Flutter Entertainment Reports Strong Q4 2024 Growth
Flutter Entertainment closed 2024 on a high note, posting a 14% year-over-year revenue increase in Q4 and a full-year revenue jump of 19%. The company’s net income swung to a profit, reversing significant losses from the previous year, while its Adjusted EBITDA saw notable gains.
Q4 Performance Overview
Flutter Entertainment’s fourth-quarter revenue reached $3.79 billion, up from $3.31 billion in the same period last year. The company’s net income surged to $156 million, a substantial turnaround from a $902 million loss in Q4 2023. Adjusted EBITDA for the quarter stood at $655 million, reflecting a 4% year-over-year increase.
The number of average monthly players (AMPs) rose 7% to 14.6 million, highlighting increased customer engagement across Flutter’s platforms. The U.S. market remained a stronghold, with FanDuel solidifying its leadership in sports betting and iGaming, while Flutter’s European and international operations also posted robust growth.
Full-Year 2024 Financial Highlights
For the full year, Flutter recorded revenue of $14.05 billion, a 19% increase from 2023. Net income improved significantly, rising to $162 million from a $1.21 billion loss in the prior year. Adjusted EBITDA climbed 26% to $2.36 billion, reflecting improved operational efficiency and market expansion.
The company also reported an increase in free cash flow, which surged 181% to $941 million, underlining improved profitability and financial stability. Flutter’s balance sheet was strengthened, with a reduction in its leverage ratio from 3.1x to 2.2x.
U.S. Market Performance
FanDuel continued its dominance in the U.S., maintaining a 36% share of the online gross gaming revenue (GGR) market, with a particularly strong presence in sportsbook (43% GGR market share). Despite the most customer-friendly NFL results in two decades, the company managed to grow revenue by 14% in the U.S.
The sportsbook segment achieved a record structural gross revenue margin of 14.5%, aided by innovative betting features and expanded live betting options. Meanwhile, iGaming revenue saw a substantial 43% increase, driven by the introduction of exclusive slots and enhanced loyalty programs.
European and International Expansion
Outside the U.S., Flutter’s revenue increased by 14%, driven by innovation in sportsbook offerings and strong iGaming performance. In the UK and Ireland, sustained improvements in sportsbook and casino platforms contributed to a 20% revenue rise. Italy saw market share gains, particularly through the Sisal brand, while strong performances in India, Turkey, and Brazil further fueled growth.
Flutter’s acquisition of MaxBet strengthened its position in Central and Eastern Europe, contributing two percentage points to overall group revenue growth. The company also announced upcoming acquisitions of NSX in Brazil and Snai in Italy, set for completion in 2025.
Strategic Moves and Outlook for 2025
Looking ahead, Flutter expects continued momentum in 2025, with revenue projected to grow by 13% and Adjusted EBITDA by 34%. The company plans to launch operations in Missouri by Q4 2025 and in Alberta, Canada, by early 2026.
Flutter also initiated a share repurchase program, returning $121 million to shareholders in Q4 and setting a target of up to $1 billion in buybacks for 2025. The company’s ability to generate strong cash flow and invest in strategic expansions positions it for sustained long-term growth.