Business

Flutter receipts up 6 per cent in 2022 despite Irish retail downturn

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According to Flutter, owner of Paddy Power, sales rose 6 percent in the first three months of the year thanks to strong growth in the United States.

Average monthly players grew 15 percent from January to March this year, with the US delivering revenue growth of 45 percent to $574 million.

Super Bowl Sunday was the biggest day yet for new customers of Flutter’s US brand FanDuel, with over 1.5 million active users that day.

Excluding the US, sales were down 3 percent.

Barring known safer gaming and regulatory headwinds, revenue outside the US was 2 percent higher, driven by strong performance in Australia, Canada, Brazil and India.

In the first quarter (Q1), mandatory deposit limits for under-25s were introduced in the UK and Ireland, along with a new ‘Play Well’ advertising campaign featuring US Ambassador Craig Carton.

Average monthly online players grew by 15 per cent in the UK and Ireland, although revenue fell by 20 per cent (with an impact of £30m or €36m in the past 12 months) due to the expected impact of safer gambling measures introduced over the past 12 months first quarter).

Favorable sports results pushed the net sales margin down 100 basis points year-on-year to 9.6 percent.

Non-US revenue was also impacted by the easing of a Covid spike in player engagement in the first quarter of 2021.

Retail gambling in the UK has returned close to pre-Covid levels, with revenue down 6 per cent compared to the first quarter of 2019.

But Irish retail was 24 per cent lower than the same period in 2019, “reflecting the higher level of societal caution regarding Covid and is unlikely to return to pre-Covid levels in the current year,” Flutter said in a trade update on Wednesday.

Chief Executive Peter Jackson said the company delivered a “positive” performance in the first quarter.

“During this quarter, we launched our new global sustainability strategy, the Positive Impact Plan, aligning our commercial goals with our commitment to supporting our customers, colleagues and the communities in which we operate.

“In the US, we had another exciting quarter as FanDuel continued to deliver unprecedented scale, with the US accounting for more than half of all Flutter Group shares in the first quarter.

“Outside the US, our business performed well, adapting to the evolving regulatory and trade environment and reflecting the benefits of our global diversification.

“With our expanded customer base in the leisure sector, successful position in the USA and continued focus on sustainable growth, our company remains well positioned for the future.”

Earlier this year, the group acquired Italian gaming giant Sisal, which was expected to close in the third quarter. It follows the acquisition of UK online bingo and gambling site Tombola.

https://www.independent.ie/business/irish/flutter-revenues-up-6pc-in-2022-despite-fall-in-irish-retail-41613068.html Flutter receipts up 6 per cent in 2022 despite Irish retail downturn

Fry Electronics Team

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