Flutter Q2 update shows huge boost from Stars Group; PPB and SBG suffer falls

By Tim Poole

Flutter Entertainment has issued a Q2 trading update through 17 May, which shows a 10% year-on-year increase in pro forma group revenue.

However, this is mainly boosted by the performance of Stars Group, with the pro forma results showing a 92% rise in Stars Group revenue.

Paddy Power Betfair revenue was down 54% (-41% online and -100% in retail), and Sky Betting and Gaming was down 28%.

Revenue in Australia did grow 56%, with US revenue also up 61%, contributing to the overall rise of 10%.

With sports revenue “materially impacted” by the coronavirus pandemic, poker and gaming revenue has benefited from “strong customer engagement.”

Peter Jackson, CEO of Flutter Entertainment, said: “Businesses around the world are navigating through extraordinary change as a result of the COVID-19 pandemic.

“As with many other sectors, in betting and gaming there have been stark impacts as much of the world has gone into lockdown, with some parts of the sector struggling and others thriving as consumers change their purchasing habits.

“Today we are starting to look more directly to the future in terms of planning for growth, while we continue to benefit from our product and geographical diversification as the unpredictable situation unfolds”.


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