Flutter Entertainment sees 42% increase in online revenue

Finance News

Flutter Entertainment said that first-quarter revenue climbed as it continued to add online players, with online revenue in the U.S. more than doubling.

Online revenue accounted for £1.47bn, up 42 per cent on the previous year, from GBP1.13 billion in 2020. Flutter’s first-quarter average monthly customers rose 36% to 7.7 million, compared to 5.6 million the previous year.

Chief Executive Peter Jackson commented: “Our UK & Ireland brands continued the strong momentum from 2020, taking further market share with customer acquisition up 59% during the Cheltenham Festival. In our International division, the investment we are making to enhance player generosity and reinvigorate the PokerStars brand has seen an encouraging early response from customers.

“In the US, we continue to lead the market with revenue of almost USD400 million in the quarter. We believe that the quality and breadth of our offering remains a key differentiator for FanDuel sports and the key driver of our leadership position. As restrictions begin to ease and retail reopens across a number of markets, we remain confident that our diversified business leaves us well placed to deliver sustainable growth going forward.”

Gavin Kelleher, Gaming & Leisure Analyst at Goodbody comments: “Flutter Entertainment has reported a very positive performance for the first quarter of the year, driven by continued growth in online sports betting and gaming. Online sports betting should continue to perform strongly over the coming months as the sports calendar remains busy.   “All four business segments are outperforming, delivering double digit actives growth, strong revenue growth and taking market share.

In UK & Ireland, its three main brands are performing strongly and while growth was lower in International markets, there are early signs of progress. The group has the largest US business and to deliver 135% growth in the first three months of 2021 is highly impressive.”