Flutter opens $3.5M Global Capability Center in Hyderabad
Flutter Entertainment announced that it has invested $3.5 million to open a new Global Capability Center (GCC) in Hyderabad.With more than 700 staff, the...
Flutter reports strong Q3 results with $450M
An international sports betting and gambling company, Flutter Entertainment plc, simply known as Flutter, shared its Q3 results, highlighting 74% EBITDA growth to $450 million together with a $58 million profit in the U.S.
Despite a net loss of $114 million, Q3 revenues allowed Flutter to raise its revenue and EBITDA guidance by 1%. Peter Jackson, CEO of Flutter Entertainment, highlighted FanDuel’s success, noting a 23% growth in established U.S. sports betting markets and 37% in new markets. Earlier, Flutter announced a $5 billion share repurchase to boost FanDuel. Flutter records growth for its FanDuel unit, expecting to have a global gaming revenue reach of $368 billion by 2030.
Flutter partners with Netflix
During the holiday season, Flutter’s FanDuel will partner with Netflix for the broadcast of NFL Christmas games.
Flutter CEO Peter Jackson commented:
“We’ll be delighted to deliver our exciting product for Americans to get behind on Christmas Day. From a parlay perspective, you’re right; it does drive a significant improvement in the hold. I think we need to remember that we’ve seen a big step up in parlay adoption year-over-year. Customers really like the product. It is a higher-margin product, but the generosity proportion we offer our customers remains consistent as a percentage. So naturally, as margins increase, we will be spending more.”
Flutter’s expansion
Flutter is strengthening its footprint in the industry. The recent approval of sports betting in Missouri is expected to open new opportunities for the company. Brazil is also under Flutter’s target, as the company acquired a major stake in NSX Group, the parent company of Betnacional, to prepare for the expected January 2025 sports betting launch. Moreover, Flutter also expanded in Italy by acquiring wagering operator Snaitech and continued growth with SportsBet in Australia. Canada also joins the new market list as Flutter plans a 2025 launch in Alberta, Canada.
With all the new markets and new investments, Flutter Entertainment expects $21B in revenues by 2027.
Flutter doesn’t support the new UK tax hike
After the news that the UK is considering increasing the taxes, Flutter Entertainment announced its disapproval of it.Earlier this month, the UK announced that currently,...
