Flutter Earnings Soar Past Q3 Estimates, Boosted by Strong NFL Season
Flutter Entertainment reported strong Q3 2024 results, significantly exceeding Wall Street expectations with earnings of $0.43 per share on revenue of $3.25 billion, compared to analyst estimates of $0.23 per share on sales under $3.20 billion.
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Key Performance Highlights:
Strong NFL season start with record-breaking peak wagers per minute 28% growth in average monthly players (AMP) 10% year-over-year increase in customer acquisition 23% AMP growth in pre-2022 states 37% AMP growth in 2022-2023 launched states
Updated 2024 FanDuel Guidance:
Revenue: $6.05B - $6.25B (previously $6.05B - $6.35B) EBITDA: $670M - $750M (previously $680M - $800M) Expected Q4 growth: 40% in revenue, 206% in EBITDA
Financial Position:
Leverage ratio improved to 2.4x (down from 3.1x in December 2023) Within medium-term leverage target of 2.0-2.5x $5B share repurchase program starting November 14 Initial $350M buyback planned through Q1 2025
Notable Challenges:
$40M impact from Illinois sports betting tax increase October house performance affecting guidance Concerns about high state gaming tax impacts on revenue
The company maintains a strong market position, particularly through FanDuel in the US market, with continued growth in player engagement and strategic expansion across states despite regulatory challenges.
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