Flutter Entertainment has reported a strong 2024, as its revenue rose 19% year-over-year to more than $14bn, while net income was up 113% YoY to $162m.
Growth was achieved in the fourth quarter too, as revenue grew by 14% YoY to just under $3.8bn. Adjusted EBITDA improved by 4% during the period to $655m.
Reflecting on the results, CEO Peter Jackson stated that he was “proud of the progress” made during the year, adding that Flutter is already off to a “great start” in 2025 and that he is “excited to build” on the strong momentum achieved in the opening months of the year.
Flutter also provided its guidance for the year ahead, where it expects group revenue to be between $15.48bn and $16.38bn.
2024 figures
For FY 2024, Flutter has reported revenue growth of 19% YoY to $14.05bn (FY 2023: $11.8bn) with average monthly players rising by 13% to 13.9 million (FY23: 12.3 million).
Jackson said: “I am proud of the progress we made during 2024 as we delivered against our strategic priorities and enhanced our leadership positions.
“FanDuel remains America’s number one sportsbook with its leading product maintaining a clear structural revenue margin advantage over competitors. 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.”
Figures from Flutter’s annual report show US revenue standing at $5.73bn at the end of 2024 (FY23: $4.39bn).
For the UK, the operator said that revenue at the end of the year stood at $3.28bn (FY23: $2.74bn), while in Ireland, revenue came in at $304m (FY23: $305m).
Revenue from Australia in 2024 stood at $1.4bn (FY23: $1.45bn), Italy came in at $1.48bn (FY23: $1.35bn) while rest of the world was $1.86bn (FY23: $1.56bn).
Jackson added that a big factor behind Flutter’s success has been its Flutter Edge service.
“A key driver of our success has been the Flutter Edge, our unique competitive advantage, which delivered innovative, market-leading product propositions to 35m customers worldwide in 2024,” said the CEO.
“We did this sustainably, with players using a Play Well tool increasing since 2023. The launch of the Responsible Online Gaming Association in the US was another big milestone, advancing industry standards for both customers and operators.”
Q4 results
In Q4, group revenue and group ex-US revenue both rose by 14% YoY to $3.79bn (Q4 2023: $3.31bn) and $2.18bn (Q4 2023: $1.9bn) respectively. Average monthly players grew by 7% to 14.6 million (Q4 2023: 13.6 million).
Group adjusted EBITDA increased by 4% to $655m (Q4 2023: $632m) while group ex-US adjusted EBITDA grew by 6% to $492m (Q4 2023: $464m).
Despite what was described by Flutter as “the most customer-friendly NFL results in 20 years”, US revenue rose by 14% YoY during the quarter to $1.61bn (Q4 2023: $1.4bn). However, adjusted EBITDA fell by 3% to $163m (Q4 2023: $168m) as “good underlying momentum was offset by sports results”.
Driven by “sustained sportsbook and iGaming product innovation”, UKI segment revenue increased by 20% YoY to $963m (Q4 2023: $803m) while its adjusted EBITDA rose by 17% to $319m (Q4 2023: $272m).
International revenue also rose by 20% to $872m (Q4 2023: $727m), with “strong performances in Italy, India, Turkey, Georgia and Brazil”. International adjusted EBITDA increased by 15% to $172m (Q4 2023: $149m).
Australia segment revenue fell by 8% YoY to $346m (Q4 2023: $375m) while its adjusted EBITDA declined by 35% to $66m (Q4 2023: $101m). Flutter noted that the segment performance “reflected expected market declines however, player trends remain encouraging with a third consecutive quarter of AMP growth”.
$162m net income
Flutter highlighted “significant earnings transformation”, as net income in 2024 was $162m, up 113% YoY (FY23: $1.2bn loss), while adjusted EBITDA rose by 26% to $2.36bn (FY23: $1.88bn).
Net cash provided by operating activities grew by 71% YoY to $1.6bn (FY23: $937m). Free cash flow was $941m (FY23: $335m).
The operator also commenced its share repurchase program with $121m returned in Q4 and up to $1bn expected in 2025.
“Thanks to our scale and cash generation, we are an “And” business, with powerful optionality when deploying capital,” stated Jackson.
“This is clearly demonstrated by our commitment to long-term shareholder returns through our share repurchase program, and evident in our expansion into fast-growing markets with the announcement of our acquisitions of NSX in Brazil and Snai in Italy.”
2025 outlook
Flutter noted that it is already off to a good start in 2025, with sports results being “broadly neutral” so far, as a positive outcome on Super Bowl LIX for the operator was “offset by customer friendly sports results in January”.
Within its 2025 guidance, the operator stated that it expects group revenue to be between $15.48bn and $16.38bn, while group adjusted EBITDA is expected to be in the range of $2.94bn and $3.38bn.
As for US existing state guidance, revenue is expected to be between $7.47bn and $7.97bn, while adjusted EBITDA is expected to be in the range of $1.28bn and $1.52bn. Flutter also listed a new states negative revenue of $40m and a new states adjusted EBITDA cost of $90m, based on a Missouri Q4 launch and an early 2026 launch for Alberta, Canada.
For group ex-US, the operator has provided revenue guidance for 2025 of between $8.05bn and $8.45bn, while adjusted EBITDA is expected to be in the range of $1.75bn and $1.95bn. This excludes the impact from Flutter’s acquisitions of Snaitech and NSX Group, which are on track to be completed in Q2 2025.
Jackson concluded: “We have had a great start to 2025, including record levels of customer engagement for the Super Bowl where FanDuel had 3m active customers placing 17.7m 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.”
