Introduction: Good morning, everyone, and welcome to Flutter’s Q1 2024 results call. With me this morning are Flutter’s CEO, Peter Jackson, and CFO, Paul Edgecliffe-Johnson. After this short intro, Peter will open up with a brief run-through of our good progress during the quarter, and then Paul will take you through the Q1 financials. We will then open up the lines for Q&A.
Significant Corporate Updates: Before we delve into the details of the quarter, I’d like to highlight some significant updates. Our proposal to shift our primary listing from London to the New York Stock Exchange has been overwhelmingly approved. This transition, effective May 31st, marks a key milestone, reflecting our strategic focus on the U.S. market where FanDuel continues to show remarkable growth. Our operational headquarters are now established in New York, underscoring the U.S.’s centrality to our future expansion.
Quarterly Performance Overview: This quarter, we’ve seen substantial progress across our strategic objectives. In the U.S., FanDuel has strengthened its market leadership, capturing 52% of the online sportsbook market share and 27% in iGaming. This success stems from our effective customer acquisition and the introduction of innovative products like new betting markets for MLB and exclusive iGaming content such as the World of Wonka.
Our U.S. performance is particularly noteworthy, with total U.S. AMPs increasing by 15% year-over-year, bolstered by a record 2.6 million customers during the Super Bowl. The launch in Vermont and North Carolina has been successful, with North Carolina proving to be one of our most triumphant state launches ever.
Financial Highlights: Turning to our financials, Q1 has been robust, with a 16% increase in revenues to $3.4 billion and a 46% increase in adjusted EBITDA to $514 million. This performance reflects strong operating leverage in our U.S. business, despite our continued investment in customer acquisition. Our adjusted free cash flow has improved significantly, up $207 million from the previous year, and our leverage ratio has decreased, aligning closer to our target.
Looking Ahead: Looking forward, we maintain our guidance for 2024, confident in the momentum across our businesses. In the U.S., we anticipate continued revenue growth and further margin expansion as we optimize our offerings and operational efficiency.
Closing Remarks: In conclusion, this quarter has solidified the strength and potential of our diversified portfolio. Our strategic initiatives, particularly in the U.S., are positioning us well for sustained growth. We are excited about the future and remain committed to delivering value to our stakeholders while ensuring a responsible gaming environment.