FanDuel’s parent corporation, Flutter Entertainment, posted a loss of $114 million in the third quarter. That’s less than a dose of $262 million in the red in the third quarter of 2023.
The New York and Dublin, Ireland-based company posted cash flow of $450 million for the quarter, up from $258 million. Loss per share was $0.58, down from $1.55. Flutter reduced its leverage from 3.1 times cash flow to 2.4 times.
Revenue increased 27 percent, and Flutter attributed the increase to the start of the NFL season, new products and favorable sports results. Flutter’s total online market share was 35 percent; It was even higher in sports betting (41 percent). The market share of electronic games was 25 percent.
Flutter reported 46 percent growth in customers. But he warned that the outperformance in the third quarter “has subsequently been more than offset by unfavorable sports results in the fourth quarter to date.”
In Ireland and the United Kingdom, Flutter saw a strong boost thanks to the European Football Championship in July, contributing to a 15 percent increase in business outside the United States. Market share in Italy also grew through the subsidiary Sisal. Positive sporting results in Australia helped drive a 12 per cent revenue increase in Australia.
CEO Peter Jackson reported that NFL games saw “peak bets per minute already higher than Super Bowl LVII.” “Our proprietary product offering continued to drive strong parlay penetration as well as advancement in live betting management.”
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