The parent company of FanDuel reported favorable financial results for the fourth quarter ending December 31, 2023.
Flutter Entertainment, which also owns Betfair and Sky Betting & Gaming, posted $2.8 billion in total revenue in Q4 2023 — an 11% increase year-over-year. The fourth-quarter results were spearheaded by Flutter’s sports segment, which saw revenue reach $1.7 billion during the quarter compared to $1.6 billion in Q4 2022. Flutter’s gaming segment reported $1.1 billion in revenue in Q4 2023 — a 15% uptick compared to the same period the year prior.
FanDuel continued its reign in Q4 as the largest sportsbook in America in terms of market share. During the fourth quarter, FanDuel’s gross revenue made up 43% of the revenue generated by operators across the U.S. The reach of FanDuel in the U.S. sports betting market bolstered Flutter’s total active monthly players. Active monthly players grew by 12% year-over-year in Q4 for Flutter’s entire portfolio. FanDuel itself posted a 33% uptick in active monthly players. The operator benefited from the launch of betting in Kentucky last September.
FanDuel also saw its U.S. casino business maintain its ranking as the second-largest iGaming operator in the country behind BetMGM with a 26% market share as of Q4.
Flutter projects full-year revenue in FY2023 for its U.S. operations to be roughly $4.7 billion.
Busy start to a new fiscal year for Flutter
Flutter is preparing to list on the New York Stock Exchange on Jan. 29. The Ireland-based company has been listed on the London Stock Exchange and Euronext Dublin. As part of its plan to list on the NYSE, Flutter will delist from Euronext to minimize potential regulatory scrutiny.
Flutter, which will trade under the symbol “FLUT,” will include its entire portfolio in the listing.
The portfolio will include MaxBet, which Flutter acquired a 51% stake in earlier this month. Last year, Flutter announced plans to purchase the Serbian gaming operator for roughly $156 million in cash and will have an opportunity to purchase the remaining 49% in 2029. Between September 2022 and June 2023, MaxBet generated approximately $158 million in revenue.
