Flutter: US bet pays off as gambling firm revenues rack up to £7.6bn
The gambling business behind Paddy Power and Betfair saw its sales soar this year as the group gained huge momentum in the US.
Flutter Entertainment said it was continuing to go from “strength to strength” in the US market as it saw revenues reach £2.6bn in the year ending 2022.
The London-listed group which operates as FanDuel in America revealed it had a “record” number of bets placed during the Super Bowl” and has acquired over 1.2m customers already in 2023.
Due to its success, Flutter, which entered the US market in 2018, said that it is now in extensive talks with its shareholders to add an additional US listing of Flutter’s ordinary shares to “reap capital market benefits”.
It comes after reports emerged in February that the FTSE 100 group was looking to expand its US market share.
The Financial Times said the decision would require a 75 per cent approval rate from shareholders and see the group either listed on the NYSE or Nasdaq.
“We look forward to continued engagement with investors and stakeholders on this matter and we will announce the results of this engagement in due course,” Peter Jackson, chief of Flutter Entertainment said.
Furthermore, major sporting events such as the World Cup saw the group rack in total revenues of £7.6bn up from £6bn the prior year.
Jackson continued: “Flutter delivered a strong performance in 2022, continuing to execute on the strategic priorities we outlined last March. Growth in our recreational customer base delivered 2022 revenue growth of 27 per cent and we ended the year with a record 12.1m average monthly players in Q4.
“The combined power of the ‘FanDuel Advantage’ and the ‘Flutter Edge’ delivered our most successful launches to date in Maryland and Ohio. Leveraging our number one FanDuel brand we had a record Super Bowl and have acquired over 1.2m customers in 2023 so far.”