Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. Another round of Q1 figures from Flutter, IGT and Codere Online feature in this week’s round-up, alongside a call for enhanced safer gambling messaging in the UK. 


Publishing its financial results for Q1 2024, Flutter cited a revenue gain of 16 per cent to $3.4bn (Q1 2023: $2.9bn), following continued growth of its US business and strong igaming momentum in the UK and Ireland. 

Average monthly players improved by 11 per cent year-over-year as well, reaching 13.7m (2023: 12.3m). Excluding US operations, group revenue rose by eight per cent year-over-year to $2bn (2023: $1.8bn).

Although revenue gain was achieved, Flutter reported a net loss for the quarter of $177m, down 59 per cent in comparison to the same period last year (2023: $111m) after $356m in non-cash changes due to $172m acquired intangible amortisation and $184m (2023: $64m) fair value change in Fox Option liability.

Group adjusted EBITDA for Q1 improved by 46 per cent YoY to $514m (2023: $352m) with a margin of 15.1 per cent (2023: 12.1 per cent).

US adjusted EBITDA improved to $26m (2023: $53m loss) with a margin driven by strong revenue growth, margin growth and significant operating leverage despite continued disciplined player acquisition investment. 

Ex-US, adjusted EBITDA rose by 20 per cent to $488m (2023: $406m) following the increased revenue and adjusted EBITDA margin, primarily driven by sales and marketing leverage and a one-off credit from the settlement of historic litigation.

Net cash provided by operating activities improved to $337m (2023: $49m loss) after a strong operational performance converting into cash and YoY movement in US player deposits. 

Adjusted free cash flow improved to $157m (2023: $50m loss), total debt decreased to $6.8bn, while net debt stood at $5.7bn.

Flutter CEO, Peter Jackson, commented: “We have had an excellent start to the year. In the US, FanDuel’s top-line momentum is translating into strong growth in US-adjusted EBITDA and market share gains. We are focused on continuing to expand our player base, market share, and embedding future profits within our business through disciplined investment.”


SkyCity Adelaide and the Australian Transaction Reports and Analysis Centre have filed joint submissions with the Federal Court of Australia, proposing a $67m penalty for the casino over its violation of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006. 

Reaching an agreement, SkyCity admitted that it operated in infringement of the AML/CTF Act under two different sections.

  • Section 81 – its AML/CTF Programs did not meet the requirements of the AML/CTF Act and AML/CTF Rules.
  • Section 36 – it did not carry out appropriate ongoing customer due diligence with respect to certain higher-risk customers and customers transacting through higher-risk channels.

Justice Lee will consider the proposed settlement between SkyCity and AUSTRAC when the court hearing takes place on June 7.

While a $67m penalty has been agreed to between the two parties in question, the court will have the final say on the appropriate penalty to be issued.

AUSTRAC’s CEO, Brendan Thomas, commented: “AUSTRAC took this action out of concern that SkyCity’s conduct meant that a range of high-risk practices, behaviours and customer relationships were allowed to continue unchecked for many years.”


Codere Online declared a total revenue of €50.4m and NGR of €53m for Q1 2024, up 34 per cent in comparison to the same period the previous year (Q1 2023: €39.5m), as growth occurred across the board.

Average monthly active players during the period increased by 16 per cent YoY as well to 143,200 (2023: 123,900), driven by targeted marketing efforts in both Spain and Mexico.

Adjusted EBITDA for the quarter stood at €1.7m, an improvement on the €3.1m loss reported during the same period last year.

Per region, Mexico revenue grew the most by 51 per cent YoY to €26.6m (2023: €18.4m), with its average monthly active players rising as well by 26 per cent to 62,500 (2023: 49,600).

Spain revenue increased by 21 per cent YoY to €22.3m (2023: €18.4m), with its average monthly active players growing by 24 per cent to 50,000 (2023: 40,200).

Other revenue came in at €4.1m, up 17 per cent YoY (2023: €3.5m). However, its average monthly active players declined by 11 per cent to 30,600 (2023: 34,200).

Reflecting on the results, CEO Aviv Sher said: “We are off to a strong start in 2024, with net gaming revenue of €53m in the first quarter, 34 per cent above that of last year and once again our highest ever quarterly figure. 

