Flutter Entertainment Plc, a leading global sports betting and gaming provider, accelerates its strategic plans with confidence, reporting total revenue growth of 32% to £1.485 billion in its first quarter of 2021.
Flutter Reports Rapid Growth in Q1 of 2021
Flutter Entertainment Plc (FLTR.L), a leading global sportsbook and gaming provider, has reported a growth of 32% to £1.485 billion in its Q1 of 2021, compared to the previous year’s revenue of £1.126 billion. The company reported online revenue growth of 42% and an average online player growth of 36% or 7.6 million globally, as opposed to Q1 2019, when the company had 5.6 million players. In its Q1 trading update, the gambling group recorded growth in all of its core divisions.
Flutter CEO Peter Jackson stated that the company is off to a good start in 2021. He said that the group continues to grow its global player base which is the main driver behind the 42% online revenue increase.
Flutter Flagship Brands Establish as Market Leaders
Flutter has expressed confidence that it will continue to establish its flagship brands as market leaders. The company’s UK&IRE division of Paddy Power, Betfair, and Sky Bet brands recorded a revenue increase of 16% to £568 million. Flutter reports an increase in digital activity as its active players increased by 23% to 3.16 million.
In Australia, Flutter’s Sportsbet AUS unit recorded a 59% increase in revenues to £279 million, compared to the first quarter of 2020, with £161 million.
Flutter’s International PokerStars unit recorded a 7% increase in revenue to £351 million, compared to the first quarter of 2020, with £334 million. However, online poker registered a player activity drop of 9%. According to Flutter, it will be corrected by future investments in marketing and product retention.
Flutter’s US sports wagering unit recorded an increase in revenue of 135% increase to £288 million, compared to the first quarter of 2020 to £132 million. The unit breakdown showed that Flutter’s FanDuel accounted for 91.6% of US revenue, and for 2020, 89.1%. FOX Bet, which includes PokerStars US, accounted for the other 8.4%.
Jackson also mentioned a possible US listing of a small shareholding of FanDuel Group, even though no decisions have been made.
Safe Gambling Remains Flutter’s Priority
Jackson stated that safe gambling remains a top priority across Flutter’s key markets. The group has partnered up with Gamban in the US and continues developments on the planned Affordability Triple Step in the UK.
In March, Gamban and FanDuel inked a partnership to boost the operator’s responsible gambling strategies in the US. As a result of the agreement, FanDuel offers its customers Gamban’s software free of charge.
At the beginning of April, Flutter Entertainment added a credit card ban in Ireland to stop excessive gambling. The measure means that users cannot carry out payments through a credit card on Flutter’s Sky, Betfair, or Paddy Power.