- Flutter’s London listing was canceled Monday morning, and its shares now trade only on the New York Stock Exchange.
- FanDuel’s U.S. iGaming revenue rose 19% to $564 million in the first quarter, while sportsbook revenue grew 1%.
- U.S. average monthly players fell 1% to 4.27 million, so casino revenue grew on existing players, not new ones.
- Flutter guides to about $7.8 billion in full-year U.S. revenue and reports second-quarter results Aug. 5.
NEW YORK – Flutter Entertainment, the parent of FanDuel, completed its exit from the London Stock Exchange on Monday and now trades only in New York, where online casino revenue grew 19% last quarter and sportsbook revenue grew 1%.
Seven Weeks From Notice To The Final London Trade
The listing of Flutter’s shares on the U.K. Financial Conduct Authority’s Official List and their admission to trading on the London Stock Exchange’s main market were canceled at 8 a.m. London time Monday, according to Flutter’s shareholder notice on the London listing. Flutter’s June 12 announcement had set that date and fixed Friday, July 31 as the last day of dealing in London, seven weeks after the notice.
In that June announcement, Flutter cited the level of trading activity in its London shares alongside the additional cost and the regulatory and administrative obligations of the secondary listing, and said cancellation was in shareholders’ interests. It listed in New York in January 2024 and trades there under the ticker FLUT. Monday changed nothing about the company’s Dublin registration, its licenses or its brands. It changed who prices the business, and on what.
Casino Carried The Quarter And The Sportsbook Did Not
U.S. revenue reached $1.76 billion in the first quarter, up 6% from a year earlier, according to the company’s first-quarter results. Inside that figure, iGaming, which is FanDuel Casino and its legal online blackjack, roulette and live-dealer tables, produced $564 million, a 19% increase. Sportsbook revenue was $1.14 billion and grew 1%.
The split matters more than the totals. Online casino is about 32% of the U.S. business, and it delivered essentially the whole year-over-year gain. U.S. average monthly players slipped 1% to 4.27 million over the same three months, so the casino line grew on how much existing players wagered rather than on a rush of new ones. Flutter attributed the increase to an expanded direct casino player base and better play frequency among higher-value customers.
Group revenue was $4.3 billion, up 17%, with adjusted EBITDA of $631 million, up 2%. Flutter guides to $7.8 billion in U.S. revenue for the full year, growth of 12%, and $970 million in U.S. adjusted EBITDA. The company puts FanDuel at 27% of U.S. iGaming gross gaming revenue and 39% of sportsbook gross gaming revenue.
A Fixed 0.34% Edge, Repeated 80 Hands An Hour
Casino revenue arrives differently from sportsbook revenue, and that is the quiet reason it reads better to an equity market. A sportsbook’s hold swings with results. A blackjack table’s does not, because the house edge is fixed by the rules before a card is dealt, and that edge is simply the gap between how often an outcome truly happens and what the game pays when it does.
That gap is thin at the tables. On a six-deck game where the dealer stands on soft 17, doubling after splits and late surrender are both allowed and naturals pay 3:2, perfect basic strategy leaves the blackjack house edge at roughly 0.34%. A player betting $25 a hand at 80 hands an hour puts $2,000 into action and can expect to lose about $6.80 of it.
Move the natural to 6:5 and the edge climbs about 1.39 percentage points, to 1.73%, and that same hour costs roughly $34.60. The chance of being dealt a natural does not budge, at about 4.75% of opening hands. Only the payout moves, and every dollar of the difference belongs to the operator.
At margins that small, revenue is a function of repetition, which is why player counts and session frequency are the metrics Flutter reports alongside the dollars. It is also why live dealer online blackjack, where a human dealer gets through far fewer hands an hour than software does, earns less per seat per hour and is sold on retention instead.
Second-Quarter Numbers Land Wednesday
Flutter reports its second-quarter results before the U.S. open on Aug. 5, with a conference call to follow. It will be the company’s first set of results published as a New York-listed company only, and the iGaming line is the one carrying the growth guidance.