Flutter Entertainment, owner of Leeds-based Sky Betting and Gaming, delivers strong performance over third quarter

Flutter Entertainment, the owner of Leeds-based Sky Betting and Gaming, today said it had delivered a strong performance over the last quarter.

Flutter's UK & Ireland operation includes Sky Betting and Gaming, Paddy Power and Betfair brands.

Peter Jackson, Chief Executive, commented: "Flutter 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.

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"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.

Sky Betting and Gaming is a major employer in LeedsSky Betting and Gaming is a major employer in Leeds
Sky Betting and Gaming is a major employer in Leeds

"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."

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Flutter Entertainment has cut its full-year earnings outlook after a recent run of customer-friendly sports results.

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The group said it was left nursing a hit of around £60 million due to unfavourable results in the first 24 days of October, while it is also expecting a £10 million knock to earnings in the fourth quarter due to a temporary exit from the Netherlands following a change in regulations.

The blow is set to see full-year underlying earnings come in at £1.24 billion to £1.28 billion for the group, excluding the US, against the £1.27 billion to £1.37 billion range it forecast in August.

Shares in Flutter tumbled more than 8% in morning trading.

The group also revealed that customer-friendly results took its toll on the US business, with a £15 million impact last month, as it increased 2021 loss expectations for the division to between £250 million and £275 million.

It had previously guided for a loss of between £225 million and £275 million at the arm, which includes FanDuel.

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Flutter is aiming to spin off its US business led by FanDuel, but the plans have been delayed by the departure of previous FanDuel boss Matt King, who has since been replaced by Amy Howe.

The group said that despite the recent earnings impacts, it grew the number of average monthly players by 13% year-on-year to 7.3 billion in the third quarter and saw revenues rise 9% – or 12% at constant currencies – to £1.4 billion in the three months to September 30.

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