Paddy Power owner Flutter 'on track' to turn profit this year as it sees revenues jump in Q1

Flutter gained 1.5 million new betting customers in the US, its main market.

Led by its Fanduel brand, Flutter maintained its leading 50% share of the US sports betting market and increased its slice of the iGaming market to 23% from 21% three months earlier.

Paddy Power owner Flutter’s revenues increased in the March quarter after it gained 1.5 million new betting customers in the US, its main market.

The gambling giant grew revenues to more than €2.7bn, up 54% on the previous year. Flutter’s pro forma revenues were by 29%.

“In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gain,” said Peter Jackson, Flutter chief executive.

The company’s US division recorded a 92% growth in revenue. The company said it “remained firmly on track to turn a profit in 2023”.

Led by its Fanduel brand, Flutter maintained its leading 50% share of the US sports betting market and increased its slice of the iGaming market to 23% from 21% three months earlier.

The Dublin-based firm forecast in November that Fanduel's revenue would jump to around $15bn (€13.5bn) over the long term - twice Flutter's entire revenue last year - as more states allow sports betting following the 2018 lifting of a nationwide ban.

The US business made a loss of $313m last year as Flutter continued to invest heavily on expansion.

Meanwhile, in its UK and Ireland division, retail revenue was up 15% as Paddy Power grew share across both markets as betters returned to bookies post-covid.

The Betfair and Sky Bet owner also expanded its revenue by 17% and average monthly players by 11% year-on-year in the UK and Ireland, which it said reflected the reshaping of its second-largest division to focus on customer growth.

Revenue also rose 69% on a constant currency basis in its international division, where Flutter said the recently acquired Italian gaming operator Sisal performed exceptionally well. Revenue fell 4% in Australia.

- Additional reporting from Reuters