Flutter Entertainment Cashes In on FanDuel

FanDuel, which claims it has a 50% market share in the U.S. sports betting market, continues to pay off for its parent company.

Flutter Entertainment, which also owns Betfair, Paddy Power, and PokerStars, posted a 27% increase in revenue to roughly $9.19 billion for its preliminary 2022 results, with average monthly players increasing 26%, attributed to expansion in the U.S. and benefits of the acquisitions of Sisal and Tombola. 

The increase in revenue was driven by a 67% sales jump in FanDuel, which is on track to become profitable this year.

In the U.S., Flutter’s revenue reached $3.2 billion.

But Flutter took a hit of around $47.8 million in December due to “customer friendly results” during the World Cup and in the Premier League. 

As of Dec. 31, the company’s net debt was around $5.5 billion.

Public Possibilities

Earlier this month, Flutter said its board is consulting with shareholders to gauge their interest in a listing on the U.S. stock exchange.

The company’s board reached the view that “an additional U.S. listing of Flutter’s ordinary shares will yield a number of long-term strategic and capital market benefits,” according to the Financial Times. 

The company would take a vote at its annual meeting in April after consulting with shareholders. The vote would require 75% approval.