“Our focus on Mexico and Spain continues to yield impressive results, with net gaming revenue in Mexico growing by 51 per cent in the first quarter to nearly €27m. In Spain, meanwhile, net gaming revenue grew by 21 per cent to over €22m.

“In both markets, our targeted marketing efforts allowed us to grow our active customer base by c. 25 per cent as a result of the acquisition of higher quality customers (i.e. lower churn) but also with an increased spend per active.”


GambleAware has called for evidence-based health warnings to be placed on UK gambling adverts after conducting research on the current inadequacies of safer gambling messaging. 

The gambling harm prevention charity’s call for “more compelling” safer gambling advertising comes after it commissioned a report curating responses from over 7,000 people on the topic of safer gambling messages. 

Weighing up the need for clearer safer gambling messaging the report called into question the effectiveness of ‘Take Time To Think’, a widely used industry-led safer gambling slogan. 

The study indicated three new health warnings that could be more effective than TTTT, aiming to be ‘clearer, more impactful, and more memorable’ to the general public as well as gamblers. 

The report suggested that the phrase ‘gambling can be addictive’ had a greater cut-through with people who gamble, with 46 per cent of gamblers seeing it as more impactful compared to 35 per cent for TTTT. 

Meanwhile, 22 per cent of gamblers surveyed believed ‘gambling comes at a cost’ was more impactful and memorable than TTTT, compared to 12 per cent in support of TTTT. 

The third and final suggestion, ‘gambling can grip anyone’, reportedly also performed well across metrics. 

The research was conducted by specialist communications agency The Outsiders and also included quantitative research conducted by YouGov.

The research revealed that TTTT ‘fails to land the jeopardy of gambling harms’ while also failing to signpost where people can find help for gambling harm issues. 

Alexia Clifford, Chief Communications Officer for GambleAware, said: “Gambling harms are a serious public health issue, and it is vital that people are aware of the risks associated. Today’s landmark study underscores the need to replace the industry-led slogan ‘Take Time To Think’ with more compelling health warnings.

“We’re also concerned about operators’ misuse of the GambleAware logo and the lack of clear signposting to support channels. We urge industry to take heed of the growing body of evidence highlighting the need for better safeguards and restrictions.”  


IGT declared group revenue of $1.07bn for the first quarter of 2024, up one per cent in comparison to the same period last year (Q1 2023: $1.06bn), as the timing of Gaming and Digital product sales partially offset strong Global Lottery growth.

Gaming and Digital revenue fell by seven per cent year-over-year to $406m (2023: $436m) following lower product sales as there were “fewer terminal unit shipments in the current year and elevated intellectual property and software licences in the prior year, partially offset by higher service revenue driven by growth in the global installed base, which more than offset lower yields and a 10 per cent increase in igaming revenue”.

Global Lottery revenue improved by six per cent YoY to $661m (2023: $624m) after higher product sales, driven by the “delivery of GameTouch 28 self-service terminals in Canada and software upgrades in Singapore and Germany and continued same-store sales strength in Italy”.

IGT’s Q1 operating income was in line with the same period the previous year at $256m (2023: $255m), with a margin of 24 per cent (2023: 24.1 per cent). Excluding separation and divestiture costs, operating income increased by seven per cent to a record $273m with a margin of 25.6 per cent.

Gaming and Digital operating income dropped by three per cent to $81m (2023: $83m) as research and development process gains and easing of supply chain costs were offset by lower revenue and additional investments in the business.

Global Lottery operating income improved by eight per cent YoY to $258m (2023: $240m) on the back of strong Italy same-store sales and higher product sales margin. Corporate support and other expenses stood at $83m (2023: $68m) due to separation and divestiture costs of $18m.

The group’s adjusted EBITDA stood at $443m (2023: $449m) at the end of the quarter with a margin of 41.5 per cent (2023: 42.3 per cent). Excluding separation and divestiture costs, adjusted EBITDA stood at $461m with a margin of 43.1 per cent.

As of March 31, IGT’s free cash flow had dropped by 86 per cent YoY to $29m (2023: $216m), while net debt stayed consistent at $5.2bn (2023: $5.1bn).

“We delivered a record organic profit performance in the first quarter, if we exclude separation & divestiture costs,” stated Max Chiara, CFO of IGT. 

“The company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities.”