Flutter shares Q2 earnings, FanDuel shows steady growth in popularity
Flutter Entertainment, a leading player in the global online gambling market, has made significant strides in expanding its reach through strategic acquisitions in Italy, Brazil, and the United States.
In Italy, Flutter has consolidated its position by securing a 30.2% share of the online gambling market and a 21.7% overall market share, making it a leader in the country's online gambling sector. The company's acquisition of Snai has been instrumental in this achievement, with the aim of integrating Snai into its SEA (Southeast Asia & Europe) region platform by the first half of 2026.
In Brazil, Flutter has established a strong foothold in the newly regulated market through the acquisition of NSX and Betfair Brazil, forming Flutter Brazil. Despite a highly competitive environment, Flutter aims to capitalise on growth by leveraging its "Flutter Edge" to enhance product offerings, marketing effectiveness, and operational efficiency.
The acquisitions in Italy and Brazil have strengthened the company's position in their respective markets, contributing to Flutter's broader international expansion strategy.
In the United States, the company's flagship brand, FanDuel, has been a significant driver of positive performance. The rollout of the North Carolina betting market in March 2024 has contributed well to Flutter's second quarter, leading to a 2% growth in the average number of monthly players, which now stands at 3.5 million.
Flutter Entertainment's second-quarter revenue reached $4.19bn, a 16% increase, and the company projects its annual revenues to hit $17.26bn, an increase of 23%. Underlying earnings are expected to reach $3.3bn, a 40% increase.
Peter Jackson, CEO of Flutter Entertainment, expressed satisfaction with the results and acquisitions, describing them as strategic. He confirmed the strategic rationale behind the recent acquisitions, stating that they are part of the company's commitment to strong organic growth and value-creating M&A.
With these acquisitions and strong organic growth, Flutter Entertainment is in a fantastic position for the second half of the year. As the largest operator in Italy following the acquisition of Snai, and with a strong position in the Brazilian market, Flutter is well-positioned to capitalise on scale and superior products to increase market share over the coming years.
In the Italian market, Flutter Entertainment's strategies have expanded to include sports gambling, as the company aims to capitalize on the acquisition of Snai to integrate it into their SEA region platform. In Brazil, the company has been successful in the sports market after establishing a strong foothold through acquisitions, notably NSX and Betfair Brazil.
