Flutter Entertainment has recorded a revenue of $3.4 billion during Q1 of 2024, but the company also saw a 59% increase in net losses.

Flutter Entertainment Records $3.4 Billion Revenue During Q1

Generating $3.4bn in revenue brought a 16% increase when compared to Q1 of 2023 and adjusted EBITDA grew by 46% – finishing on $514m.

This positive growth was till not enough to avoid an overall net loss, as Flutter recorded a $177m loss in Q1 – increasing by $66m from 2023.

Flutter’s operations in the United States were the leading factor for this increase, contributing with $1.41bn and 41.5% of the overall revenue.

This specific sector grew by 32%, which is the highest increase in all of Flutter’s business demographics and the adjusted EBITDA improved drastically, finishing on $26m.

Flutter’s leading US sportsbook was FanDuel once again, boasting a net gaming revenue market share of 52% and a gross gaming revenue market share of 46%.

Additionally, FanDuel’s iGaming platforms took top spot after earning a gross gaming revenue market share of 27% – moving up from second-place in Q4 of 2023.

Revenue from sportsbooks also increased in Q1, growing by 30% ($986m) and iGaming revenue ended on $358m – a 49% increase from the same period in 2023.

A huge reason behind this growth is down to the entry of mobile sports betting in North Carolina during March, as FanDuel became the official sports betting partner of the Carolina Panthers.

Peter Jackson, the CEO at Flutter Entertainment, praised the company’s opening to 2024 and labeled FanDuel as one of the strongest sports betting apps in the United States.

He said (Via Flutter Entertainment): “We have had an excellent start to the year. In the US, FanDuel’s top-line momentum is translating into strong growth in US adjusted EBITDA and market share gains.

“We are focused on continuing to expand our player base, market share and embedding future profits within our business through disciplined investment.”