Flutter Entertainment, owner of FanDuel, expects its U.S. business to turn a profit for the first time in 2023, according to the company’s latest earnings report on Tuesday.
The company generated $902.89 million in revenue during the first six months of FY2021, up 159% year-over-year.
Though Flutter is bringing in a large amount of cash, expansion is costly.
- Its FanDuel brand has invested more than $1 billion in marketing since 2018.
- The company expects sales from existing customers to cover “spending huge amounts of money on acquiring customers,” per Flutter CEO Peter Jackson.
Flutter, whose properties also include FOX Bet and PokerStars, among others, is listed on the London Stock Exchange but still leads the pack in the $1.9 billion U.S. online gambling market.
The operator posted $500 million in U.S. revenue during Q2 2021, good enough for a 45% market share.
Flutter’s growth is driven by the steady progression of legalized online betting in the States. Full-year 2021 revenue is expected to land between $1.8 billion and $2 billion.
Currently operating in 10 states, the company plans to expand to 19 states over the next 18 months.