Flutter revenue increases due to US market growth

Flutter Entertainment, owner of Paddy Power, reported an increase in revenue for the third quarter of the year, mainly due to growth in the US market and its acquisition of Italian gaming operator Sisal.

Group revenue rose 31 percent to £1.89 billion in the third quarter compared to the same period last year. Average monthly players increased by 23 percent over the same period.

Flutter reported that sales at its US division were up 82 per cent to £598m. This is now the company’s largest division.

Excluding the US, sales were up 6 percent.

The sports betting and gaming company will now raise its revenue forecast for the US market to between £2.45 billion and £2.65 billion. The previous forecast was £2.3bn – £2.5bn.

The group said it still expects an EBITDA loss of between £235m and £285m.

Revenue in the UK and Ireland rose 4 percent, with average monthly players up 13 percent.

Sports revenue fell 11 per cent in the UK and Ireland compared to 2021 when the European Championships took place.

Retail sales in Ireland were flat but 27 per cent lower than 2019. Flutter attributed this slowdown to a fall in visitor numbers as more people work from home.

The start of the new football season has also been challenged by a slower start to mid-summer, as well as matches being canceled due to UK national mourning.

“We have been very pleased with our performance in our US division since the NFL started in September where we now average over 1 million players on a regular NFL Sunday. Additionally, we are seeing an increase in customer retention rates as our Parlay products continue to grow in popularity, exacerbated by the start of the NBA season,” Chief Executive Peter Jackson.

“Continued momentum in our US business has resulted in an upgrade to our outlook for the year, underpinning our confidence that we will be profitable in 2023.”

https://www.independent.ie/business/irish/flutter-revenues-rise-driven-by-us-market-growth-42130294.html Flutter revenue increases due to US market growth

Fry Electronics Team

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