Flutter Entertainment, the owners of FanDuel and PokerStars, released their Full Year Earnings report for 2020, showing EBITDA of $1.4 billion. This was up from forecasts of $1.275 billion made in November and is a 23% Year-On-Year increase.
Those figures excluded the legal US betting market, where the group made an EBITDA loss of $170 million, although this has been put down to heavy investment by the Flutter Group, who merged with The Stars Group (TSG) in May and increased its holdings in FanDuel in November.
Overall Flutter accounts for a 40% share of the US legal betting space and there were positive contributions to revenues from those states which had been operational prior to 2020 (New Jersey, Pennsylvania, West Virginia).
The size and scale of the US market has taken even the world’s biggest betting company by surprise. Flutter previously reported that the potential market size in America would be $7 billion but that prediction has been doubled to $14 billion.
“Nowhere has our growth been more evident than in the US, with customer economics that continue to exceed our expectations,” Flutter Chief Executive Peter Jackson said in a statement.
The first seven weeks of 2021 has seen Flutter revenues increase by 36%