Flutter Entertainment Reports $156 Million Profit in Q4 2024

FanDuel, reported a significant financial turnaround in the fourth quarter of 2024, shifting from a $902 million loss in the same period of 2023 to a $156 million profit. The company disclosed these results after markets closed on March 4.

Revenue Growth and Financial Performance

Alongside the increase in profitability, Flutter’s revenue climbed 14% to reach $3.7 billion. The company’s cash flow improved by 4% to $655 million, while free cash flow stood at $473 million. However, the cash flow margin slightly declined to 17.3% compared to the previous year’s fourth quarter.

A key factor in Flutter’s return to profitability was an acquired intangibles amortization charge of $134 million. The losses reported in Q4 2023 were largely influenced by a one-time impairment charge of $725 million.

Chief Executive Officer Peter Jackson remarked, “I am proud of the progress we made during 2024 as we delivered against our strategic priorities and enhanced our leadership positions. Outside of the US, our commitment to first-to-market product innovation led to market share gains in key markets including the UK and Italy, while in Australia, we saw encouraging trends in our player base.”

FanDuel continued to solidify its dominance in NFL games, which Flutter described as the worst in two decades for operators, revenue still managed to increase.

Total betting handle growth slowed to 12%, which Flutter attributed to several factors, including an additional round of NFL games in the prior-year quarter and shifting customer preferences toward Same Game Parlay products, which yield higher revenue margins but lower overall handle.

International and Australian Market Trends

Flutter executives highlighted strong performances in multiple international markets, naming Italy, India, Turkey, Georgia, and Brazil as key contributors to the company’s overall growth. However, the Australian market faced challenges due to lower racing demand. Despite this, Flutter noted that player engagement trends remained positive.

Company leadership stated that the decline in Australia was in line with expectations. In contrast, strong customer engagement in the US helped offset the downturn, with high levels of participation in sports like the NRL, NBA, and NFL. The company also credited its leading product offerings with improving structural gross revenue margins.

Providing insights into early 2025 results, Flutter reported that overall performance has remained stable. A strong outcome from Super Bowl LIX was balanced by less favorable sports results in January. Non-US markets also demonstrated resilience, ed by continued customer engagement from late 2024 into the new year.

“We have had a great start to 2025, including record levels of customer engagement for the Super Bowl where FanDuel had three million active customers placing 17.7 million bets with $470 million wagered on the day,” Jackson stated. “I am excited to build on this strong momentum.”

For the remainder of 2025, the company reiterated previous investor guidance, projecting revenue to reach approximately $7.7 billion and cash flow of $1.4 billion.

Executives also outlined expectations for the launch of new markets, estimating a $40 million negative revenue impact and $90 million in adverse cash flow from expansions in Missouri and Alberta. These projections are based on Missouri’s expected sports betting launch in October at the earliest, while Alberta is anticipated to enter the market in early 2026.

Source:

‘’Flutter Entertainment swings loss to profit in fourth quarter’’, cdcgaming.com, March 05, 2025.