possible.
NFL betting growth
Additionally, in the US, Jackson said the October purchase of the naming rights to Diamond Sports Network gives the company “access to assets that we may not have been able to use before.”
Jackson commented that he has not seen any major changes in Illinois since a higher tax rate took effect in July.
The company continues to gather feedback and data on its latest offering, Your Way Parlay, which is in beta testing in Colorado and West Virginia. The new product allows bettors an “infinite” amount of customization and experiences. The initial reaction was “positive”, according to Coldrake.
Additionally, the start of the football season was a plus in the quarter ending September 30th. In North American states that already had sports betting before 2022, FanDuel saw growth of 23%.
And in the states that came into force in 2022 and 2023, there was a 37% growth with the start of the season.
Plans for Brazil
Executives answered questions about other parts of the world, including Australia, Brazil, Italy and the United Kingdom and Ireland (UKI). Many eyes are on Brazil, which aims to launch legal sports betting on January 1, 2025, although the regulatory and legislative process has not been as quick or smooth as many stakeholders had hoped.
Coldrake said Flutter is planning a January 1 launch, but “there are a number of regulatory challenges right now. We are confident with the progress we have made in Brazil. We’re excited to take advantage of what we think is a really emerging market with lots of opportunities.”
In September, Flutter purchased a 56% stake in Grupo NSX, the controlling shareholder of Betnacional, and thus became one of the three largest betting companies in the country. Together with its Betfair product, Flutter has 11% market share.
With the purchase of NSX, Flutter continued its strategy of mergers and acquisitions of existing and successful companies, which it gives a boost to, but which it maintains, for the most part, under existing or local management.
In Australia, Jackson highlighted the growth of its SportsBet product, while in Italy he said the Sisal integration is driving growth. Flutter increased its presence in Italy in September when it purchased betting operator Snai from Playtech.
In the UK and Italy, Jackson said a wider, richer range of products in sports betting and igaming is driving player and revenue growth.
