Flutter Entertainment PLC cashes in on online gambling boom
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In a trading update for the first quarter of 2021, the owner of Paddy Power and Betfair reported revenues of £1.48bn, up 32% year-on-year, almost all of which originated from its online operation which saw revenues surge 41%
Flutter Entertainment PLC (LON:FLTR) has reported a strong start to 2021 after a boom in online gambling increased its revenues by a third.
In a trading update for the three months to March 31, the owner of Paddy Power and Betfair reported revenues of £1.48bn, up 32% year-on-year, almost all of which originated from its online operation which saw revenues surge 41%.
The revenue jump came alongside a 36% increase in average monthly players (AMPs) during the quarter, with Flutter reporting particularly strong growth in the US market, which saw revenues soar 135% to record levels.
Australia also performed well with 59% growth, while the UK expanded 35% amid ongoing market share gains and international revenue rose 7%.
Looking ahead, the firm said the pronounced impact from coronavirus from the middle of March last year is “likely to result in accelerated growth” for its sports betting division in the second quarter of 2021, although it said its gaming products are likely to face “more challenging comparatives”.
"2021 is off to a strong start for the Group. We continued to significantly grow our global player base which in turn drove a 42% increase in our online revenue… As restrictions begin to ease and retail reopens across a number of markets, we remain confident that our diversified business leaves us well placed to deliver sustainable growth going forward", Flutter chief executive Peter Jackson said in a statement.
