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Paddy Power owner cashes in amid online gambling boom

Flutter Entertainment said its betting revenues grew by 43%

Revenues at Flutter Entertainment (LON:FLTR), owner of Paddy Power, have grown by 32% to £1.485m in the first three months of 2021, the company revealed on Thursday.

The Dublin-based FTSE 100 company form said that its sports betting revenues grew by 43% to £896m, while gaming increased by 18% to £589m.

The £1.485bn total was 33% more than the £1.126bn in revenues that the gambling giant reported for the first quarter of 2020.

Flutter estimated its brands accounted for 56% of all Cheltenham customers, with Paddy Power the number one downloaded app during the week.

Peter Jackson, chief executive of Flutter Entertainment, which owns aa number of betting and gaming brands, said the business made a positive start to the year:

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“2021 is off to a strong start for the Group. We continued to significantly grow our global player base which in turn drove a 42% increase in our online revenue. At the same time, safer gambling continues to be a key priority across our markets with new measures introduced including our Gamban partnership in the US and development of the planned Affordability Triple Step in the UK,” Jackson said.

“Our UK & Ireland brands continued the strong momentum from 2020, taking further market share with customer acquisition up 59% during the Cheltenham Festival. In Australia we have been highly focused on retaining retail customers that migrated to our platform during 2020 and while it is still early days, we have been pleased with the retention rates to date. In our International division, the investment we are making to enhance player generosity and reinvigorate the PokerStars brand has seen an encouraging early response from customers.”

“In the US, we continue to lead the market with revenue of almost $400m in the quarter. We believe that the quality and breadth of our offering remains a key differentiator for FanDuel sports and the key driver of our leadership position. Our US business had over 1.6m average monthly players in Q1, meaning that it is now twice the size of our Australian business and is quickly closing in on our International division. We are continuing to consider our options with respect to a possible US listing of a small shareholding of FanDuel Group. No decision has been made at this time and we will update the market as appropriate.”

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