Flutter had a fantastic third quarter, with revenue growth accelerating to 27%, well ahead of market forecasts, and hikes in its revenue and adjusted EBITDA guidance for 2024.
FanDuel delivered another solid quarter, including an excellent start to the 2017 NFL season, while Flutter maintained its obvious market leading position. Q3 revenue increased by 51%, with sportsbooks up 62% and iGaming up 46%. Strong growth continued in both existing and new states, with staking increasing by 23% in FanDuel’s pre-2022 states and 37% in 2022/2023 state launches. Total new client acquisition was 10% higher year on year. Flutter Q3 growth.
The UK and Ireland maintained their good momentum, with sales increase of 18%. Sportsbook income increased by 9% due to a strong Euros finish, accounting for 8% of stakes in the quarter. This development was aided by an increased product offering, which included access to Flutter’s leading sportsbook pricing capabilities, allowing users to broaden their betting possibilities. The first seven rounds of the new soccer season saw a 142% rise in SGP wagers compared to the same period in 2022, with 64% of these wagers involving betting markets that were only launched in the last two years. In iGaming, the company added Global Games, the UK’s number three gaming supplier.
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International revenue increased by 15% in the third quarter, thanks to a solid performance from Sisal and the addition of MaxBet in January 2024, which generated $50 million in revenue. Sportsbook income increased by 31%, thanks to Sisal, which benefited from the Euro.
Sisal began the new Serie A soccer season with SGP available for the first time in the Italian market, highlighting the advantages of having access to the Flutter Edge. In the first six rounds of the season, SGP accounted for approximately a quarter of all Serie A wagers. Flutter Q3 growth. Sisal also broadened the scope of eligible markets for its ‘Duo’ offering, which has proven popular with gamers. Sisal released 84 new iGaming games, including a number of exclusive titles. This all combined to increase Sisal’s Italian market share by 200 basis points year on year. MaxBet was bought in January 2024 and has been successfully integrated into the Group. MaxBet gained access to the Flutter Edge by enhancing its sportsbook trading and digital marketing skills, as well as crucial industry expertise.
The Australian racing market dropped as expected, but the good player engagement trend seen in Q2 carried over into Q3, with overall revenues increasing by 12%.
Peter Jackson, CEO, commented: “In the United States, we had a wonderful start to the 2018 NFL season, with peak wagers per minute already higher than Super Bowl LVII. Our bespoke product offering continued to drive significant parlay penetration as well as an increase in live betting handle.“
“Outside of the United States, all divisions produced good results in the quarter, using the benefits of the Flutter Edge. A larger product offering, including sports and iGaming, boosted player and revenue development at UKI. Sisal continuing to gain market share in Italy as we seek to grow our footprint there with the inclusion of Snai. In Australia, Sportsbet has shown promising developments.“
“We think that the Group has significant development opportunities due to our unrivaled leading positions around the world, which are supported by access to the Flutter Edge. We expect to have significant money to deploy in the coming years, and I am delighted to begin the share repurchase program in Q4.”
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