Published
OnlineCasinoFinancialSports Betting

Flutter Entertainment H1 revenue soars thanks to Stars Group; but profit down 70%

Flutter Entertainment's reported H1 revenue rose 49% year-on-year, to £1.52bn ($2.01bn), while its pro forma revenue grew 22% to £2.39bn (at constant currency).

FlutterEntertainment

Adjusted EBITDA was also up 59% on a reported basis, to £342m, and 35% on a pro forma basis to £684m.

However, profit before tax fell a sharp 70% to £24m. The operator's share price was up 2% to £127.80 after its H1 report was published.

Flutter attributed its H1 performance to enhanced diversification following its merger with The Stars Group, though it referenced COVID-19 disruption, which affected the company's H1 profit.

Peter Jackson, Flutter CEO, said: "The first half of 2020 has been defined by the outbreak of the global COVID-19 pandemic.

"The group's first half financial performance exceeded expectations as we benefitted from geographic and product diversification. In the period prior to COVID-19-related disruption, our businesses performed well with strong customer growth and favourable sports results. In the period thereafter, the cancellation of sports and closure of our shops led to reduced sports revenues in the UK and Ireland.

"However, this was more than offset by an increase in the number of recreational customers playing our poker and gaming products globally, as people sought new forms of home entertainment. In Australia and the US, the continuation of horse racing meant that overall sports revenues grew in both regions."

Premium+ Connections
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium
 
Premium Connections
Consultancy
Executive Profiles
Chicken Ranch Casino
The Responsible Gambling Affiliate Association (RGAA)
Catena Media
Gambling Commission
Follow Us
The most prestigious Awards in the industry are heading to the Philippines! The Global Gaming Awards Asia-Pacific will recognise and reward (as the name suggests) the strongest performers from the Asia-Pacific gaming industry across the previous 12 months.
This year's winners will be announced at a luncheon ceremony on Day 2 of SiGMA Asia, 4th June, in Manila.
The eleventh annual Global Gaming Awards Americas will recognize and reward the gaming industry's strongest performers across the previous 12 months. These are the most prestigious and trusted Awards in the industry and have gained respect amongst industry heavyweights, due to the strict rules and procedures put in place.

Facing Facts: Operator Q3s from across the globe

Gambling Insider compares Q3 2023 results from major gamblin...

Taking Stock: Operators and suppliers across the world

Sticking with our theme of gambling across the globe, Gambli...

CEO Special: Jade Entertainment and Gaming CEO Joe Pisano - down to earth

Jade Entertainment and Gaming CEO Joe Pisano speaks to Gambl...

CEO Special: Betfred CEO Joanne Whittaker - saying it as it is

Betfred CEO Joanne Whittaker joins Gambling Insider Editor T...