Flutter Entertainment said its revenue grew by 29% on a pro-forma basis in the first quarter, driven by a 92% jump in its fast growing US unit that the world’s largest online betting company said remained firmly on track to turn a profit in 2023.

The Paddy Power, Betfair and Sky Bet owner also expanded its revenue by 17% and average monthly players by 11% year-on-year in the UK and Ireland.

In a trading update for the first quarter of 2023, it said the increases reflected the reshaping of its second-largest division to focus on customer growth.

Revenue also rose 69% on a constant currency basis in its international division, where Flutter said the recently acquired Italian gaming operator Sisal performed exceptionally well. Revenue fell 4% in Australia.

Led by its Fanduel brand, Flutter maintained its leading 50% share of the US sports betting market and increased its slice of the iGaming market to 23% from 21% three months earlier.

The Dublin-based firm forecast in November that Fanduel’s revenue would jump to around $15 billion over the long term – twice Flutter’s entire revenue last year – as more states allow sports betting following the 2018 lifting of a nationwide ban.

The US business made a loss of $313m last year as Flutter continued to invest heavily on expansion.

Last week the company received overwhelming support among its shareholders for the addition of a Flutter US listing.

“The strategic and capital markets benefits this will bring to Flutter will position the group well for its next phase of growth,” the company said today.

Flutter remains committed to being run from Ireland, its outgoing chairman told its AGM last week.

However, Gary McGann said he could not guarantee that Flutter will maintain its secondary listing on Euronext Dublin, even though it wants to.