Flutter Entertainment plc released its unaudited trading update for the three months ending on September 30, 2023, revealing a total revenue of £2.04 billion ($2.5 billion) for Q3, marking an 8% year-over-year increase compared to the same period in 2022.
The company’s sports operations revenue for the quarter reached £1.12 billion ($1.37 billion), showing a 2% decrease compared to Q3 2022, while gaming revenue soared to £914 million ($1.12 billion), representing a 22% increase year-over-year.
Flutter also reported an increase in average monthly players (AMPs) to 11.1 million, marking a 16% increase compared to Q3 2022. Additionally, the company confirmed its acquisition of a 51% stake in MaxBet for a price of €141 million ($148.6 million).
In terms of regional revenue, the United States operations saw a 12% year-over-year increase to £668 million ($820.2 million), while UK and Ireland operations posted an 11% increase to £566 million ($694.7 million). International operations also saw a 16% increase in revenue to £539 million ($661.2 million). However, Australia-facing operations reported a decrease in revenue, down by 18% year-over-year to £262 million ($321.4 million).
Peter Jackson, Flutter’s chief executive, acknowledged the challenging operating conditions in Australia but emphasized the company’s strong position in the market, particularly with its Sportsbet brand. He praised the company’s diversified business model and highlighted the growth of its player base in the United States, positioning the company for long-term and sustainable growth.
Overall, Jackson lauded the company’s strong results for Q3, attributing the 13% revenue growth to the power of its diversified business and expressing confidence in its future growth opportunities.