Global online betting company Flutter released its full-year core profit on Thursday, meeting its forecast range. The company’s full-year profit excluding the U.S. of 1.295 billion pounds ($1.55 billion) fell within the forecasted range of 1.29 billion pounds to 1.39 billion pounds. This represents an annual growth of 4%.
The world’s largest betting company, Flutter has made significant inroads with its United States business. The company far exceeded expectations for its U.S. business, generating a revenue of $3.2 billion. This was largely driven by Flutter’s rapidly growing FanDuel brand. While the company ended 2022 with a core loss of $313 million in the U.S., this result far outperforms the company’s expected loss between $$300 million to $360 million.
Becoming the largest division of the company by revenue, Flutter’s U.S. business is on track to becoming profitable for the first time this year, the company claimed. As a result of its mass expansion, the company reported that its U.S. market share has grown from 43% to 50% over the past year.