Flutter Entertainment released its interim results for the first half of 2021. The company outlined that its group pro-forma revenue hit $4.2 billion, marking a 30% increase when compared to the same period last year. Moreover, the company performed extremely well within the US, UK and Australian markets.
Flutter Reveals Interim Results for H1 2021
Leading global sports betting and gaming provider, Flutter Entertainment, released its interim results for the six months that ended June 30, 2021. In that first half of 2021, the company’s group pro-forma revenue hit $4.2 billion (£3,053 million), marking a 30% increase when compared to the $3.3 billion (£2,389 million) for the same period in 2020.
The company acknowledged that it has seen excellent operating performance in the first half, which exceeded expectations. Flutter’s strong momentum was boosted by the extending position of FanDuel as a leader within the US market. Moreover, the company acknowledged that it has seen strong customer growth and a good integration process within the UK and Ireland markets.
The Company Sees Significant Growth in the US Market
Undoubtedly, Flutter has solidified its presence in the US as a market leader, considering that the revenue of its FanDuel brand grew 159% in H1 2021. The revenue hit $906 million (£652 million) in the first half of the year, up from $384 million (£278 million) in H1 2020. Breakdown of the $906 million in revenue shows that sports revenue hit approximately $625 million (£452 million), marking a 175% increase when compared to H1 2020. On the other hand, gaming revenue in the US for H1 2021 hit $276 million (£200 million), representing a 76% increase when compared to the same period last year.
The strong financial results were undoubtedly boosted by FanDuel’s leadership position in markets like Pennsylvania and New Jersey, as well as the newly launched markets in Virginia and Michigan. Additionally, Flutter revealed that FanDuel remains a leader in the US with a 45% online sportsbook market share in Q2.
Australia, UK and Ireland Markets Performed Well in the First Half of 2021
Focusing on other markets, Flutter revealed that its online revenue for UK and Ireland in H1, 2021 hit $1.5 billion (£1.09 billion). This marked a 37% increase in online revenue when compared to the same period last year. On the other hand, results from the retail sector in the UK and Ireland marked a decrease. In H1, 2021, the retail sector hit $57 million (£41 million) in revenue. This marked a decrease of more than 40% when compared to the $110 million (£79 million) in revenue from H1, 2020. The impact in terms of retail revenue is the result of the temporary closures of betting venues due to the ongoing pandemic.
Flutter’s chief executive Peter Jackson deemed the H1, 2021 results in Australia “phenomenal.” Additionally, he acknowledged that, despite the COVID-19-related business disruptions, the company’s Sportsbet brand delivered high customer retention rates. That, according to Jackson, clearly shows that as a business, Flutter has taken “a permanent step change in scale.”
Flutter to Continue Growing and Keep Positive Momentum
Looking at the overall results for the first half of 2021, Jackson revealed that the company made substantial progress in terms of operational and strategic objectives. As a result, in H1 2021, Flutter exceeded its expectations and kept a positive momentum, while increasing its player base. Additionally, Jackson stressed that strong gaming performance was observed despite the challenges from last year. He outlined that globally, Flutter’s sports business “benefitted from further enhancements” of products, as well as the return of the standard sports calendar.
Acknowledging the quality of products and FanDuel’s extensive reach in the US market, Jackson stressed extending to more regulated markets remains a key priority for Flutter. Moreover, he said that the company plans on replicating its “market share success in further states.” Looking at the second half of the year, Jackson said that it has already started well and that Flutter looks forward to “making further progress in the coming months.”