29th Apr 2021 09:22
(Alliance News) - Flutter Entertainment PLC on Thursday said it was off to a "strong start" for 2021, with growth driven by online revenue performance.
The Dublin-based gambling operator saw first-quarter revenue rose 32% year-on-year to GBP1.49 billion, from GBP1.13 billion in 2020. Much of the revenue gain was driven by online business growth, which grew 41% for the quarter, from the prior year.
Flutter's first-quarter average monthly customers rose 36% to 7.7 million, compared to 5.6 million the previous year. The owner of Paddy Power and Sky Betting and Gaming said that the pandemic's impact from mid-March 2020 was "likely to result in accelerated sports growth" in the second quarter - as sports events were cancelled last year - while gaming products faced "more challenging comparatives".
Flutter said no decision had yet been made on a possible US listing of a "small part" of FanDuel, one of its main US betting brands. Flutter is currently in the middle of an arbitration dispute with Fox Corp over the value of Fox's option to buy a stake in FanDuel.
Chief Executive Peter Jackson commented: "Our UK & Ireland brands continued the strong momentum from 2020, taking further market share with customer acquisition up 59% during the Cheltenham Festival. In our International division, the investment we are making to enhance player generosity and reinvigorate the PokerStars brand has seen an encouraging early response from customers.
"In the US, we continue to lead the market with revenue of almost USD400 million in the quarter. We believe that the quality and breadth of our offering remains a key differentiator for FanDuel sports and the key driver of our leadership position. 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."
Shares in Flutter were down 0.2% to 15,735.00 pence in London.
By Will Paige; [email protected]
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