Sports betting giant reaps rewards of growing customer base
The owner of Leeds-based Sky Betting and Gaming, Flutter Entertainment, has hailed a further overall revenue rise with the number of its average monthly players up 15%.
Delivering a trading update for three months ended 31 March 2022, the group reported revenues of £1.6bn, compared to £1.5bn in quarter one 2021.
In the UK and Ireland revenue declined 20%, which Flutter says is partly due to the expected impact of safer gambling measures introduced over the last 12 months.
Peter Jackson, chief executive, said: “Flutter delivered a positive quarter one performance with revenue growth of 6%.
“Outside of the US, our business performed well, adapting to the evolving regulatory and trading environment and reflecting the benefits of our global diversification.
“In the UK and Ireland we launched several new products in the quarter. I look forward to the imminent release of the UK Government’s White Paper on its review of the Gambling Act.
“With our enlarged recreational customer base, winning position in the US and ongoing focus on sustainable growth, our business remains well placed for the future.”
The group adds its retail estate was fully open during the quarter compared to being completely closed during quarter one 2021.
It notes its UK estate has returned to near pre-Covid levels with revenue just 6% lower than quarter one 2019.
