Flutter’s 2024 revenue up 19% fueled by major market share gains

Flutter Entertainment has reported a 19% year-on-year (YoY) jump in full-year 2024 revenue to $14bn after another strong year for the industry giant.

Revenue was driven by a 13% YoY rise in average monthly players to 13.9 million customers across the group’s global portfolio of local hero brands.

Group adjusted EBITDA rose 26% YoY from $1.9bn to almost $2.4bn, with a corresponding adjusted EBITDA margin of 16.8%.

Meanwhile, net income also swung to a $162m positive after a $1.2bn loss in full-year 2023 due to several non-cash charges.

For Q4 alone, revenue was up 14% from $3.3bn to $3.8bn, with actives hitting 14.6 million, or a 7% increase on the corresponding period in 2023.

US revenue for the final three months of the year, powered by the New York-listed firm’s flagship FanDuel brand, hit $1.6bn, up 14% YoY.

Flutter noted that FanDuel had a sports betting gross gambling revenue (GGR) market share of 43% for the quarter, as well as 26% of the igaming market in the US. Those figures give a blended GGR market share of 36%.

Active monthly players for the quarter rose 15% YoY to 4.5 million, with Flutter pointing to its “market-leading product proposition” resulting in “strong customer engagement with another quarter of increased player frequency.”

The company said that despite the run of customer-friendly NFL results in the quarter (including a $74m loss on a single game), which caused Flutter to issue a profit warning earlier this year, it had exited the year positioned “exceptionally well” for 2025.

Adjusted EBITDA in the US was down 3% YoY to $163m, which bosses said was as a direct result of the NFL results and the new tax rate in Illinois.

On the sports betting front in the country, revenue rose 8% to $1.1bn, and there was a 30-basis point reduction in net revenue margin to 6.7% despite a 12% jump in handle. Gross structural margin was 14.5%, up 100 basis points YoY.

Igaming revenue soared 43% to $441m, powered by a 37% leap in monthly active players, with Flutter also noting strong growth in slots and live casino as key drivers.

Bosses also said there were gains in states which had regulated prior to 2022, with revenue up 9% in those markets.

Other frontiers

Outside of the US, revenue rose 14% YoY to $2.2bn, with the UK and Ireland (UKI) accounting for the lion’s share with $963m.

Revenue in UKI jumped 20%, including a 31% revenue rise in sports betting to $473m and a 16% gain in igaming revenue to $458m. Actives in the market topped the four million-mark.

Adjusted EBITDA was up 17% to $319m, which management said was broadly in line with expectations.

Flutter said its UK and Ireland brands, Paddy Power, Sky Betting & Gaming, Betfair and tombola, had taken four percentage points of market share over the past 24 months, driven by a “compelling product.”

In igaming, actives were up 13% to a record 2.4 million, with promotions and free-to-play games given as an explanation.

The international division, comprising operations across multiple markets including Brazil and India, saw revenue up 20% to $872m and adjusted EBITDA rise 15% to $172m.

The 51% stake in Serbian operator MaxBet, which completed in January 2024, was championed by management.

India, which encompasses rummy and poker operator Junglee Games, reported that revenue surged 91%, Turkey increased by 62% and Brazil rose 19%.

The Brazilian market regulated on 1 January, with Flutter set to acquire a 56% stake in Betnacional parent company NSX Group to help it achieve its ambitions in the country.

Elsewhere, Italy’s Sisal reported a 230-basis point increase in its market share to 15%, with Flutter’s overall share of Italy at 21.4%. The group will soon add Playtech’s Snaitech brand to its arsenal via a multi-billion-euro deal.

In Australia, revenue was down 8% to $346m as continued soft trading conditions remained in what is a mature market. Adjusted EBITDA slumped 35% to $66m.

The tax hike in Victoria and adverse sports results were named as core reasons for the earnings dip in the market.

Looking ahead

The company has also published full-year 2025 guidance, with revenue expected to hit between $15.48bn and $16.38bn. Adjusted EBITDA range has been listed as $2.94bn to $3.38bn.

Flutter said: “2025 has started well. In the US, handle accelerated from Q4 levels, with overall underlying trends in line with our expectations.

“Sports results have been broadly neutral year-to-date with a positive outcome on Super Bowl LIX offset by customer-friendly sports results in January. Outside of the US performance reflects the strong Q4 customer base carried into Q1.

“Full year group guidance introduced below represents year-over-year growth of 13% revenue and 34% adjusted EBITDA at the midpoint.”

The launch of Missouri’s online sports betting market at some point this year is predicted to lead to a $40m revenue hit and $90m impact on adjusted EBITDA.

Peter Jackson, Flutter CEO, championed the ‘Flutter Edge’ in his comments alongside the report’s publication as he said he was “proud” of the company’s achievements in 2024.

“FanDuel remains America’s number one sportsbook with its leading product maintaining a clear structural revenue margin advantage over competitors,” he said.

“At the same time, excellent execution secured a new number one spot for FanDuel Casino in igaming.

“Outside of the US, our commitment to first-to-market product innovation led to market share gains in key markets including the UK and Italy, while in Australia, we saw encouraging trends in our player base.

“A key driver of our success has been the Flutter Edge, our unique competitive advantage, which delivered innovative, market-leading product propositions to 35 million customers worldwide in 2024.

“We have had a great start to 2025, including record levels of customer engagement for the Super Bowl where FanDuel had three million active customers placing 17.7 million bets with $470m wagered on the day.

“I am excited to build on this strong momentum as we seize the growth opportunities outlined at our Investor Day last September.”

Flutter shares were up around 1% in after-hours trading in New York.