Flutter Entertainment is the parent company of FanDuel. In a Tuesday earnings release, FanDuel announced its Q3 revenue rose 27% year-over-year. The industry operator has the start of the 2024 NFL season to thank for their lucrative end to Q3. Flutter reported $3.25 billion from the three-month haul ending on September 30.
Adjusted EBITDA was $450 million in Q3, up 74% year-over-year. Net losses for FanDuel were down to $114 million compared to the $262 million in Q3 of 2023. During Q3 of 2024, FanDuel helped Flutter see a bump to $3.2 million customers. On Thursday, November 14, Flutter is implementing the first phase of a three-to-four-year, $5 billion share repurchase program. They expect to have $350 million in repurchases by the end of Q1 in 2025.
Where was FanDuel successful in October?
During Q3 of 2024, FanDuel helped Flutter record $1.25 billion in revenue, which was up 51% year over year. Adjusted EBITDA of $58 million made up for the $55 million in losses they had during Q3 of 2023. FanDuel sportsbooks’ success at the end of Q3 was due to the NFL being back in full swing. They had a 35% online market share last quarter. That included 41% of the sports betting revenue, 43% of the net gaming revenue, and 25% of iGaming revenue.
In their press release on Tuesday, Flutter mentioned how FanDuel followed a similar pattern to DraftKings and Caesars to start Q4. To start October, NFL favorites were on top and that negatively affected the sports betting operator revenue. Flutter noted that their success in Q3 has been offset by the rough start to Q4.
Is Flutter having success outside of the United States?
Outside of its markets in the United States, Flutter has 14 other brands. In Q3 of 2024, they were able to collect $2 billion in revenue. That was up 15% year-over-year. Their markets in the U.K./Ireland were the most profitable with an 18% increase year-over-year. Additionally, their International division grew 15% year-over-year with the acquisitions of Brazil’s NSX and Italy’s Snai brands.
