Flutter Entertainment, the owner of Paddy Power, has reported a remarkable Q1 performance, with group revenues soaring by 46% to £2.4 billion ($3 billion). Boosted by the phenomenal success of its US sportsbook, FanDuel, Flutter is now seeking a second listing on the NYSE to unlock higher valuation and tap into a larger liquidity pool.
FanDuel Powers Surge in Group Sports Wagering and iGaming Revenue
Flutter’s US sportsbook, FanDuel, emerged as the leading sportsbook in America, outperforming fierce rivals DraftKings and BetMGM in all markets. This dominance propelled a 61% surge in group sports wagering revenues to £1.49 billion ($1.86 billion), while iGaming grew by an impressive 44% to £916 million ($1.14 billion).
Flutter’s UK and Ireland Home Brands Exhibit Robust Growth
Flutter’s UK and Ireland home brands showcased significant growth in Q1, with revenues increasing by 17% year-on-year to £608 million ($760.6 million). Both online sports and iGaming experienced the same percentage growth, contributing to the overall success of the company. The flagship Paddy Power high street bookies enjoyed a 15% growth to £77 million ($96.32 million) during the quarter.
Flutter’s European Expansion Pays Off with Sisal Acquisition
Flutter’s acquisition of Italian gambling giant Sisal in August last year has proven to be a lucrative move. In continental Europe, Sisal’s revenue increased by 19% in Q1, bolstering Flutter’s overall international revenue growth of 69% to £605 million ($756.86 million). However, the Sportsbet brand in Australia experienced a slight dip in revenues by 4% to £289 million ($361.54 million).
Flutter’s Strategic Plans for Enhanced Growth
Flutter’s impressive Q1 results have paved the way for the company’s proposed second listing on the NYSE. The additional listing aims to unlock strategic and capital market benefits, positioning Flutter for its next phase of growth. With a strong presence in the US market and continued expansion into potential high-growth markets like India and Turkey, Flutter is well-positioned for sustained success.
Flutter Entertainment’s Q1 financial report showcases a phenomenal performance, driven by the success of FanDuel in the US market and growth in the UK, Ireland, and European markets. The company’s strong position in the US sports betting industry and robust revenue growth in online sports and iGaming have propelled its overall success. With plans for a second listing on the NYSE, Flutter aims to capitalize on its achievements and unlock further opportunities for growth.