Flutter Entertainment is seeing its revenue soar as a result FanDuel’s incredible run through the red hot regulated US sports betting market. Q1 2023 revenue clocked in this week at an astonishing 54 percent ahead of Q1 2022, and things look to only get better as Americans trip over themselves to deposit their at FanDuel.
While the company’s revenuIn the States, Flutter’s Q1 2023 income was an eye-popping 112 percent over the previous year. In a statement reported on by Shares Magazine, Flutter CEO Peter Jackson summed up his company’s American dream with a bit of humble bragging saying, “In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains. We added over 1.5 million customers in the quarter and we remain the clear market leader. Our US sports betting handle of $10.9 billion represented almost 60% of the group’s total sports book stakes.”
Jackson pointed specifically to FanDuel’s success in the recently opened Ohio and Massachusetts markets as significant drivers of that significant growth. He said that those two markets alone accounted for a full 20 percent increase in new players for FanDuel.
While the US accounted for a major part of Flutter’s awesome Q1 numbers, it wasn’t the only bright spot. In the UK and Ireland, revenue jumped 17 percent to £608 million ($761 million USD). Australia was the only market where Flutter wasn’t shining and clocked in just £289 million ($361 million USD) and was down 17 percent from the previous year.
An analyst from the Gambling consultancy firm Regulus Partners summed up Flutter’s current success, and prospects for future success for Shares Magazing saying, “Flutter’s ability to use a strong central platform and local businesses with sufficient scale and flexibility to differentiate is not just paying off, it is changing the nature of the competitive landscape in regulated markets, in our view.”