Flutter Entertainment tops EGR Power 50 for the fourth year in a row
FanDuel parent company continues to lead the pack, as there is a major shakeup in the top 10 of the industry’s definitive rankings
Flutter Entertainment has topped the EGR Power 50 for a fourth consecutive year as the Dublin-headquartered giant reaped the rewards of its international scale.
Led by US crown jewel FanDuel, which boasts a 47% share of net revenue in the States according to Flutter, the FTSE 100 firm remains the business to beat.
Q3 2023 revenue from US operations jumped 20% year on year (YoY) on a constant currency basis to £668m, while monthly actives leapt 38% to 2.6 million.
The addition of Italian giant Sisal last year saw the group’s international division’s revenue increase 19% YoY during the period, and while there was a 7% downturn in Australian revenue, Sportsbet remains the market leader.
UK brands Sky Bet, Paddy Power, Betfair and tombola are looking to be past the worst of affordability checks woes, with monthly actives up 5% and online revenue increasing 11%.
A secondary listing in the US next year is on the cards, while the group was reported to be interested in Italian firm SKS365 earlier this year, suggesting the appetite for M&A remains.
In the chasing pack, bet365 returned to second place in the rankings for the first time since 2020 while Entain slipped to third as 2023 saw its stock slip and the operator faced a £585m HMRC settlement over bribery allegations relating to its historic Turkey-facing business.
US giant DraftKings leapt from seventh to fourth place after it closed the gap to FanDuel and saw its stock soar by more than 200% in the year to date.
888 Holdings closed out the top five, slipping one place from 2022’s fourth spot finish, but will be looking to regain its position under the leadership of new CEO Per Widerström.
The full rankings can be viewed here.
EGR would once again like to thank its partners BDO for its hard work in compiling the Power 50 and to EveryMatrix for sponsoring this year’s rundown of leading igaming operators.