Sports betting giant beats expectations with revenues up 20%
Flutter Entertainment, which owns Leeds-based Sky Betting and Gaming, says it has achieved healthy increases in both average monthly player numbers (AMPs) and revenue as it publishes its second quarter 2024 financial results.
Revenue for the period was up 20% to $3.6bn/£2.8bn (2023: $3bn/£2.3bn, while average monthly player numbers climbed 17% to 14,344 (2023: 12,222). Group Adjusted EBITDA was up 17% to $738m/£575m (2023: £633m).
Peter Jackson, CEO, said: “Flutter delivered another strong quarter, beating consensus and increasing our revenue and Adjusted EBITDA guidance as we continued to capitalise on our global scale and the Flutter Edge.
“The returns we are seeing give us the confidence to continue driving customer acquisition in the second half, building a bigger business, which bodes well for 2025 and beyond.
“Outside of the US, we delivered an engaging offering during the European Football Championships, as over four million customers placed a bet on the tournament, with results during the tournament very favorable for us.
“We enhanced our Same Game Parlay experience in UK and Ireland with the addition of QuickBuild, and launched a first-to-market version in Italy. We also expanded our iGaming portfolio with new exclusive content driving market share gains.”
Fluter notes the number of bets placed on the European Football Championships during the quarter demonstrates the mass market recreational appeal of its brands.
It adds that in iGaming, Paddy Power launched its first branded live game show, Paddy’s Mansion Heist, which has been Flutter’s “most successful live casino game launch ever.”
