Flutter Entertainment, a leading global sports betting, gaming and entertainment provider, has issued a preliminary trading update for the fourth quarter ending on December 31, 2023, highlighting resilient fiscal achievements and strategic advancements.

The company is slated to release its full-year 2023 financial figures in US GAAP and US dollars on March 26, 2024, providing a comprehensive overview of its fiscal performance and future projections.

Flutter Entertainment revealed an impressive 15% uptick in Q4 revenue, reaching £2.67 billion ($3.39 billion). The detailed breakdown unveiled a 15% surge in sports revenue (£1.66 billion) and a noteworthy 19% increase in gaming revenue (£1.02 billion).

In the US market, the group displayed notable momentum, marked by a 33% surge in average monthly players, a 53% increase in sportsbook stakes, and a substantial 49% rise in gaming revenue. US Sportsbook FanDuel maintained its market position, securing a 43% Q4 gross revenue market share, while FanDuel Casino claimed the #2 spot among iGaming brands with a 26% market share in Q4.

However, Q4 revenue growth in the US faced challenges due to customer-friendly sports outcomes, resulting in a net revenue of £1.14 billion, £147 million below the previous guidance. Flutter highlighted an approximate 35% flow-through to adjusted EBITDA as a consequence of this revenue miss.

Beyond the US, the UK and Ireland witnessed a commendable 19% revenue increase, while Australia experienced a marginal 2% decline. International markets, driven by ‘consolidate and invest’ strategies, demonstrated a solid 4% growth.

Flutter Entertainment is poised for its US listing on the NYSE, scheduled to be effective on January 29, 2024, pending approval of its Form 20-F Registration Statement. Furthermore, on January 9, 2024, the company finalized the acquisition of MaxBet, a prominent local brand in Serbia.

In tandem with these updates, Flutter Entertainment announced changes to its Board of Directors, with Richard Flint, a key figure since March 2020, choosing not to seek re-election at the upcoming Annual General Meeting on May 1, 2024. Flint played a pivotal role in shaping Flutter post-merger and was the Executive Chair of Sky Betting & Gaming. This announcement follows Flutter’s US listing and Dublin delisting plans at the conclusion of 2023.

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