Flutter: Betting giant to 'enhance experience' for Sky Bet customers

In a statement to accompany the results, Mr Jackson said Flutter had successfully completed the large-scale migration of Leeds-based Sky Bet, moving more than nine million customers onto its shared UKI (United Kingdom & Ireland) platform.

He added: “Overall customer reaction to the new offering has been positive and early performance on iGaming has been very strong. Achieving this major milestone means we can now turn our attention to enhancing the core experience for our Sky Bet customers.”

Mr Jackson added: "Revenue grew by 16 per cent year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A (mergers and acquisitions).

"Since Q1 (the first quarter), Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100 per cent,’’ he added. "We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations.

"Such varied achievements in one quarter are a great reflection of our teams' focus and ability to execute effectively, leaving us well positioned for the second half of the year."

Richard Hunter, Head of Markets at interactive investor, said Flutter’s decision to move its primary listing to the US in May 2024 lit a fire under the shares, and that momentum is showing few signs of slowing.

He added: “The US business, which accounts for 43 per cent of revenues, enjoyed a strong quarter with a 17 per cent advance on the previous year, bolstered in particular by its FanDuel iGaming business and favourable results on its sportsbook, and it holds a top market share position in both.

"Meanwhile, the International division accounts for the balance of 57 per cent of group revenues, and saw an increase of 15 per cent on the corresponding period. Within that number the UK and Ireland business from where brands such as Paddy Power and Betfair emanate, is the largest international component accounting for 22 per cent of overall group sales.

“Flutter is also on the acquisition trail, and has recently entered a market leading position in Italy with the €2.3 billion purchase of Snaitech as well as the $350 million addition of Brazilian company NSX in May. This adds to burgeoning growth, where strong progress has also been made in the likes of Turkey and India.

“These contributions led to another quarter of strong progress, with adjusted earnings rising by 25 per cent to $919m and revenues by 16 per cent to $4.19bn.

Mr Hunter said the outlook was “unashamedly upbeat” and the group has raised its guidance for the full year.