4th Mar 2025 22:11
(Alliance News) - 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 USD156 million in the three months to December 31 swung from a net loss of USD902 million a year prior. Adjusted earnings before interest, tax, depreciation and amortisation increased 4% to USD655 million from USD632 million.
Revenue rose 14% to USD3.79 billion from USD3.31 billion and average monthly players rose 7% to 14,605 from 13,588.
For financial 2024, Flutter reported net income of USD162 million swung from a net loss of USD1.21 billion a year prior. Adjusted Ebitda increased 26% to USD2.36 billion from USD1.88 billion.
Revenue rose 19% to USD13.90 billion from USD12.33 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 USD7.72 billion and USD1.4 billion, year-over-year growth of 33% and 176% respectively.
Ex-US, Flutter projects revenue and adjusted Ebitda expected mid-points of USD8.25 billion and USD1.85 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.
By Jeremy Cutler, Alliance News reporter
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