Major gambling operator Flutter Entertainment has reported a 10% rise in revenue to £533m for the third quarter of the year.
KEY Q3 2019 INFO:
- Revenue up 10% to £533m
- Sports betting revenue up 11% to £417m
- Gaming revenue up 8% to £116m
- Online sports betting revenue down 6% to £163m (down 5% overall, but 7% higher if effects of 2018 World Cup are excluded)
- Online gaming revenue up 11% to £84m
- Retail revenue down 9% (5% increase in sportsbook but 37% drop in fixed-odds betting terminals (FOBT) revenue)
The company enjoyed biggest growth in the United States, with revenue up 67%; sports betting revenue rocketed 55% to £76m and casino exploded by 174% to £15m.
Through its partnership with US operator FanDuel, Flutter went live in 5 new states during Q3, adding more than 250,000 online sports customers in the process. Regarding its US operations, the company says it has been refining geographic diversification and delivering a lower spend on acquisition bonuses.
Flutter has also seen good growth in Australia with Sportsbet, with sports betting revenue up 19% to £119m.
Reflecting on the quarter, Flutter Entertainment CEO, Peter Jackson, said:
“Q3 was an important quarter for the Group with revenues up 10% and the announcement of our combination with The Stars Group. We believe that this deal will accelerate delivery of all of our core strategic objectives and we are very excited about the international growth prospects for the combined group.
“In the US, FanDuel has now launched online sports betting in Pennsylvania, West Virginia and Indiana and we have been very encouraged by progress to date. Published market share data in Pennsylvania shows that FanDuel quickly became the market leader with around 50% share while we remain the clear number one operator in New Jersey also. Notwithstanding the substantial investment we are making, our strong customer and revenue momentum means that we are raising our full‐year guidance in the US“.
