Flutter CEO relaxed on “competitive intensity” in the US as he hails FanDuel product
Peter Jackson says operator is used to challenges following launches of ESPN Bet and Fanatics as firm posts 26% YOY revenue jump in Q4
Flutter Entertainment CEO Peter Jackson has said Q4 2023 was one marked by “competitive intensity” in the US as he remained bullish on FanDuel’s continued success in the market.
Speaking on an analyst call following the publication of the company’s most recent trading update, the CEO explained that the three-month period had posed its challenges in the shape of new competitors.
New entrants ESPN Bet and Fanatics are both clicking into gear following their launches, with existing competition from the likes of DraftKings and BetMGM still pertinent.
Despite the added pressure, Flutter’s US operations returned a 26% year-on-year (YOY) increase in revenue on a constant currency basis to £1.1bn.
Within that, sports revenue was up 21%, despite a $343m blow due to unfavorable sports results, while gaming jumped 49%. Average monthly players increased by 33% to four million.
Jackson explained that the business was used to competition and highlighted the strength of the FanDuel product as a differentiator.
The CEO said: “From a competitive intensity perspective, every year is competitive and with every launch of the football season it feels like a new competitor is out there.
“Whether it was Fanatics, ESPN, Caesars, [or] BetMGM; over the years we’ve had a lot of competition. I think this year was very intense. The quality of our product puts us in very good stead.
“It was a quarter where there was a lot of competitive intensity, but I think we showed the strength of our brand, our products, and customer engagement so that we finished the year very well.
“When I look at the returns that we’re seeing in Q4 from the customer acquisitions, we’re very pleased. The business is in a good place. We’ve got a great product and great momentum to exit the year in the States,” Jackson added.
Elsewhere, Flutter announced that subject to its Form 20-F Registration Statement with the Securities and Exchange Commission (SEC), the company should list on the New York Stock Exchange on January 29.
Additionally, the group confirmed it will report is full-year 2023 report on March 26, with numbers in US GAAP and US dollars, as well as 2024 guidance.