Flutter Entertainment today posted a 24% slump in underlying pre-tax profits to £620 million for 2021, despite revenues rising 17% on a constant currency basis to £6 billion.

On a bottom line basis, it swung to a £288 million loss from £1 million in profits in 2020. Revenue increased 37% to GBP6.04 billion from GBP4.41 billion in 2020. Sports revenue was up 26% in 2021 to GBP3.77 billion from GBP3.00 billion, while Gaming revenue was flat at GBP2.26 billion.

Chief Executive Peter Jackson said: “In the US, we delivered over USD1.9 billion in revenue, leveraging our differentiated product proposition to remain the number one sportsbook in the market with a 40% share. Despite our scale we retain a challenger mindset; this year we launched a number of new features to our market-leading same game parlay product, maintaining our competitive advantage in sports. I’m also pleased to see the progress on our path towards profitability; FanDuel sportsbook and gaming business delivered positive contribution in 2021 for the first time, a significant milestone for the brand.”

The company’s US unit includes FanDuel, FOX Bet, TVG, PokerStars and Stardust brands. Flutter’s US sportsbook stakes surged to GBP11.28 billion in 2021 from GBP4.41 billion in 2020, with average monthly players up 71%.

Turning to the UK & Ireland unit – which operates Paddy Power, Betfair and Sky Betting & Gaming brands online, as well as retail operations in the UK and Ireland – sportsbook stakes were up 21% to GBP11.38 billion from GBP9.40 billion.

“In the UK and Ireland, we stepped up our safer gambling efforts and increased protections for our customers ahead of anticipated regulatory change. We also welcomed Tombola, the UK’s leading recreational bingo brand, to the group in early January. In Australia, Sportsbet delivered another strong performance demonstrating once again the benefits of securing a gold medal position in our key markets,” Jackson added.