Paddy Power and Betfair owner, Flutter posted a 15% rise in fourth-quarter revenue, driven by notable surges in market share across Ireland, the UK and the US.
However, the company said that growth of 26% in its Fanduel US business was below expectations due to a series of very friendly customer results of $343m (€315m) which were “primarily mitigated” by the firm’s expected gross revenue margin being better than anticipated.
The world’s largest online betting company said it expected full-year earnings excluding its emerging US market of £1.44bn (€1.68bn), the bottom of its previously forecast range following a similar run of results in Europe.
In November, Flutter became the latest company to delist from the Dublin stock exchange, marking yet another blow for Euronext.
The betting operator, which is also listed on the London Stock Exchange, announced last year that it submitted a registration statement to the Securities and Exchange Commission in the US, which it expects to be effective in the first quarter of 2024.
The group stated its intent to list on the New York Stock Exchange, adding that it felt appropriate to maintain just two listings “to minimise regulatory complexities”.
Subject to the effectiveness of its Form 20-F Registration Statement with the US Securities and Exchange Commission, Flutter announced that its NYSE listing is on track for the 29th of January 2024.
The group also said it will report full year 2023 numbers in US GAAP and US dollars on the 26th of March, along with 2024 guidance.
In a post-close statement, Flutter posted US net revenue of £1.14bn (€1.54bn) which is £147m (€171m) below previous guidance provided at Q3, with an approximate 35% flow through to Adjusted EBITDA.
Revenue growth in its three other main divisions was in line with guidance, the Paddy Power, Betfair and Sportsbet owner added.
Across Ireland and the UK, revenue increased by 19%, driven by continued market share gains through product improvements, the company said.
“The Group traded well in Q4 underpinned by our leading local brands supported by global Flutter Edge advantages,” said Flutter chief executive, Peter Jackson.
“In the US, while sports results were very customer friendly, particularly on the NFL in November, the underlying momentum in the business remains very strong heading into 2024.
“We are very excited that the addition of a US Flutter listing is now just days away. This is a pivotal moment for the Group as we make Flutter more accessible to US based investors and gain access to deeper capital markets. I am looking forward to 2024 and further building on the momentum within the Group to continue delivering growth.”
