Flutter Entertainment announced the financial results for the fourth quarter and fiscal year of 2024, with total revenue for the fiscal year 2024 being $14.05 billion, and net income increasing by 113% to $1.62 billion.
The company's adjusted EBITDA also grew in the fiscal year 2024, reportedly close to $2.4 billion, a 26% increase year-over-year. Revenue figures grew by 19% compared to the same period last year, mainly due to expansion outside the United States, including the addition of MaxBet, as well as favorable sports results and significant growth in iGaming.
In the fourth quarter of 2024, the revenue for Flutter UKI and International Group grew by 17% and 23%, respectively, reporting totals of $963 million and $872 million. Although revenue in Australia fell by 8% year-over-year to $346 million, Flutter stated that player trends remain "encouraging," with the average monthly number of players growing for the third consecutive quarter.
In the fourth quarter of 2024, the US group contributed the majority of the revenue, contributing $1.6 billion out of a total of $3.8 billion, resulting in a 14% year-over-year growth for Flutter. Similar to the fiscal year 2024, Flutter achieved a net income of $156 million in the fourth quarter of 2024, whereas the net loss in the fourth quarter of 2023 exceeded $900 million.
Due to a 3% and 35% year-over-year decline in adjusted EBITDA for the US and Australia groups respectively, Flutter's total adjusted EBITDA for the fourth quarter of 2024 was $655 million, still a 4% increase from the previous year. The adjusted EBITDA for UKI was $319 million, a 17% increase from the previous year, while the international business grew by 15%, with the fourth quarter 2024 adjusted EBITDA being $172 million.
Due to these two periods' strong performance, Flutter has set mid-term revenue expectations for the groups outside the US for 2025, ranging from $8.05 billion to $8.45 billion. Additionally, the mid-term adjusted EBITDA expectations are between $1.75 billion and $1.95 billion, representing a 6% revenue growth and a 10% adjusted EBITDA growth year-over-year.
Worth noting: On March 4, Gambling Insider contacted industry experts to discuss concerns from local lobbying groups about Flutter's expansion in Italy.
Flutter also stated that it expects new services launched in Missouri and Alberta in 2025 to result in a negative revenue of $90 million, with the operator's debut in Alberta currently scheduled for early 2026.
In a teleconference held after the report was released, Flutter CEO Peter Jackson and CFO Rob Coldrake spoke to reporters about the possibility of challenging International Game Technology (IGT) for the major lottery license in Italy.
Jackson stated that there are two weeks left before the bid submission, with the official bid deadline being March 17, and Flutter will continue to "brainstorm" before deciding whether to apply for the license.
He described the lottery license as a "completely different product type" from the services currently offered by Flutter in the country, but the company is very aware of the potential impact of obtaining the license.
Reportedly, sports betting revenue in the UK for the fourth quarter of 2024 was $473 million, while iGaming contributed $458 million, representing growths of 31% and 16% respectively compared to the same period last year. For the International Group, sports betting revenue in the fourth quarter of 2024 grew by 46% year-over-year to $213 million, while iGaming grew by 14%, reaching a revenue of $626 million.
