Recreational customers drive revenue growth at sports betting company

Flutter Entertainment – which owns Leeds-based Sky Betting and Gaming – has seen its group revenues climb 37% year-on-year to more than £6bn.

The business, which has today issued its preliminary results for year ended 31 December 2021, also made a reported loss before tax of £288m after a £543m charge for non-cash amortisation from acquired intangibles.

Flutter says its recreational customers are driving revenue growth, with the group maintaining its leadership position in the UK and Ireland, despite a “challenging” fourth quarter.

Peter Jackson, chief executive, said: “2021 was another strong year for the group as we made good progress against our strategic objectives and grew our recreational customer base to over 7.6m customers.

“In the UK and Ireland, we stepped up our safer gambling efforts and increased protections for our customers ahead of anticipated regulatory change.

“We also welcomed Tombola, the UK’s leading recreational bingo brand, to the Group in early January.

“Overall, I am pleased with the progress we have made during 2021 and believe Flutter is exceptionally well positioned for future growth.”

Flutter adds that its trading in the first seven weeks of 2022 has been in line with expectations, with Group revenue up 2% year on year, reflecting strong comparatives which benefited from very favourable sports results.

Assuming a normal run of sports results, the group expects its revenue growth to accelerate as 2022 progresses.

Commenting on the potential impact of Russian’s invasion of Ukraine, Flutter notes: “In Russia and Ukraine, we are continuing to monitor the situation closely. Since completion of our merger with TSG, Flutter has materially reduced its exposure to the Russian online market.

“In 2021, Russia accounted for £41m in contribution. In addition, Ukraine represented contribution of £19m.”