Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) reported strong revenue growth but wider losses for last year, with growth in the US accelerating as the bookmaker nears a move to a full New York listing.
Revenue for 2023 rose 25% year on year to $11.79 billion (£9.3 billion), although net losses widened to $1.21 billion from $370 million.
This net loss was primarily due to significant non-cash charges, including a $725 million impairment on the PokerStars trademark. On an EBITDA basis, earnings rose 45% to $1.9 billion.
The US business saw sales surge by 40.7%, with FanDuel maintaining the top position in the sportsbook and iGaming markets. FanDuel acquired over 3.7 million new sports betting and iGaming players in 2023, 19% more than the prior year.
This strong growth meant Flutter posted its first positive year of adjusted earnings in the US. Though only to the tune of $65 million, this consistent growth bodes well for the group's recent listing on the New York Stock Exchange.
“I was proud to see Flutter shares trading for the first time on the NYSE on January 29, 2024 and we have been encouraged by the increased focus from new US investors as a result of our US listing,” said chief executive Peter Jackson.
“We are working towards a shareholder vote on May 1, 2024 to approve our primary listing move to NYSE."
US revenues have continued to surge at the start of the new financial year, with the sportsbook up nearly 64% and iGaming up over 50%. Flutter predicted that US earnings could triple in the year ahead.
Shares added 1.8% in opening Tuesday exchanges.