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Bookmaker Flutter Entertainment PLC on Tuesday said it had made an excellent start to 2024 after reporting strong sales growth in the fourth quarter. Flutter, which owns Betfair and Paddy Power, reported net income of $156 million in the three months to December 31 swung from a net loss of $902 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation increased 4% to $655 million from $632 million. Revenue rose 14% to $3.79 billion from $3.31 billion and average monthly players rose 7% to 14,605 from 13,588. For financial 2024, Flutter reported net income of $162 million swung from a net loss of $1.21 billion a year prior. Adjusted Ebitda increased 26% to $2.36 billion from $1.88 billion. Revenue rose 19% to $13.90 billion from $12.33 billion and average monthly players rose 13% to 13,898 from 12,325. Flutter said US revenue rose 14% despite the most customer friendly NFL results in 20 years with a record sportsbook structural gross revenue margin of 14.5%, and excellent iGaming revenue growth of 43%. Ex-US revenue increased 14% driven by structural sportsbook revenue margin expansion, favourable sports results and excellent iGaming momentum. In the UK & Ireland, strength was driven by sustained sportsbook and iGaming product innovation. Flutter said 2025 has ‘started well’. Full-year 2025 guidance represents year-over-year growth at the midpoint of 13% revenue and 34% adjusted Ebitda, the firm added. Flutter expects US revenue and adjusted Ebitda mid-points of $7.72 billion and $1.4 billion, year-over-year growth of 33% and 176% respectively. Ex-US, Flutter projects revenue and adjusted Ebitda expected mid-points of $8.25 billion and $1.85 billion which are in line with 2024 and represent growth of 6% and 10% respectively. Chief Executive Peter Jackson said: ‘We have had a great start to 2025, including record levels of customer engagement for the Super Bowl,’ adding, ‘I am excited to build on this strong momentum.’ Shares in Flutter Entertainment closed 4.9% lower at 20,620.00 pence each in London on Tuesday. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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