Shares in Flutter Entertainment (LON: FLTR) were up over 5% on Wednesday after it posted strong Q3 results.

The group, which owns Betfair and Paddy Power, posted a 32% increase in sports betting revenues whilst gaming revenues rose 21%.

In Australia, revenue soared 76%.

Flutter Entertainment posted a better-than-forecast new customer acquisition of over 450,000 with a total of over 1.8 million active customers in the third quarter.

Peter Jackson, the group’s chief executive, said:

“Flutter’s performance in the third quarter exceeded our expectations in both sports and gaming. Our strong trading continued as we grew market share in key regions while retaining our commitment to safer gambling practices. During the quarter we continued to expand our recreational customer base while bringing our businesses together. This included the successful migration of the BetEasy customer base onto the Sportsbet platform in Australia.”

“[…] We are now a truly global business with significant scale. As such we are in a unique position to respond to the many opportunities we see across our growing markets. Looking ahead, whilst the outlook with respect to Covid-19 remains uncertain, we are confident that our business is well positioned to capture further growth in a sustainable and responsible way.”

Flutter Entertainment shares (LON: FLTR) are trading +5.12% at 13.445,00 (1621GMT).

 

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Safiya focuses on business and political stories for UK Investor Magazine. Her interests include international development, travel and politics.