Flutter Begins 2024 with a Bump: Q1 Net Loss Reaches $ 177 Million
Lina Almans
15 May 2024
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Flutter Entertainment PLC has reported a surge in its net loss for the first quarter, hitting a substantial $177 million.
This figure marks a significant increase of $66 million (59%) compared to the same period last year.
The company attributes this uptick in losses to an increase in non-cash charges, which totaled $356 million.
These charges encompass intangible amortization and adjustments in the fair value of its Fox Option liability, which covers the buyback of 18.6% of FanDuel shares from Flutter by 2030.
Despite the growing losses, Flutter’s revenue saw a rise of 16%, reaching $3.4 billion. The average number of monthly players also increased by 11%, totaling 13.7 million.
The company’s adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) saw a robust growth of 46%, amounting to $514 million.
Looking ahead, Flutter anticipates U.S. revenue to grow by 36.3% in the current financial year, with adjusted EBITDA in this market expected to more than triple.
On May 31, Flutter is set to begin the process of listing on the New York Stock Exchange (NYSE).
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