FanDuel owner says U.S. sports revenue doubled as it plans U.S. listing at end of the year

By Steve Goldstein

The parent of betting site FanDuel says its U.S. sports revenue more than doubled in the first quarter after launching in Ohio and Massachusetts.

Flutter Entertainment reported a 54% jump in revenue for the first quarter to GBP2.41 billion. It didn't break out profit numbers in the trading update.

The company said it added over 1.5 million customers in the United States as sports revenue more than doubled in dollar terms. It said its U.S. sports-betting handle of $10.9 billion was nearly 60% of total sportsbook stakes. It also said that revenue almost doubled in the states it launched in before 2022.

The company said average monthly players rose 46% in the U.S., which it attributed to a broader offering of the March Madness college basketball tournament and in-play NBA betting.

Flutter is planning an additional stock-market listing in the U.S. in the late fourth quarter, where rivals including DraftKings (DKNG) trade. Flutter said it was confident the company would make a profit in the U.S. this year, adding that its sportsbook net revenue margin was 7%, as favorable results and unfavorable results last year offset "increased generosity levels" due to the new state launches.

CEO Jeremy Jackson said FanDuel tried to get "higher value" customers by advertising ahead of the NFL playoffs.

Flutter operates the FanDuel, TVG, FOX Bet and PokerStars brands in the U.S. In the U.K. and Ireland, its brands include Paddy Power and Betfair, and in Australia, it operates Sportsbet.

-Steve Goldstein

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05-03-23 0734ET

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