# Flutter Q1 revenues jump 29% as U.S. races ahead, UK bounces back Author: Pal Sinha, Barnali Author URL: https://financedigest.com/author/pal-sinha-barnali Published: 2023-05-03 Category: NEWS Category URL: https://financedigest.com/category/news Meta Title: Flutter Q1 Revenues Soar 29% in U.S and UK Comeback Meta Description: Flutter's revenue grew by 29% in Q1, driven by strong U.S. and UK performance. Fanduel leads in the U.S., while UKI division rebounds. URL: https://financedigest.com/flutter-q1-revenues-jump-29-as-u-s-races-ahead-uk-bounces-backhtml ![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-05-03t102220z2lynxmpej4206jrtroptp4flutter-results-1736814072849-compressed.jpg) # Flutter Q1 revenues jump 29% as U.S. races ahead, UK bounces back By Padraic Halpin DUBLIN (Reuters) -Flutter grew its revenue by 29% on a pro-forma basis in the first quarter, driven by a near doubling in its fast growing U.S. unit and a sharp recovery in Britain and Ireland, the [world’s largest online](https://www.financedigest.com/why-its-time-to-adapt-to-the-virtual-world-how-to-master-online-negotiations.html "Why it’s time to adapt to the virtual world: how to master online negotiations") betting company said. Led by its Fanduel brand, Flutter maintained its [leading 50% share](https://www.financedigest.com/mldw-technology-market-size-share-top-leading-companies-consumption-drivers-trends-forces-analysis-revenue-challenges-and-global-forecast-2028.html "MLDW Technology Market: Size, Share, Top Leading Companies, Consumption, Drivers, Trends, Forces Analysis, Revenue, Challenges And Global Forecast 2028") of the U.S. sports betting [market after revenue](https://www.financedigest.com/medical-tapes-and-bandages-market-2021-global-leading-companies-analysis-revenue-trends-and-forecasts-2027.html "Medical Tapes And Bandages Market 2021 Global Leading Companies Analysis, Revenue, Trends and Forecasts 2027") jumped 92% year-on-year on a constant currency basis. The Paddy Power, Betfair and Sky Bet owner also expanded its revenue by 17% and average [monthly players by 11% in Britain](https://www.financedigest.com/prince-harry-and-meghan-to-visit-britain-next-month.html "Prince Harry and Meghan to visit Britain next month") and Ireland (UKI), which it said reflected the reshaping of its second-largest division to draw more recreational gamblers. UKI [revenue had fallen sharply in the same period](https://www.financedigest.com/most-recent-development-report-on-centrifugal-chiller-market-to-witness-exponential-rise-in-revenue-share-during-the-forecast-period-2021-2031.html "Most Recent Development Report On Centrifugal Chiller Market To Witness Exponential Rise In Revenue Share During The Forecast Period (2021-2031)") last year, partly due to the impact of measures to curb gambling addiction. Chief Executive Peter Jackson put about half the [growth down to product improvements and said competitors belatedly adopting safer gambling measures may also have helped Flutter outperform the market](https://www.financedigest.com/multi-functional-point-of-care-testing-market-growth-analysis-opportunities-trends-developments-and-forecast-to-2028.html "Multi-Functional Point Of Care Testing Market Growth Analysis, Opportunities, Trends, Developments, And Forecast to 2028"), which he estimated was flat year-on-year. I said back in March I felt like we had our mojo back and you can see why I was talking about the (UKI) [business so positively,” Jackson told an analyst call](https://www.financedigest.com/how-can-call-tracking-improve-your-business.html "How can call tracking improve your business?"). Last week Flutter said new British government plans to fight problem gambling would cost about 50 to 100 [million pounds](https://www.financedigest.com/royal-mail-says-uk-business-losing-one-million-pounds-a-day-amid-union-clash.html "Royal Mail says UK business losing one million pounds a day amid union clash") in lost revenue from 2024, on top of the 150 million already forgone due to existing measures. The [latest hit](https://www.financedigest.com/ftse-100-hits-3-week-high-unfazed-by-latest-inflation-surge.html "FTSE 100 hits 3-week high, unfazed by latest inflation surge") will come from a combination of new stake limits on online slot gaming products, a statutory levy on betting firms and the impact of increased affordability checks, depending on the final proposal details, Flutter said. Revenue also rose 69% on a constant currency basis in its international division, where Flutter said the recently acquired [Italian gaming operator](https://www.financedigest.com/exclusive-ardian-explores-taking-italian-tower-operator-inwit-private-sources.html "Exclusive-Ardian explores taking Italian tower operator INWIT private-sources") Sisal performed exceptionally well. Revenue fell 4% in Australia. Flutter said it is [firmly on track this year](https://www.financedigest.com/german-engineering-firms-expect-hit-from-supply-chain-bottlenecks-next-year.html "German engineering firms expect hit from supply chain bottlenecks next year") to become the first U.S. operator to turn a profit following the lifting in 2018 of a nationwide ban on [sports betting](https://www.financedigest.com/american-igaming-and-sports-betting-is-on-the-rise-with-new-investments-and-regulations-2022-predictions.html "American iGaming and Sports Betting is on the rise with new investments and regulations – 2022 predictions"). The U.S. [business made an investment-driven loss of $313 million last year](https://www.financedigest.com/nfts-live-streams-sustainable-businesses-and-social-shopping-what-to-prioritise-in-commerce-this-year.html "NFTs, live streams, sustainable businesses and social shopping – what to prioritise in commerce this year"). The Dublin-based firm [forecast in November that Fanduel’s revenue would jump to around](https://www.financedigest.com/tantalum-carbide-coating-for-graphite-market-is-estimated-to-expand-at-a-healthy-cagr-of-around-5-over-the-forecast-period-of-2021-2031.html "Tantalum Carbide Coating For Graphite Market is estimated to expand at a healthy CAGR of around 5% over the forecast period of 2021-2031") $15 billion over the long term – twice Flutter’s entire revenue last year. [Flutter’s shares](https://www.financedigest.com/flutters-full-year-earnings-turnaround-forecast-sends-shares-higher.html "Flutter’s full-year earnings turnaround forecast sends shares higher"), up 37% this year, were 0.8% lower at 15,660 pence by 0915 GMT. (Reporting by Padraic Halpin; Editing by Stephen Coates and Clarence Fernandez) --- This blog is powered by Superblog. Visit https://superblog.ai to know more. ---