Flutter hails 'very strong' US performance as Q1 revenue rises

Paddy Power owner Flutter Entertainment hailed a "very strong" US performance on Wednesday as it posted a rise in first-quarter revenues.

In the three months to the end of March, total group revenue rose 46% from the same period a year earlier to £2.4bn. Sports revenue was up 53% to £1.5bn, while gaming revenue was 35% higher at £916m.

Revenues in the US surged 92% to £908m. This included sportsbook revenue growth of 147% as it took sports market share of 50% in the first quarter. iGaming revenue was up 43% and Flutter said the US division remains "firmly on track for full year profitability in 2023".

Ex-US, the company delivered "good" pro forma revenue growth of 8%, driven by continued positive momentum in the UK & Ireland, which saw a 17% rise in revenue, and good growth in International, which saw a 6% increase.

Flutter said its performance in Australia, where revenue dipped 4%, remained "resilient against challenging comparatives with good customer growth".

Chief executive Peter Jackson said: "In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains. We added over 1.5m customers in the quarter and we remain the clear market leader. Our US sports betting handle of $10.9bn represented almost 60% of the group's total sportsbook stakes."

Outside of the US, he said revenue growth of 8% "demonstrated the benefits of diversification of our portfolio".

"We continued to take share across our UK & Ireland and international businesses while in Australia we did an excellent job defending our leadership position. We remain delighted with the progress of Sisal since the acquisition in August 2022."