Flutter reports £1.44bn in revenues for third-quarter

Finance News

Flutter Entertainment has reported higher third quarter revenues and double-digit growth for the three months ended 30 September 2021, revenue was up 9% to £1.44 billion year-on-year, sports revenue was up 12%.

For its US business the company expected to report an adjusted loss before interest, taxes, depreciation and amortisation was expected to be between £250 million and £275 million, compared with prior guidance of £225 million to £275 million.

Peter Jackson, Chief Executive, commented:“Flutter Entertainment delivered a strong third quarter performance, with double-digit growth in our global player base. This resulted in the Group delivering revenue growth of 12% despite challenging comparatives including a concentration of key sporting events in the prior year.

In the US we maintained our leadership position, with the quality of our product offering leading to high levels of customer engagement. As expected, the start of the NFL season saw a step-up in competitive intensity. We remained disciplined however, leveraging the broad set of high quality marketing assets at our disposal. The customer response has been very encouraging with FanDuel now regularly experiencing staking levels on Sundays that match its 2021 SuperBowl performance. Early engagement on NBA since the recent start of season has also been strong.

Across our business we continue to lead on customer protection and we recently announced measures to enhance the protection of younger customers in the UK & Ireland as part of our risk based “Triple Step” approach to affordability.

While a run of customer-friendly results in October have resulted in win margins being below expected levels in the quarter to date, the underlying strength of our business is clear; we have grown our online recreational player base by 46% in just two years2. With more international jurisdictions and US states on the path to regulation, we look forward to sustainably growing our global player base further in 2022.”