This is why the owner of Paddy Power saw revenues jump in the third quarter

Richard Flint Picture by Simon HulmeRichard Flint Picture by Simon Hulme
Richard Flint Picture by Simon Hulme
Paddy Power owner Flutter Entertainment saw revenues jump in the third quarter on the back of improving sales in the US and Australia.

The Dublin-based betting company, which last month agreed a £10 billion merger with PokerStars owner Stars Group, said revenue surged by 10% to £533 million for the three months to September.

Flutter said sports revenue leapt by 11% during the period, while gambling revenue increased by 8%.

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It highlighted strong performances in Australia, where Sportsbet revenues grew 19%, and the US, where total revenues soared 67%.

Revenues for the company’s retail betting business slid 9% to £75 million after gaming revenues were hit by the recent crackdown on fixed-odds betting terminals (FOBTs), which saw the maximum stake for bets cut from £100 to £2.

Shares in Flutter sank earlier this week after a group of MPs called for similar restrictions on stakes for online gambling.

Flutter said online sports betting also declined, falling 6% as it failed to match strong revenues from 2018 due to the men’s football World Cup.

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Last month, it was revealed that Yorkshire-based staff at Sky Betting & Gaming are set to play significant roles in the development of the world’s largest online betting firm.

Paddy Power and Betfair owner Flutter Entertainment agreed a merger deal with Sky Bet’s owner The Stars Group to create a firm with combined annual revenues of £3.8 billion.

The Canadian-based Stars Group took over Sky Betting & Gaming, which has its head office in Leeds, last year. Sky Bet has more than 1,300 staff based in the city and is continuing to grow headcount.

Richard Flint, the man who turned Sky Betting & Gaming into a global force, is set to return as a non-executive director of the combined Stars Group and Flutter operation.