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Sky Bet owner reports 27% growth

flutter

Flutter Entertainment has revealed its group revenue rose to £7.7bn, although profits fell 26% to £336m.

The company which owns Leeds-based Sky Betting & Gaming, as well as Fanduel, Paddy Power and Betfair said the growth was due to “rapid US expansion” as well as the acquisition of tombola.

In the UK it stated that the World Cup increased the amount of average monthly players, “partly offsetting annualisation of gambling initiatives and prior year Covid frequency benefit.”

“We have an unparalleled number one position in the US where we continue to go from strength to strength. The combined power of the ‘FanDuel Advantage’ and the ‘Flutter Edge’ delivered our most successful launches to date in Maryland and Ohio. Leveraging our number one FanDuel brand we had a record Super Bowl and have acquired over 1.2m customers in 2023 so far,” said Chief Executive, Peter Jackson.

“Outside of the US we have been pleased with the performance of the business as we faced into regulatory changes and challenging comparatives. We are well placed to build on gold medal positions in our mature markets while we are delivering very strong growth in a range of attractive high growth markets. We have been really excited to add Sisal, the number one operator in the Italian market, to our brand portfolio, and we are making good progress with our integration strategy.”

Looking specifically at the US Flutter said the region represented a “unique and compelling investment opportunity.” It’s expected that the US gaming market will be worth $40bn by 2030, the rest of the world is already worth £263bn.

Across its UK operations, average monthly players increased by 18%, with revenue up 4% to £2.1bn.

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