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Hearts A’ Flutter

On January 29, U.K.-based Flutter Entertainment—providers of the leading U.S. sportsbook FanDuel—officially began its secondary listing on the New York Stock Exchange (NYSE), with plans to eventually make that its primary listing instead of the London Stock Exchange.

According to the data-focused newsletter Chartr, the company’s quarterly revenues have grown significantly since Q1 of 2020 (around £1 billion) through Q4 of 2023 (over £2.5 billion).

Over that span, Flutter has essentially swapped its revenue share in the U.K./Ireland with that of the U.S.; in Q1 2020, the U.K./Ireland market accounted for 43 percent of its overall revenue, whereas the U.S. was just 12 percent. By Q4 2023, those percentages changed to 24 percent and 43 percent, respectively. Its Australian revenues have stayed mostly flat, and its international share has dropped by approximately 10 percent in favor of the U.S.

Overall, the company has not reported less than £2 billion in quarterly revenue since Q3 of 2022.