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Friday, May 17, 2024

Flutter experienced a remarkable upsurge in the US during the first quarter of the year, continuing their upward trend


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“We anticipate that by 2030, the vast majority of the US population will be able to bet on sports,” said Mr Jackson. He added that in the US, sports gamblers typically wager more than those in other territories, including Ireland and the UK.

Flutter secured shareholder approval last month to list its shares in the US, in a move that the company believes will heighten brand

Flutter Entertainment, the parent company of Paddy Power, expects Kentucky to be the next state to permit sports betting, joining the other states that have legalized the activity. Peter Jackson, CEO of Flutter, said he believes North Carolina will join in next year, as the US-based FanDuel arm continues to expand rapidly and is on track to become profitable in 2023.

The company’s first-quarter results across the globe were impressive, with a particularly impressive performance in the US where FanDuel users can now gamble in 19 states. In the first three months of the year, the number of US users jumped by 1.5 million, reaching a total of 3.5 million monthly users. US revenue was also up by 92%, totaling £908m (€1.02bn). Group-wide, revenue had risen by 46% on a constant currency basis to £2.4bn.

Mr Jackson predicted that in 2030, the majority of the US population will be able to bet on sports, noting that sports gamblers in the US tend to wager more than in other countries. Last month, Flutter shareholders approved a US listing, which the company believes will raise its brand profile and allow retail investors to invest in the company’s future.

The CEO was keen to stress that the US listing will not affect their Dublin headquarters, which employs more people than Microsoft. He also highlighted the strong performance of FanDuel in Ohio and Massachusetts, with a 20% increase in the number of new players and FanDuel leading the pack in both states.

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