US sports betting operators are finally starting to turn a profit. Flutter Entertainment revealed on Wednesday that its US operations got to a “profitability inflection point” in the first six months of 2023. Flutter CEO Peter Jackson described hitting this marker as “pivotal” and noted how FanDuel acquired more than two million new customers during this period.
increased its iGaming market share to 23%
FanDuel is the dominant legal sports betting brand in the US and also increased its iGaming market share to 23%. It generated EBITDA of more than $100m, which will allow the operator to improve its offering and invest in various areas.
Flutter’s total US betting revenue was up 78% year-on-year, reaching £1.37bn ($1.7bn). Launches in four more states during the period and favorable sports results were contributing factors to the growth. FanDuel now has a presence either in retail or online form in 23 states. iGaming revenue was up 51% to £425m ($541m) thanks to a significant rise in player numbers.
Due to the success of FanDuel, speculation has been rife about a potential spin-off public offering. Flutter has already confirmed plans to have a US listing for its own shares either this year or in early 2024.
