Flutter Entertainment PLC said on Wednesday it grew revenue in the first quarter, led by a strong performance in the US market which offset a decline in the UK & Ireland.
The Dublin-based sports betting and gaming company said in the first quarter, total revenue was 5% higher year-on-year at £1.57 billion from £1.49 billion. This was a 6% increase on a constant-currency basis.
Average monthly users rose 15% to 8.9 million.
US revenue rose 45% to £429 million, as it acquired over 1.3 million new US customers in the period. FanDuel sportsbook launched in New York and Louisiana in January, and also expanded into Ontario in April, after the quarter.
Shares in Flutter were up 5.7% to 8,766.00 pence each in London on Wednesday morning.
Despite the rise in average monthly players, UK & Ireland revenue dropped 8%.
This was led by online revenue which declined by 20%. This was expected, Flutter said, following the introduction of safer gambling measures and the Covid restriction-induced peak from the year before.
The online drop was somewhat offset by the recovery of UK&I retail, which brought in £65 million, compared to no revenue the year before during Covid closures. UK retail levels were just 6% lower than pre-Covid levels in the first quarter of 2019.
An 8% lift to revenue in Australia was more than offset by a 5% decline in International revenue.
‘With our enlarged recreational customer base, winning position in the US and ongoing focus on sustainable growth, our business remains well placed for the future,’ said Chief Executive Peter Jackson.
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