Sky Bet owner Flutter Entertainment reveals tumbling annual earnings after customer-friendly sports results

The group 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.

It said group revenue growth had slowed to 2% in the first seven weeks of 2022, but said this was set to pick up as the year goes on.

Flutter added it was monitoring the situation with Russia and Ukraine “closely”, but had “materially reduced” its exposure to the Russian online market since its buyout and merge with The Stars Group in 2020.

The Russian market contributed £41 million to the group last year, with £19 million from Ukraine.

Flutter is the holding company for a range of international brands and operations, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Betfair, Adjarabet, TVG and Junglee Games.

Last year, Leeds-based Sky Betting & Gaming revealed it had developed its own version of the Government’s “KickStart” scheme to help young people from deprived neighbourhoods start a career in the fast growing technology sector.

Steve Birch, the CEO of Sky Betting & Gaming, said the company is targeting its recruitment drive so it can represent all communities around its base in Leeds.

He made the comments at an event to celebrate the opening of the company’s new office in Wellington Place, Leeds. The event was hosted by Gabby Logan, the former international gymnast and broadcaster, and included a panel event with sports stars Jason Robinson, Danny Mills and Hannah Cockcroft.