Flutter Entertainment plc, a leading global provider of gaming, sports betting, and entertainment, recently released its trading update for the three months ending on September 30, 2023. The unaudited results showed a total revenue of £2.04 billion ($2.5 billion) for Q3, representing an 8% year-over-year increase from the £1.89 billion ($2.32 billion) reported in the same period in 2022.
The breakdown of revenue from sports operations in Q3 2023 amounted to £1.12 billion ($1.37 billion), down 2% from the previous year, while gaming revenue surged to £914 million ($1.12 billion), marking a solid 22% increase. Additionally, the average monthly players for the quarter reached 11.1 million, reflecting a 16% year-over-year rise.
During the same period, Flutter acquired a majority stake in MaxBet, a prominent betting and gaming operator in Serbia, for a price of €141 million ($148.6 million).
The regional breakdown of the company’s revenue revealed positive growth in the United States, with US-facing operations generating £668 million ($820.2 million), up 12% year-over-year. The UK and Ireland operations also saw an 11% increase in revenue to £566 million ($694.7 million), while international operations reported £539 million ($661.2 million), up 16% from Q3 2022. However, Australia-facing operations experienced an 18% decline in revenue, amounting to £262 million ($321.4 million) in Q3 this year.
Commenting on the results, 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, which has doubled its player base since 2019 and remains a market leader.
Jackson also highlighted the success of Flutter’s diversified business model, attributing the 13% revenue growth to the strength of the company’s portfolio. He noted the company’s continued expansion in the United States and expressed confidence in its long-term and sustainable growth prospects.