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Flutter Entertainment H1 revenue up 9%

Flutter Entertainment has posted revenue of £3.38bn ($4.12bn) for the six months ended 30 June 2022, a 9% increase from the prior-year period.

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As noted by Flutter, this was in line with management’s expectations, and was driven by a 14% increase in recreational customers. Adjusted EBITDA for the period was down 19% to £476m, which was also in line with expectations.

The group reported a loss after tax of £113m, compared to £86m in 2021, while net debt increased £322m year-on-year to £3bn.

In the US, adjusted EBITDA was positive in Q2, while the group’s sports betting market share accelerated to 51%.

“The first half of 2022 was positive for the group with significant progress made against the strategic objectives we outlined in March,” said Flutter Entertainment Chief Executive Peter Jackson. “We expanded our recreational customer base by over one million players in the half and increased the proportion of customers using safer gambling tools to over one third.

“We are particularly pleased with momentum in the US where we extended our leadership in online sports betting with FanDuel claiming a 51% share of the market and number one position in 13 of 15 states, helping contribute to positive earnings in Q2. We remain firmly on the path to profitability in 2023, driven by our compelling customer economics and disciplined investment.”

Outside of the US, Flutter noted that its UK and Ireland H1 performance reflected “safer gambling initiatives and prior-year Covid frequency benefit,” with product improvements delivered in the period supporting an expected return to revenue growth in H2.

In Australia, average monthly players climbed 10%, while internationally, investments in high growth markets helped generate strong returns, with the acquisition of Sisal completed on 4 August.

Jackson continued: “Outside of the US, the business remains well positioned thanks to its leadership positions in its mature markets and the investment we are making in attractive, high growth markets such as India, Canada and Brazil. In the UK, while the delay in publishing the Gambling Act Review White Paper has been disappointing, we are confident that the safer gambling changes we have already made to date position us well for the future. 

“In Australia, we delivered another excellent performance with revenue and players continuing to grow. We were also delighted to welcome Sisal to the group earlier this month, a business that performed strongly during H1.”

888 also posted its results for H1 2022 today, reporting a 13% decline in revenue to £332.1m.

And Entain, whose brands include Ladbrokes and Coral, reported its results for the six months ended 30 June 2022 earlier this week. The group posted revenue of £2.1bn for H1 2022, a 19% increase from the prior-year period.

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