Flutter Entertainment has released its annual financial results for the fiscal year ending December 2023, reporting both challenges and successes. Despite experiencing a widening of its full-year losses, Flutter reported a surge in revenue.
Full-year losses expanded from $370 million in the previous year to $1.2 billion in 2023, primarily due to one-off costs totaling $1.7 billion, including substantial non-cash charges related to the impairment of the PokerStars trademark and acquired intangibles amortization.
However, the company’s revenue witnessed an upward growth trajectory, jumping by 24.6% to$11.8 billion. This surge in revenue was fueled by a notable performance in the US market, where Flutter experienced a 40.7% increase and its FanDuel brand achieved positive adjusted EBITDA for the first time.
While the US market stood out as a reason for success for Flutter, the company also saw growth outside the country. Excluding the US, revenue surged by 16.4%, buoyed by strong performances in the UK, Ireland, and other international markets. The acquisition of Sisal in 2022 further increased revenue, contributing $1.2 billion compared to $465 million in the previous year.
Looking ahead, Flutter Entertainment provided guidance for 2024, projecting implied group revenue growth of 17.5% and further adjusted EBITDA growth of 30.2% at the midpoint.
Flutter Entertainment Chief Executive, Peter Jackson
Chief Executive Peter Jackson stated: “Flutter delivered a strong performance in 2023 as we continued to deliver on our strategy. This was underpinned by a localized approach to technology and product, coupled with unique scale advantages of the Flutter Edge.”
As of late, Flutter has unveiled several initiatives aimed at consolidating its market position and driving future growth. These initiatives include a secondary listing on the NYSE, completed on 29 January, and the acquisition of MaxBet, a local brand in Serbia.
Furthermore, Flutter disclosed changes to its Board of Directors, with Richard Flint opting not to seek re-election.