Flutter Entertainment has unveiled its Q3 2023 results, showcasing a positive trajectory in overall growth. Despite this, Flutter stocks experienced a 9% decline following the Q3 report release, currently resting at £124.70.
Revenue surged by 13% compared to Q3 2022, with gaming revenue witnessing a substantial 26% uptick to £914m during the same period. Notably, the US division exhibited remarkable growth, while non-US segments, encompassing the UK & Ireland and International products, also demonstrated promising expansion. Total revenue for Q3 2023 amounted to £2.04bn, with non-US territories contributing £1.37bn.
Australia emerged as the sole division witnessing a downturn from Q3 2022, with a year-on-year decline of -18%. Moreover, it recorded the lowest average monthly player growth, with just a 2% increase compared to 38% in the US and 20% for International products.
The International revenue stream encompasses brands like PokerStars and Betfair, operating across diverse global jurisdictions, offering services like exchanges, sportsbooks, and gaming platforms.
Adjusted EBITDA for non-US regions was anticipated to reach approximately £1.44bn. Flutter Entertainment attributes this figure partly to increased investment in Flutter Edge. Additionally, it acknowledges the Australian racing market’s weakness but finds solace in the robust markets of the UK & Ireland.
Flutter’s commitment to bolstering growth in this sector during Q3 is evident through initiatives such as the launch of the ‘Building Foundations’ Fund, aimed at attracting funding for local projects.
