Flutter Entertainment announced a 20% year-on-year increase in revenue for the second quarter of 2024, reaching a total of $3.61 billion.
The company's net income rose to $297 million, a 364% increase from the $64 million reported in the second quarter of 2023. This growth was accompanied by a rise in net income margin, which increased by 610 basis points to 8.2%.
Flutter's Average Monthly Players (AMP) across all platforms reached 14.3 million, up 17%. Adjusted EBITDA for the quarter was $738 million, also up by 17%, although the adjusted EBITDA margin slightly declined by 70 basis points to 20.4%.
Diluted earnings per share grew by 290% to AUD 1.45, with adjusted earnings per share increasing by 56% to AUD 2.61. Net cash generated by operating activities significantly rose by 688% to AUD 323 million.
In the United States, Flutter's business saw growth, with both AMP and revenues increasing by 27% and 39% respectively. The company's FanDuel brand maintained its leading market position, capturing 47% of the total US sports betting Gross Gaming Revenue (GGR) and 51% of the Net Gaming Revenue (NGR).
Outside the United States, Flutter reported a 15% increase in AMP and a 10% revenue growth. In the UK and Ireland, continuous growth in the European Football Championship and iGaming industries drove performance improvements. In Italy, Flutter's Sisal brand achieved a record market share, with AMP increasing by 25%.
This financial performance was announced after Flutter's Q1 report, which highlighted a 16% revenue increase to $3.4 billion, contributing to growth in the US division by 32%, despite a net loss due to non-cash expenses from the closure of the Fox Bet brand.
Given the strong performance in the second quarter, Flutter has raised its full-year 2024 performance outlook, now expecting a 20% increase in group revenue and a 34% increase in adjusted EBITDA.
Flutter's share price is currently at 161.70 GBP, up by 10% at the time of writing, following the release of the results (originally up by 12%).
