Paddy Power owner Flutter Entertainment has reported an increase in revenues, average monthly players and adjusted EBITDA for the 12 months to the end of December.
But the company's net loss rose to $1.211 billion from $370m in 2022. Flutter is the world's largest online betting company.
Its revenue increased by 24.6% to $11.790 billion from $9.463 billion, while its adjusted EBITDA was up by 45.4% to $1.874 billion from $1.289 billion.
Average monthly players increased by 20.3% during the year to reach 12.3 million.
Flutter said its US business rapidly scaled during the year with US revenues soaring by 40.7% as it reported its first year of positive adjusted EBITDA.
Fanduel has a 43% share of the US online sports betting market, compared to second place Drafking's 36%, with BetMGM, the joint venture between MGM Resorts and Entain, a distant third place.
Flutter increased its share of the online US gaming market to 26% at the end of last year and said today that it became the market leader in that segment too in January.
Year-to-date revenue was up 3% in its international division and 17% in the UK and Ireland, where its market share rose to 30% last year.
But revenue fell 8.8% in Australia, where Flutter expects further reduced profitability in 2024 thanks to trading and regulatory headwinds.
Flutter started trading for the first time on the New York Stock Exchange on January 29 this year and the company said it had been encouraged by the increased focus from new US investors as a result of its US listing. The company has delisted from Euronext Dublin.
The online betting giant also said today it expects its core profit to jump by around 30% this year thanks to a four-fold increase at its US brand Fanduel.
Flutter expects US core profit of $635-$785m compared to last year's $167m, which represented its first full year of profitability in the US where a ban on sports betting was lifted in 2018.
It expects core profit of $1.63 billion to $1.83 billion in its others markets, which include the Paddy Power, Betfair and Sportsbet brands in the UK and Australia.
That compares to $1.71 billion in 2023, which Flutter said was in line with its guidance.
Peter Jackson, Flutter's chief executive, said the company delivered a strong 2023 performance as it continued to deliver on its strategy.
"As anticipated, our number one position in the US has transformed the group's earnings profile during 2023 as FanDuel delivered a positive US full year Adjusted EBITDA for the first time," the CEO said.
"Outside of the US we made excellent progress integrating Sisal into our International business and took market share in UKI," he said.
"We also made further progress on our sustainability strategy with an increase in Play Well safer gambling tool usage, investment of over $100m in our global safer gambling initiatives including key marketing campaigns in the US with our FanDuel ambassadors to promote responsible play during the year," he added.
