Flutter Entertainment, the parent company of FanDuel, has been recognized as one of TIME Magazine’s 100 Most Influential Companies of 2024. Flutter has been lauded for its pioneering role in leading the legal sports betting industry in the U.S., as well as its commitment to responsible gambling.
FanDuel Drives Flutter
Flutter Entertainment’s recent financial performance has been a key driver of its influence and it recently became the lone gaming company to make TIME’s 100 Most Influential Companies of 2024. This distinction prompted Flutter CEO Peter Jackson to comment on the honor and the effort it took to accomplish it.
“I am enormously proud of everyone across our global business for working so tirelessly to make Flutter the fantastic company it is today,” said Jackson. “Receiving this recognition from TIME offers a well-deserved moment to reflect on our recent successes as we fix our sights firmly on our next phase of growth.”
The company reported revenues of $11.8 billion in 2023 and in the first quarter of 2024, revenue surged by 16% year-over-year, reaching $3.4 billion. The number of active monthly global players averaged 12.3 million in Q1, with projections for further growth in the subsequent quarters.
Although Flutter operates a stable of gaming global brands including Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Junglee Games, and Adjarabet that all contribute revenue to the bottom line, it is FanDuel that reigns supreme.
FanDuel’s Growth
FanDuel has established itself as the industry leader in the North American retail and mobile sports betting market. The company’s strategic partnerships include aligning with the four major U.S. professional sports leagues including the NBA, NHL, NFL, and MLB as well as many of the teams themselves.
It should be pointed out that the company also has a broadcast medium in FanDuelTV and is negotiating with Diamond Sports Group for the naming and regional sports rights on 18 of its networks to replace Bally’s.
Considering the rapid growth of FanDuel, Flutter recently moved its primary stock listing to the New York Stock Exchange. This strategic move follows its delisting from Euronext Dublin and shifting its primary listing from the London Stock Exchange to New York, with London now its secondary listing.
In addition to its financial and market growth, Flutter has been proactive in promoting responsible gambling. It is a key member of the Responsible Online Gaming Association, focusing on reducing addiction and cheating in the industry while supporting self-governance among gaming operators.
FanDuel’s iGaming Numbers Increase
FanDuel’s Q1 iGaming revenue reports reflect an impressive 50.3% growth despite the company entering no new online casino markets during the first three months of 2024. Rhode Island launched its iGaming industry on March 5th of this year but only one company, Bally’s, is allowed to operate in the Ocean State.
FanDuel was the No. 1 iGaming gross revenue brand in January 2024 operating in five of the now seven iGaming states including New Jersey, Connecticut, Michigan, Pennsylvania, and West Virginia. FanDuel could not compete in the other two as online casino gambling monopolies have been granted to BetRivers and Bally’s in Delaware and Rhode Island, respectively. The company launched 82% more casino games last year than it did in 2022.
“We’ve got tremendous momentum in the business, we’re delighted with what the team is doing,” Jackson said. “Some of the innovations I mentioned earlier we’ve only just deployed so we’re excited to see where we can take the business to.
“And just like we talk about in sports, we’ll invest as much money as we can do in iGaming whilst able to meet the return criteria. We’ve set ourselves no market share targets so we’ll just see where and how big that business can get to.”
