EGR Power 50 2024: 1. Flutter Entertainment

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1. Flutter Entertainment

FINANCIALS: Revenue across the group for the first six months of 2024 increased 18.4% to $7bn, while adjusted EBITDA leapt 27% to $1.25bn for the same period.

STRATEGY & IMPACT: Flutter continues to deploy M&A to build market share in existing markets, supported by strategic acquisitions to accelerate entry into emerging territories.

GEOGRAPHIC REACH: Occupies the top position in the US, UK&I, Italy and Australia, while markets like India, Brazil and the Central and Eastern Europe (CEE) region are earmarked as having plenty of headroom for growth.

INFLUENCE AND LEADERSHIP: Such is the importance of the US to future growth, Flutter completed the switch of its primary listing to New York in May. It’s also a champion of safer gambling initiatives.

It’s now five years on the trot this seemingly unstoppable online juggernaut has finished atop the EGR Power 50. Admittedly, a fifth title was no major surprise given Flutter’s unmatched scale, leading products and internal expertise have propelled the group’s stable of ‘local hero’ brands to gold medals and podium positions.

“We are significantly larger than our nearest competitors,” CEO Peter Jackson highlighted at the company’s Investor Day in September, “meaning we enjoy the significant scale benefits that others simply don’t have.”

He’s entitled to be so outwardly bullish seeing as Flutter has a market cap of $47bn (£37bn), boasts 32 million active customers and is projecting full-year (FY) 2024 revenue of about $14bn and adjusted EBITDA of roughly $2.5bn.

In the US, FanDuel remains the leading online sportsbook with 41% market share as of Q3 2024 based on gross gaming revenue (GGR). Average monthly US players hit 3.5 million in Q2.

Stateside opponents are kept at bay through unrivalled brand awareness and cost-efficient player acquisition, while superior product and keeping the generosity tap flowing drives retention. FanDuel’s structural gross revenue margin in H1 2024 was 12% – far outpacing the rest of the market (8.1%) – yet bosses are confident its structural gross revenue margin can eventually hit 16% (12% net revenue margin). What’s more, effective cross-sell and direct user acquisition means FanDuel tops online casino in the US with a 25% market share in Q3 2024. These factors all help shore up its competitive moat.

Meanwhile, Flutter remains the UK and Ireland (UK&I) leader with 30% market share, a position fuelled by Sky Betting & Gaming and Paddy Power. FanDuel may have stolen the limelight (just nine of the 152 slides in the Investor Day deck focused on UK&I), yet this division still accounted for 26% of group revenue last year and continues to churn out profits. In November, it was announced that UK&I CEO Ian Brown is to step down and be replaced by PokerStars boss Kevin Harrington.

Elsewhere, Flutter is strengthening its hand in Italy with the €2.3bn swoop in September for Snaitech, while the 56% stake taken in Betnacional parent NSX Group for $350m signals intentions for Brazil. Anyone want to bet against Flutter going six in a row?

If you are lucky enough to be ranked a Power 50 operator, secure your place at the Power 50 Summit next April.