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Flutter reports 6% overall revenue growth for Q1

Flutter Entertainment has published its trading update for the first three months of 2022.

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Overall, revenue grew 6%, which is believed to be driven by the momentum of recreational players, with average monthly players up by 15%. Specifically in the US, revenue grew 45% year-on-year to $574m.

The US has seen FanDuel achieve revenue of £429m ($574m). In addition, Flutter has acquired an additional 1.3 million new customers echoing similar trends to those in Q1 2021.  

The US saw sportsbook revenue increase 89%, with net revenue margin 30 basis points lower at 4.1%. The company believes its iGaming growth is a reflection of the Q4 launch in Connecticut, as well as a good cross-sell to the Super Bowl and March Madness. 

The UK and Ireland saw AMPs growing by 15%, while revenue declined 20%. This is due to several factors such as safer gambling measures being introduced, favourable sports results and a peak in player engagement being reached during Q1 2021 following Covid-19-related restrictions.

On the retail side, everything was fully open during the quarter compared to completely closed during Q1 2021. The UK market has returned to near pre-Covid levels, with revenue 6% lower than Q1 2019. The Irish estate was 24% lower than Q1 2019. 

In Australia, Sportsbet revenue grew by 8%. This rise was achieved in part by the company’s player volumes, as AMP grew by 10% thanks to the retention of the 2021 customer base.

Internationally, revenue levels were 5% lower, which is a reflection of the impact of guided headwinds during Q1. Excluding this, revenue grew 6% with strong growth in focus markets such as Canada, Brazil, India, Georgia and Armenia. 

Peter Jackson, Flutter CEO, said: “Flutter delivered a positive Q1 performance with revenue growth of 6%. The quarter saw us launch our new global sustainability strategy, the Positive Impact Plan, aligning commercial goals with our commitment to support our customers, colleagues and the communities in which we operate.

"In the US we had another exciting quarter as FanDuel continued to deliver unparalleled scale, with the US accounting for over half of all stakes for the Flutter Group in Q1. We launched our FanDuel sportsbook in New York and Louisiana in January and also expanded into Ontario in April. March Madness this year also proved our most popular season yet attracting 19m wagers across the tournament. 

“Outside of the US, our business performed well, adapting to the evolving regulatory and trading environment and reflecting the benefits of our global diversification. In the UK and Ireland we launched several new products in the quarter. I look forward to the imminent release of the UK Government’s White Paper on its review of the Gambling Act. In Australia, Sportsbet delivered good growth from ongoing customer-driven momentum, with excellent retention of players acquired in 2021.”

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