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NEWS 7 November 2019

Flutter’s Q3 revenue up 10% as US operations continue growth

By Matthew Enderby

Revenue at Flutter Entertainment grew to £533m ($685.9m) for Q3, a 10% rise year-on-year.

The operator’s sports betting revenue rose 11% to £417m while its gaming revenue was £116m, an 8% increase.

In its online sector, Flutter says it was affected by a combination of ongoing enhancements to responsible gambling measures, international switch offs and challenging World Cup comparatives.

It reported a 6% drop in online sports betting revenue to £163m and an 11% rise in online gaming to £84m.

Online sportsbook revenue was down 5% overall but 7% higher if results from the 2018 World Cup are excluded.

Retail revenue declined 9% year-on-year for the operator. Its 5% retail sportsbook rise was offset by a 37% decline in fixed-odds betting terminals (FOBT) revenue.

Flutter recorded its biggest growths in the US; sports betting revenue increased 55% to £76m and casino is up 174% at £15m.

In partnership with FanDuel, Flutter launched in five new states in Q3. Flutter has acquired more than 250,000 online sportsbook customers across its platforms.

Some of the main drivers for Flutter’s improvements in the US are better geographic diversification and a lower spend on customer acquisition bonuses.  

In Australia, Flutter says it is "very pleased" with its growth. The company announced sports betting revenue of £119m, up 19%.

Its performance was driven by customer growth in the last 12 months and a net revenue margin of 11%.

Peter Jackson, Flutter Entertainment CEO, said: "Q3 was an important quarter for the group, with revenue up 10% and the announcement of our combination with The Stars Group.

"We believe this deal will accelerate delivery of all of our core strategic objectives and we are very excited about the international growth prospects for the combined group.”

RELATED TAGS: Online | Land-Based | Industry | Sports Betting | Financial | Casino
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