British and Irish iGaming behemoth Flutter Entertainment has released its unaudited financial results for the first three months of 2021 showing that it experienced a rise of 33% year-on-year in overall revenues to £1.48 billion ($2.06 billion).
The London-listed operator behind a slew of iGaming domains including Betfair.com, PaddyPower.com and Adjarabet.com used an official press release (pdf) to reveal that it had also experienced a boost of 41% year-on-year in first-quarter sportsbetting receipts to £896 million ($1.25 billion) as associated online casino revenues increased by 22% to top £589 million ($821 million).
Previously known as Paddy Power Betfair until undergoing a name-change early last year, Flutter Entertainment detailed that it had brought in some £288 million ($401 million) in first-quarter revenues from its operations in the United States, which represented a comparable swell of 135%, while seeing its business in Australia post a 59% increase to £279 million ($389 million).
Flutter is furthermore responsible for the iGaming sites at SkyBet.com, FoxBet.com and PokerStars.com and explained that its British and Irish business had chalked up a surge of 16% year-on-year in first-quarter revenues to £568 million ($792 million) as its ‘international’ division saw a 7% uptick to £351 million ($489 million).
Peter Jackson serves as the Chief Executive Officer for London-listed Flutter Entertainment and he disclosed that his company had recorded a surge of 42% year-on-year in aggregated first-quarter online gaming and sportsbetting revenues to £1.47 billion ($2.05 billion) after ‘significantly growing our global player base.’ He went on to add that the three-month period had seen his firm’s operations in the United States rack up an average of 1.6 million monthly customers to make it twice as big as its Australian business.
Read a statement from Jackson…
“Our United Kingdom and Ireland brands continued the strong momentum from 2020, taking further market share with customer acquisition up 59% during the Cheltenham Festival. In Australia we have been highly focused on retaining retail customers that migrated to our platform during 2020 and, while it is still early days, we have been pleased with the retention rates to date.”
Flutter Entertainment moreover now controls a 40% stake on the embryonic sportsbetting market of the United States via its FanDuel Group subsidiary and is said to be considering whether to float the subordinate via a listing with the New York Stock Exchange. Jackson pronounced that ‘no decision has been made’ regarding such a move and that his company is still ‘continuing to consider our options’ and plans to ‘update the market as appropriate.’
Jackson’s statement read…
“As restrictions begin to ease and retail re-opens across a number of markets, we remain confident that our diversified business leaves us well placed to deliver sustainable growth going forward.”