Flutter Entertainment PLC (LSE:FLTR) said a “very strong performance” in the US drove a 46% increase in first-quarter revenue.
The owner of FanDuel, Paddy Power and Betfair said total revenue rose to £2.4bn in the three months ended 31 March 2023 from £1.6bn a year prior, with Sports revenue up 53% to £1.5bn and Gaming revenue up 35% to £916mln.
The FTSE 100-listed firm pointed out the average number of monthly players of 12.3mln was up 30%.
In the US, revenue soared 92%, including sportsbook revenue growth of 147% as the business took a 50% share of the sports market in the quarter, up 14 percentage points year-on-year, while iGaming revenue growth was 43% with market share up to 23% from 21% in the fourth quarter.
Flutter said the US division remains “firmly on track for full-year profitability in 2023”.
Outside of the US, pro forma revenue growth was 8%, driven by continued positive momentum in UK & Ireland (+17%) and good growth in International (+6%), while performance in Australia (-4%) remained resilient against challenging comparatives with good customer growth.
Reflecting on the recent White Paper in the UK, chief executive Peter Jackson said: “The changes will bring consistency to safer gambling protections for customers and make responsible play a priority across all operators, which we strongly support.”
The company expects the additional US listing late in the fourth quarter, it said.