The gambling boom in the US has proved favorable for online sports betting company Flutter as they experienced a 26% growth in 2024 with more to be expected this year.
The Irish-founded company released its annual report on Tuesday (March 4), which states projections for this year to include an increase to its core profit by around 34%.
Flutter is the parent company of FanDuel, Sportsbet, PokerStars, Paddy Power, Betfair, Sisal, Adjarabet, Maxbet, Junglee Games, tombola and Sky Betting & Gaming.
FanDuel brought in significant figures, with strong growth seen in the US markets despite ‘unfavorable sports results primarily relating to the NFL season.’
This all comes at a time when the gambling industry in America has risen, with a report suggesting the country now stands as the global leader in online gambling revenue.
New Jersey's sports betting industry raked in $1.01 billion in September. It's the first state in the U.S. to earn more than a billion dollars from gambling in a single month. https://t.co/tU3KmyNIGd
— The Associated Press (@AP) October 19, 2021
In 2024, a record-breaking $147.9 billion was wagered. It’s thought that this growing interest could be because previous barriers of having to go to a casino are no longer. A Harvard Kennedy School professor, Malcolm Sparrow, says people now have a ‘casino in your pocket 24-7.’
In the report, Flutter CEO Peter Jackson said he was “proud of the progress” made throughout the year as the company delivered against strategic priorities and ‘enhanced our leadership positions.’
FanDuel increased its leading share of the sports betting market in the United States, with it now totalling 43% and the gaming market to 26%.
Looking towards the future, the CEO spoke in an interview with Reuters where he said: “Historically, our business has been very strong in the face of challenges from a consumer economics perspective so we’ve always been quite defensive from that perspective,” Jackson told Reuters in an interview.
“We’re a growth business. I think that even in the face of these sort of macro and global challenges, the business will continue to progress.”
The company has had a good start to 2025 with a record number of bets having been wagered at the Super Bowl which took place on February 9.
Featured Image: AI-generated via Ideogram
