Flutter Entertainment reports £1.89bn third-quarter revenue

Flutter Entertainment reported revenue of £1.89 billion ($2.18 billion) in the third quarter of 2022, up 31% on the year-earlier period. The operator noted that this rise was driven by US growth of 82% to £598m and the acquisition of Sisal.

Sports revenue represented £1.14 billion of total revenue, with gaming revenue making up the remaining £748 million. Revenue from the UK and Ireland rose 3% to £509m, split between £443m from online and £66m from retail. The first grew 4% compared to the previous year, while the second dropped 3%.

Australia’s revenue for the third quarter of this year totaled £319 million, down 21% from the third quarter of 2021, while international revenue was up 43% compared to last year to £466 million.

CEO analyzes Flutter’s performance and projects long-term business

“Flutter performed strongly in the third quarter with 11% growth in revenue and average monthly players,” said Peter Jackson, CEO of Flutter Entertainment.

“We are very pleased with our performance in our US division since the start of the NFL in September, where we now average over 1 million players on a typical NFL Sunday. Additionally, we are seeing an increase in customer retention rates as our combo betting products continue to grow in popularity, driven by the start of the NBA season.”

“Continued momentum in our US division has led to an update to our outlook for the year, underpinning our confidence that we will be profitable in 2023,” added Jackson.

According to Flutter’s CEO, “Outside the US, we welcomed Sisal, Italy’s leading gaming operator, to our international division during the quarter and look forward to working with the team to expand the business in Italy and other international markets.”

In addition, Flutter saw a lift in US revenue guidance to $2.95 billion to $3.2 billion, with an adjusted EBITDA loss still in line with the previous forecast of $300 million to $360 million.

Excluding the US, EBITDA for 2022 is expected to remain within expectations of £1.29bn to £1.39bn. “As we look to the future, our geographic and product diversification, as well as our recreational customer base, position us well for future growth.”