Flutter Entertainment delivers strong global performance
Flutter, which employs around 1,700 staff in Leeds, is the company behind major brands including Sky Betting and Gaming, Paddy Power, Betfair and Tombola.
In a statement for investors, Peter Jackson, the group’s chief executive, said Flutter had delivered a strong performance over the quarter which leaves it well-positioned for growth.
He added: “Our US division is now our largest and generated $700m in revenue, up 82 per cent. Good growth in our ‘consolidate and invest’ international markets and the acquisition of Sisal in August helped drive ex-US revenues.
“We are really pleased with our performance in our US division since the start of the NFL (National Football League) in September where we are now averaging over 1m players on a regular NFL Sunday. In addition, we are seeing an increase in customer retention rates as our parlay products continue to grow in popularity, boosted by the start of the NBA season.
“The ongoing momentum in our US division has led to an upgrade to our outlook for the year, underpinning our confidence that we will be profitable for 2023.
“Outside of the US, we welcomed Sisal, Italy’s leading gaming operator, to our international division during the quarter and look forward to working with the team to grow the business in Italy and in other International markets.”
He added: “We were delighted with the successful outcome of our arbitration process with Fox regarding the price of their option to acquire 18.6 per cent of FanDuel. This vindicates our position on the matter, with FanDuel valued at $20bn based on its fair market value at 3 December 2020 and provides important clarity on the significant cost required to buy into the number one US gaming business.
“As we look ahead our product and geographic diversification, as well as our recreational customer base, position us well for future growth.”
In the statement, Flutter said its full-year guidance reflected current consumer trends with no discernible sign of a slowdown.