Flutter Entertainment released its Q3 divisional analysis report on Thursday which shows positive growth across its global divisions and is indicative of another strong quarter for the wagering giant.
According to the Q3 2023 Trading Update, Flutter’s active Australian customer base has also continued to grow, reporting a 2 per cent increase in the number of average monthly players (AMPs) who are using the platform.
Market Leading Product Offering
Flutter attributed this growth to Sportsbet’s “good retention” of the “recreational player base.” The international sports betting company added that the “market-leading product offering” and the Sky Racing streaming deal extension for another ten years were just some of the reasons why Sportsbet continued to be attractive for bettors.
However, the company also reported a “challenging racing market” that started in Q2 and continued in Q3, resulting in a slight decrease of 9 per cent in betting stakes and a 7 per cent drop in revenue. Flutter expects the “softer racing market” to continue in 2024, but is prepared to deal with the “mid-single-digit decline.”
$3.8 Billion in Q3 Revenue
Flutter Entertainment Chief Executive Peter Jackson said that the group had another strong performance in Q3, despite the “seasonally quieter period” and the 13 per cent revenue growth to over $3.8 billion and 16 per cent increase in the number of average monthly players were proof that the group would continue on the same path of “growth and market leadership.”
The Flutter chief was particularly happy with how well the company performed in the US, as Flutter was the “first online operator to achieve structural profitability” in the US.
With an average monthly player base of 2.6 million, a 38 per cent increase, Jackson said the company was positioned superbly before the “sports-rich months of November and December.”