{"id":257,"date":"2024-06-27T03:17:39","date_gmt":"2024-06-27T00:17:39","guid":{"rendered":"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/"},"modified":"2024-06-27T03:17:39","modified_gmt":"2024-06-27T00:17:39","slug":"flutters-us-business-drives-third-quarter-growth","status":"publish","type":"post","link":"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/","title":{"rendered":"Flutter&#8217;s US Business Drives Third-Quarter Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/MIcbFbYQXvc\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Flutters earnings skyrocketed by 7.6% in the third quarter, hitting a staggering \u00a32.04 billion (\u20ac2.33 billion\/$2.5 billion). This remarkable growth was primarily due to the triumph of FanDuel, despite the ongoing challenges faced by Sportsbet in Australia.<\/p>\n<p>Flutter was particularly enthusiastic about FanDuel&#8217;s performance, with its earnings also increasing by 7.6% in the third quarter.  Revenue for the three months ending September 30 saw a substantial year-over-year rise, excluding Australia. Flutter attributed this success to its expansion strategy and emphasized the positive impact of the Sisal acquisition.<\/p>\n<p>While most of Flutters ventures experienced growth, the company continued to focus on the United States, highlighting the significance of FanDuel.<\/p>\n<p>FanDuel was acquired in May 2018, when it was a daily fantasy sports provider. Since then, it has become the leading sports betting and online casino provider in the United States.<\/p>\n<p>Flutters US profit margins are expected to continue expanding. This success is evident, with the US business now the primary source of revenue for Flutter. Third-quarter US revenue reached a remarkable \u00a3668 million, representing an 11.7% increase from the previous year. This figure surpasses the second-largest contributor, Flutters UK and Ireland business, by over \u00a3100 million.<\/p>\n<p>Chief Executive Officer Peter Jackson remains optimistic about the continued growth of the US business. He highlighted that Flutter is the first online operator to achieve structural profitability in the United States, a milestone reached in the first half of this year. <\/p>\n<p>We are especially delighted with the considerable progress we&#8217;ve achieved in the United States,&#8221; remarked Jackson. &#8220;We are the initial online operator to attain structural profitability, and the robust growth in EBITDA in 2023 will persist into 2024 and beyond as our profit margins improve substantially.<\/p>\n<p>&#8220;The NFL season has commenced well, and our product leadership has propelled a 38% increase in average monthly participants to 2.6 million. I&#8217;m enthusiastic about our plans heading into the bustling sports months of November and December as we implement our winning strategy, combined with the strength of FanDuel, to maintain our industry leadership.&#8221;<\/p>\n<p>Third-quarter revenue expansion slowed<br \/>\nJackson characterized the third quarter as a calmer period for the company, but it still witnessed widespread growth. Sports betting revenue decreased by 1.9% to \u00a31.12 billion, but this was counterbalanced by a 22.2% surge in gaming revenue to \u00a3914 million.<\/p>\n<p>Focusing on the United States, the country&#8217;s operations represented 32.8% of total revenue in the third quarter. The group stated that growth was fueled by investments in customer acquisition marketing campaigns, product innovation, and robust customer retention.<\/p>\n<p>On a constant currency basis, US sports betting revenue expanded by 10.0%. Wagering volume increased by 40.0%, but this was offset by a 170 basis point decline in net revenue margin. This resulted in a 12.0% increase in net revenue.<\/p>\n<p>Regarding online gaming, revenue grew by 52.0% on a constant currency basis. The FanDuel online gaming brand expanded its market share to 23.0% in the third quarter, driven by 42. <\/p>\n<p>The typical monthly player (TMP) expansion rate was zero.<\/p>\n<p>FanDuel&#8217;s internet sports wagering and gaming income in regions launched before 2022 rose by a total of 12.0%. Flutter stated that robust growth in gaming was partly counterbalanced by a decrease in sports wagering income.<\/p>\n<p>Income in the UK and Ireland climbed to \u00a3556 million in the third quarter.<br \/>\nFlutter also witnessed expansion in its UK and Ireland operations in other areas. Revenue increased by 11.2% to \u00a3566 million, with online revenue rising by 11.5% to \u00a3494 million and retail revenue increasing by 9.1% to \u00a372 million.<\/p>\n<p>Flutter reported that online operations were &#8220;robust&#8221; with TMP up 5.0% year-over-year. Online sports betting revenue increased by 6.0%, driven by increased adoption of Betbuilder, while it also felt the effect of new betting features on Sky Bet, such as Acca Freeze.<\/p>\n<p>As for gaming, income increased by 18.0% and TMP grew by 13.0%. Flutter attributed this to early-season gaming activity, which drove higher conversion rates among its sports player base. It also pointed to the impact of its expanded content range and promotional mechanisms across its brands.<\/p>\n<p>As for the UK and Ireland retail business, Flutter said it benefited from a strong start to the English Premier League football season. The operator also highlighted its stronger product proposition across its UK and Ireland estate.<\/p>\n<p>Sisal continues to propel Flutter&#8217;s international growth.<br \/>\nMoving to international operations, revenue increased by 15.7% to \u00a3539 million, the largest sector growth in the third quarter. <\/p>\n<p>Once more, Flutter emphasized the crucial part the acquisition of Sisal played in this expansion, while also emphasizing the healthy organic growth of its internal operations.<\/p>\n<p>Sports betting income increased by 10.0% at constant currency rates, while gaming income increased by 22.0%. The latter growth was driven by strong performances in India and Turkey.