By BBBB
Flutter Entertainment PLC has released its latest quarterly report revealing that group revenues increased by 20% in the second quarter of 2024.
According to the announcement, revenues for the quarter came to $3.6 billion, up by 20% on the $3 billion reported in Q2 2023 and a $200 million increase on the previous quarter.
Flutter also reported net income of $297 million, a 364% increase on the same period in 2023. It also marks a turnaround from the $177 million loss reported in the previous quarter.
The Group reported that Flutter’s brand portfolio increased its average monthly players (AMPs) to 14.3 million, up by 17% year-on-year and by 4.3% compared to Q1 2024.
Q2 2024 Key Highlights
- Group revenue – $3.6 billion, up by 20%
- Average monthly players (AMPs) – 14.3 million, up by 17%
- US Revenue – $1.5 billion, up by 39%
- UK & IE Revenue – $928 million, up by 18%
- AUS Revenue – $349 million, down by 10%
- Int. Revenue – $807 million, up by 11%
- Adj. Group EBITDA – $738 million, up by 17%
- Net Income – $297 million, up by 364%
Peter Jackson, Chief Executive, commented:
“Flutter delivered another strong quarter, beating consensus and increasing our revenue and Adjusted EBITDA guidance as we continued to capitalize on our global scale and the Flutter Edge. Our US performance was excellent in new and existing states reflecting our disciplined approach to customer acquisition and our best-in-class product, which offers our sportsbook customers the best pricing in the market. We continue to make improvements to our proprietary product offering which drove the proportion of live betting handle to be more than 400 basis points higher than last year during the NBA playoffs, while we also increased our MLB parlay penetration.
The returns we are seeing give us the confidence to continue driving customer acquisition in the second half, building a bigger business, which bodes well for 2025 and beyond. We look forward to setting out this growth potential in more detail, and the capital allocation opportunities that will unlock, at our Flutter Investor Day in New York on September 25.
Outside of the US, we delivered an engaging offering during the European Football Championships, as over four million customers placed a bet on the tournament, with results during the tournament very favorable for us. We enhanced our Same Game Parlay experience in UK and Ireland with the addition of QuickBuild, and launched a first-to-market version in Italy. We also expanded our iGaming portfolio with new exclusive content driving market share gains.
We achieved important milestones during Q2, as the NYSE became our primary listing and we moved our operational headquarters to New York. This reflects the importance of the US market to Flutter and our view that the US is the natural home for our business.”
Flutter Says No to Customer Surcharge
Earlier this month, DraftKings announced its planned customer surcharge in states with high tax rates.
When asked if the company would follow with a similar approach for FanDuel, Flutter CEO Peter Jackson stated in the conference call that the best response to higher taxes would be to cut local marketing costs or align customer offers to mitigate higher tax costs. He also said that this was the plan recent tax hikes in Illinois and so it made sense to follow this approach in all high-tax states.
“And so we think that the moderating level of generosity of reducing local marketing is the best customer option and we have no plans to introduce a surcharge for winners.”
Following the release of Flutter’s Q2 results, DraftKings released a statement on the planned surcharge:
“We always listen to our customers and after hearing their feedback we have decided not to move forward with the gaming tax surcharge.”
At the end of trading yesterday Flutter closed on the NYSE at 191.39 while DraftKings closed at 31.44.
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