Flutter Entertainment, the group who among others owns Betfair, Paddy Power, SkyBet, PokerStars, FoxBet and Fanduel, announced their half yearly results with an increase of revenues to £2.4 billion representing a rise of 22% compared to the same period in 2019.
Peter Jackson, chief executive of Flutter said on the results and performance: “The Group’s first half financial performance exceeded expectations as we benefitted from geographic and product diversification. In the period prior to Covid-19 related disruption, our businesses performed well with strong customer growth and favourable sports results. In the period thereafter, the cancellation of sports and closure of our shops led to reduced sports revenues in the UK and Ireland. However, this was more than offset by an increase in the number of recreational customers playing our poker and gaming products globally, as people sought new forms of home entertainment. In Australia and the US, the continuation of horse racing meant that overall sports revenues grew in both regions.”
Out of US the Group shows a strong momentum through H1 against backdrop of Covid-19 disruption on both sports and gaming. In sports, with the favourable results in Q1 and the strong performance in Q2 benefitting from continuation of horse racing in Australia. In the online gaming, excellent performance with significant growth in recreational customer base.
In the US sports and gaming market Flutter’s total share of the online gross gaming revenue in the states where sportsbook and gaming products were live online in H1, were respectively 44% online sportsbook and 27% online gaming.
Flutter has seen its share value rise in recent days and with a five year high of 12,580p per share it values the company at £19.6 billion.
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