Revenue at Flutter Entertainment increased by 24.6% to £9.34bn in 2023, with profits also jumping by 45.4% to £1.48bn.

The firm, which owns brands including Paddy Power and Betfair, also saw its average monthly players increase by 20.3%, reaching 12.3 million by the end of 2023.

Flutter, which is headquartered in Dublin, floats on both the London and New York stock exchanges, after starting to trade on the latter in January this year.

In the year to the end of 2023, the group saw its revenue in the US increase by 40.7%, with revenue jump 16.4% in the rest of the world.

Despite the strong results, the group has recorded a net loss of £960m.

Chief executive officer at Flutter Entertainment, Peter Jackson, said: "Flutter delivered a strong 2023 performance as we continued to deliver on our strategy. This was underpinned by a localized approach to technology and product coupled with the unique scale advantages of the Flutter Edge. As anticipated, our number one position in the US has transformed the Group's earnings profile during 2023 as FanDuel delivered a positive US full year Adjusted EBITDA for the first time.

"Outside of the US we made excellent progress integrating Sisal into our International business, a business which is a great example of our 'local hero' strategy at work, and took market share in UKI. We also made further progress on our sustainability strategy with an increase in Play Well safer gambling tool usage, investment of over $100m in our global safer gambling initiatives including key marketing campaigns in the US with our FanDuel ambassadors to promote responsible play during the year."

Looking forward, the group has said that it has had a strong trading yeat to date, with revenue growing by 23.4% from 1 January 2024 to 17 March, with US revenue increasing by 55.6% in the same period.

The firm said that it expects US revenue to increase by 36.3% year-on-year, reaching between £4.6bn-£4.9bn, with UK and Ireland revenue expected to jump by 17.3%.

Head of markets at interactive investor, Richard Hunter, added: "Flutter is firing on its US growth cylinders and is also lining up its other existing regions to produce significantly profitable returns. It is also on the lookout for further bolt-on, 'local hero' opportunities in high growth markets, while the new exposure from the additional US listing provides additional investor interest.

"In stark contrast to the share price performance of its peer Entain, Flutter’s price has risen by 24% over the last year, as compared to a gain of 6.9% for the wider FTSE100 and appetite for the stock remains undiminished, with the market consensus of the shares as a strong buy still resolutely in place."

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