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Flutter reports ‘record quarter’ in US as online revenues soar worldwide

·2-min read
<p>Flutter estimates that its brands accounted for 56% of all Cheltenham customers</p> (Getty)

Flutter estimates that its brands accounted for 56% of all Cheltenham customers

(Getty)

Flutter, the owner of SkyBet and Paddy Power, has reported soaring revenues after its US business had a "record quarter" - sales more than doubled year-on-year - and customers worldwide continued to shift online.

The FTSE 100 gambling giant said it saw revenues up 32% to £1.485 billion in the three months to end March. Group online revenues were up 42% on the same period a year ago - with UK and Ireland online sales up 35%.

Flutter acquired over 900,000 new US customers in the period and saw regional revenues rise 135% year-on-year to £288 million, which the group said allowed it to maintain its position as top US online operator with a 36% share of the sports betting market.

Usage of the group's FanDuel and FOX Bet brands is spreading as the sector enjoys a boom following a 2018 Supreme Court ruling allowing states to decide on legalising sports bets.

Chief executive Peter Jackson, who has said that he thinks the switch to online gaming habits will "stick", also said Flutter estimates that its brands accounted for 56% of all Cheltenham customers, placing 240 million bets.

He said: "In the US we achieved a record quarter... Customer acquisition continues to exceed expectations.

"In the UK and Ireland our recreational brands continued to take share as we benefited from the ongoing migration of retail customers to online. SBG grew 35% while Paddy Power and Betfair brands grew revenue by 36%."

The group also confirmed that it is considering plans to list a small stake of FanDuel in the US.

Jackson said: "We continue to consider the optimal structure for our US business, including a potential listing of a small part of FanDuel, although no decisions have been made at this stage."

The company is in arbitration with Rupert Murdoch's Fox corporation 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 £5.3 billion on a pro forma basis, with pre-tax profits falling from £136 million to just £1 million in part due to costs associated with its £9.3 billion acquisition of Canadian gambling firm, Stars Group, last May.

Shares in Flutter were up 0.09%, or 15p, to 15785p, this morning.

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