<\/p>\n<p>In Italy, revenue decreased due to the greater proportion of sports betting revenue in Flutter&#8217;s other markets, which was more significantly impacted by customer-friendly outcomes. Flutter also noted that the comparison base was more challenging due to the Superenalotto jackpot reaching record highs last year.<\/p>\n<p>Australia Underperforms<br \/>\nWithin the overall growth, Australia&#8217;s performance in the third quarter was disappointing. Revenue in the nation decreased by 17.9% to \u00a3262 million. Flutter only operates sports betting in Australia, which saw a 7.0% year-on-year decline.<\/p>\n<p>The operator attributed this to the ongoing weakness in the horse racing market, which persisted from the second quarter into the third. The weakness in the horse racing market is expected to continue into 2024, and Flutter expects Australia to see mid-single-digit declines in 2024.<\/p>\n<p>Flutter also highlighted the strengthening of regulation in Australia, including the ban on credit card deposits.<\/p>\n<p>Flutter stated: &#8220;The combined impact of these factors will limit our ability to offset the impact of the Victoria state consumption tax increase announced in July 2024 in the short term.&#8221;<\/p>\n<p>Flutter Remains on Track for Full-Year Expectations <\/p>\n<p>Flutter refrained from disclosing extensive financial information for the third quarter, but they did revise their projections for the entire year.<\/p>\n<p>Despite this, the firm remains dedicated to acquiring new customers to fuel long-term expansion in the American market.<\/p>\n<p>Jackson stated, &#8220;In general, we are optimistic about our strong potential for consistent long-term earnings growth, driven by the substantial growth potential in the American market and our capability to utilize economies of scale across our diverse portfolio outside the US.&#8221;<\/p>\n<p>How is the US listing progressing?<br \/>\nMaintaining a focus on the American market, Flutter also furnished an update on its advancement with an extra listing in the US.<\/p>\n<p>The group now anticipates adjusted EBITDA to be around \u00a31.44 billion. This falls within the previously declared range of \u00a31.44 billion to \u00a31.6 billion. Notable influences include consumer-friendly sports outcomes in the third quarter and unfavorable foreign exchange rate fluctuations.<\/p>\n<p>The operator stated, &#8220;The potential strength in the UK and Ireland and global markets is counterbalancing the effect of incremental investment in Flutter Edge to propel overall group growth and the less robust Australian horse racing market.&#8221;<\/p>\n<p>Regarding the American business, revenue is projected to reach \u00a33.75 billion, the middle point of the prior range of \u00a33.6 billion to \u00a33.9 billion. Adjusted EBITDA is expected to be \u00a3140 million, also the middle point of the previously announced range of \u00a390 million to \u00a3190 million. <\/p>\n<p>The Flutter stakeholders gave their approval to the move in April, and the company anticipates the listing to become active in the initial three months of 2024.<\/p>\n<p>Furthermore, after a transparent bidding procedure, Flutter has chosen the New York Stock Exchange as the future trading location for its American common shares.<\/p>\n<p>With the dual listing practically confirmed, Flutter has decided to remove its listing from Euronext in Ireland. This is because its leadership believes that keeping two listings is suitable to reduce regulatory complications.<\/p>\n<p>The Euronext delisting is anticipated to become effective at or before the time of the new US listing. The precise date of the delisting will be revealed in due time.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Flutters earnings skyrocketed by 7.6% in the third quarter, hitting a staggering \u00a32.04 billion (\u20ac2.33 billion\/$2.5 billion). This remarkable growth was primarily due to the triumph of FanDuel, despite the ongoing challenges faced by Sportsbet in Australia. Flutter was particularly enthusiastic about FanDuel&#8217;s performance, with its earnings also increasing by 7.6% in the third quarter. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Flutter Soars: FanDuel Fuels Record Q3 Earnings<\/title>\n<meta name=\"description\" content=\"Flutter\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Flutter&#039;s US Business Drives Third-Quarter Growth\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Flutter\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Stay in the Know with Our Licensed Casino News &amp; Exciting Games\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-27T00:17:39+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/\",\"url\":\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/\",\"name\":\"Flutter Soars: FanDuel Fuels Record Q3 Earnings\",\"isPartOf\":{\"@id\":\"https:\/\/winadaynodepositbonus.icu\/#website\"},\"datePublished\":\"2024-06-27T00:17:39+00:00\",\"dateModified\":\"2024-06-27T00:17:39+00:00\",\"author\":{\"@id\":\"https:\/\/winadaynodepositbonus.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Flutter\",\"breadcrumb\":{\"@id\":\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/winadaynodepositbonus.icu\/2024\/06\/27\/flutters-us-business-drives-third-quarter-growth\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/winadaynodepositbonus.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Flutter&#8217;s US Business Drives Third-Quarter Growth\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/winadaynodepositbonus.icu\/#website\",\"url\":\"https:\/\/winadaynodepositbonus.icu\/\",\"name\":\"Stay in the Know with Our Licensed Casino News &amp; Exciting Games\",\"description\":\"Stay ahead of the curve with our fresh casino news, honest game reviews, and expert articles. 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