Flutter soars 12% as revenue climbs despite US sports betting slowdown

Shares in gambling giant Flutter Entertainment (LSE: FLTR) jumped over 12% on Thursday after the company reported strong full-year results, although its US division missed targets due to unfavourable sports results.

The owner of brands such as Paddy Power, Sky Betting and Betfair said group revenue grew 24% to £9.51 billion in 2023, while average monthly players were up 20% to 12.3 million. Flutter also saw double-digit growth in the fourth quarter. However, its US net revenue of $1.42 billion fell short of guidance by around $225 million.

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Flutter blamed “very customer friendly sports results”, especially in the NFL, which led to a $343 million hit. But it said underlying momentum remains strong in the US heading into 2024. The company, which plans to de-list from Dublin and list on the New York Stock Exchange on January 29th, kept its premium London listing.

Chief Executive Peter Jackson said “the underlying momentum in the business remains very strong”. Flutter shares have risen 22% over the past 12 months.