wrestler, owner of SkyBet and Paddy Power, reported skyrocketing revenues after US business experienced ‘record quarter’ – sales more than doubled year over year – and that customers around the world have continued to move online.
Gaming giant FTSE 100 said it saw its revenue rise 32% to £ 1.485 billion in the three months ending in March. The group’s online revenues are up 42% from the same period a year ago – online sales in the UK and Ireland are up 35%.
Flutter acquired more than 900,000 new U.S. customers during the period and saw its regional revenue increase 135% year-over-year to £ 288million, which the group says saw it grow maintain its position as the leading American online operator with a 36% share of the sport. betting market.
The group’s use of the FanDuel and FOX Bet brands is spreading as the industry booms following a 2018 Supreme Court ruling allowing states to decide on the legalization of sports betting.
Managing Director Peter Jackson, who said he believed the shift to online gambling habits “will continue,” also said Flutter estimates its brands made up 56% of all Cheltenham customers, placing 240 million in Paris.
He said, “In the US we had a record quarter … Customer acquisition continues to exceed expectations.
“In the UK and Ireland, our recreational brands continued to gain market share as we benefited from the continued migration of retail customers to the Internet. SBG grew by 35% while the Paddy Power and Betfair brands increased their turnover by 36%.
The group also confirmed that it is considering listing a small FanDuel stake in the United States.
Jackson said, “We continue to consider the optimal structure for our US business, including a potential roster of a small portion of FanDuel, although no decision has been made at this point.”
The company is in arbitration with Rupert Murdoch’s Fox company over the value of Fox’s option to buy a stake in FanDuel in July.
It comes after the Dublin-based group reported 2020 revenues up 28% to £ 5.3bn on a pro forma basis, with pre-tax profits dropping from £ 136m to just £ 1m in partly because of the costs associated with its 9.3 billion pounds. acquisition of the Canadian gambling company, Stars Group, last May.
Flutter shares were up 0.09%, or 15p, to 15785p, this morning.