‘Pivotal moment’ for sports betting giant as player numbers continue to rise
Flutter Entertainment, owner of Leeds-based Sky Betting and Gaming, is celebrating strong first half momentum with average monthly players numbers (AMPs) up 28%, driven by growth in the group’s US market.
Releasing its interim results for the six months ended 30 June 2023, the group reports revenues of £4.8bn (H1 2022: £3.4bn) and adjusted pre-tax profits of £454m (H1 2022: £277m).
Revenues were up 13% in the UK and Ireland UK & Ireland, with product enhancements underpinning recreational customer growth and driving market share gains in both sports and gaming.
Peter Jackson, chief executive, said: “The first half of 2023 marks a pivotal moment for the group, with our US business now at a profitability inflection point, helping transform the earnings profile of the group and significantly enhance our financial flexibility.
“Group performance in the period was very strong, with delivery of our strategic objectives resulting in pro forma EBITDA growth of 37%.
“Our recreational player base increased to over 12 million monthly players, and importantly, more players than ever interacting with our safer gambling tools, aided by a £45m investment in our Play Well strategy in H1.
“The second half of the year has started well and we look forward to adding a US listing for Flutter shares later this year or early next year.”
Trading for the group in the first five weeks to 6 August has been in line with expectations and Flutter says it expects capital expenditure of about £500m during 2023.
