- Legal States
Velimir Velichkov November 9, 2022 3 min read
Flutter Reports Strong Revenue Growth Hitting £1.89bn in Q3
The global sports betting, gaming and entertainment provider, Flutter Entertainment, released Wednesday its latest trading update outlining the company’s performance in the third quarter. In its latest report, Flutter recorded strong revenue growth for the three months ended September 30, 2022.
Flutter’s Revenue in Q3 Soars to £1.89bn
The company’s total unaudited revenue for the period hit £1.89 billion ($2.16 billion). When compared to the same period in 2021, when the total revenue halted at £1.44 billion ($1.65 billion), this result marked a strong growth of 31%. A breakdown provided by Flutter reveals that the total revenue was significantly boosted by an increase in gaming revenue. The overall gaming revenue in Q3 2021 was £534 million ($611.7 million), while this year, it soared by 40% to £748 million ($856.8 million).
Additionally, Flutter pointed out that its sports revenue increased as well during the third quarter of this year. In total, Flutter’s sports revenue in Q3 2022 hit £1.14 billion ($1.31 billion), marking an increase of 26% from the £906 million ($1.03 billion) reported for the corresponding period in 2021.
The Company’s Boss Predicts Further Growth
Besides strong growth in revenue, Flutter acknowledged an increase in the average number of monthly players for the three months ended September 30, 2022. In the third quarter of 2021, the average number of monthly players was 7.8 million. In contrast, for the third quarter this year, the number of average monthly players increased by 23% to 9.6 million.
“We are really pleased with our performance in our US division since the start of the NFL in September where we are now averaging over 1m players on a regular NFL Sunday. In addition, we are seeing an increase in customer retention rates as our parlay products continue to grow in popularity, boosted by the start of the NBA season.“Peter Jackson, chief executive at Flutter Entertainment
Flutter’s chief executive, Peter Jackson, said that the company enjoyed a solid performance in Q3 and reported strong revenue, as well as an increase in the average monthly players. He added that the company’s US-facing operations continue to deliver strong revenue and enjoy increased levels of player retention and acquisition. Finally, Jackson acknowledged that Flutter is positioned well for further growth thanks to its growing customer base and geographic diversification.
“As we look ahead our product and geographic diversification, as well as our recreational customer base, position us well for future growth,“added Jackson
The Operator’s US-Facing Operations Soar, Australia Dips
Flutter provided a breakdown per market revealing that its operations in the US have seen a significant uptick. The revenue from the company’s US market segment in Q3 this year hit £598 million ($684.8 million), marking a significant growth of 114%.
The company’s international operations also saw an increase in revenue, reporting £466 million ($533.7 million), up by 56% when compared to the £299 million ($342.4 million) result from Q3 last year. Within the UK and Ireland, Flutter reported a slight increase in revenue. While UK and Ireland online revenue increased by 5% to £443 million ($507.3 million), the revenue from the retail operations dipped slightly by 3% to £66 million ($75.6 million).
In contrast to the overall positive results, Flutter’s revenue in Australia decreased by 14% to £319 million ($365 million) from £370 million ($423.4 million) in Q3 last year. The company said that the decline reflected “lower levels of player engagement compared to the prior year when more than 60% of the country was in lockdown, combined with high levels of weather-related racing disruption.” Despite the dip in Australia, Flutter kept a leadership position within the growing US market. The global company pointed out that FanDuel is currently the number one sportsbook operator in the country with a 42% market share.