What explains Flutter's Gaming revenue stability in 2024?

Flutter's gaming revenue stability in 2024 can be attributed to several key factors:

1. **Strong Performance in the US Market**: Flutter's gaming revenue was driven by exceptional growth in its US operations, where revenue surged 51% compared to the same period last year. The company's leading market position in the US, particularly through its FanDuel brand, contributed significantly to this growth.
2. **Continuous Market Expansion**: The sports betting industry in the US experienced a significant boom, with Americans wagering a record $119.84 billion on sports in 2023, a 27.5% increase from 2022. This trend continued into 2024, with the US market contributing to Flutter's revenue growth.
3. **Product Innovation and Technological Advantages**: Flutter's strong performance was supported by new product launches and favorable sports results, combined with continued strength in iGaming. The company's successful migration of FanDuel Casino to proprietary technology enhanced platform stability and offered benefits such as access to in-house content.
4. **Strategic Acquisitions and Market Penetration**: Flutter's acquisitions, such as NSX and Snai, expanded its reach into the Brazilian and Italian markets, contributing to international revenue growth. The company's market share gains in these regions, along with its performance in the UK and Australia, supported continued revenue growth outside the US.
5. **Financial Health and Debt Management**: Flutter's strong financial health, reflected in its reduced leverage ratio and improved net cash position, provided a solid foundation for investing in growth opportunities and sustaining its gaming revenue stability.

In summary, Flutter's gaming revenue stability in 2024 was underpinned by robust growth in its core markets, particularly the US, strategic product innovations, and effective market expansion strategies.