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Flutter Entertainment has released its Q3 2023 results, where the operator has seen overall positive growth.
However, Flutter stocks dropped 9%, at the time of writing, after the release of its Q3 report, currently sitting at £124.70.
As noted, total revenue was up 13% from Q3 2022, with gaming revenue having experienced the most significant growth from this time last year, up 26% to £914m.
Of Flutter Entertainment’s various global divisions, the US saw the most notable growth; however, growth can also be noted across Flutter Entertainment’s non-US divisions, which include the UK & Ireland and International products.
Revenue for Q3 2023 totalled £2.04bn, with non-US territories responsible for contributing £1.37bn.
Australia is notable as the only of Flutter Entertainment’s divisions to be down from Q3 2022, with a year-on-year difference of -18%. Moreover, the territory is the one that experienced the lowest average monthly player growth year-on-year, up only 2% compared to 38% in the US and 20% for International products.
International revenue accounts for PokerStars, Betfair and other brands operating in multiple global jurisdictions, and includes services such as exchanges, sportsbooks and gaming services.
In non-US regions, adjusted EBITDA was expected to be approximately £1.44bn. In part, Flutter Entertainment puts this adjusted EBITDA number to increased investment in Flutter Edge. The company also noted how the Australian racing market was a specifically weak market point, but sees this as being offset by the UK & Ireland’s strong markets.
Flutter has shown commitment to growth in this division in Q3 in multiple ways, including its ‘Building Foundations’ Fund launch to bring funding in for local projects.
