Third-quarter financial success for Flutter Entertainment

In the United Kingdom and online and land-based sportsbetting operator Flutter Entertainment has announced that its net revenues for the third quarter rose by 30% year-on-year to top £1.32 billion ($1.74 billion).

The London-listed firm used an official trading update (pdf) to explain that its takings from all forms of sportsbetting over the course of the three-month period increased by 33% year-on-year to about £798 million ($1.05 billion) as its gaming revenues swelled by some 26% to surpass £527 million ($695.55 million).

Essential enterprise:

Flutter Entertainment, which was known as Paddy Power Betfair until undergoing a May rebranding, is responsible for over 620 land-based betting shops spread across the United Kingdom as well as the online sportsbetting domains at Betfair.com, PaddyPower.com and Adjarabet.com. The behemoth detailed that the three months to the end of September also saw revenues from its core Paddy Power Betfair business expand by 9% year-on-year to around £351 million ($463.32 million) with sportsbetting and gaming receipts growing by 5% and 31% respectively.

International interests:

Regarding its Sky Betting and Gaming enterprise and the operator stated that third-quarter net revenues were up by 26.2% year-on-year to roughly £231 million ($305.01 million) as a comparable 27% hike in customer growth alongside a 6% boost in stakes pushed sportsbetting receipts up by 26%. It pronounced that there was moreover an 82% spike in receipts from its many operations in the United States to £161 million ($212.56 million) thanks to well over 1.8 million active real-money players accessing its platforms while its BetEasy Proprietary Limited concern in Australia experienced a 76% surge to contribute a further £320 million ($422.49 million).

Attractive amalgamation:

Peter Jackson serves as Chief Executive Officer for Flutter Entertainment and he used the filing to proclaim that the three-month period had additionally seen his firm accelerate and add content to its Sky Vegas gaming platform courtesy of a successful integration into the Group Gaming Network from the PokerStars iGaming enterprise.

Read a statement from Jackson…

“Our strong trading continued as we grew market share in key regions while retaining our commitment to safer gambling practices. During the quarter we continued to expand our recreational customer base while bringing our businesses together. We are now a truly global business with significant scale. As such we are in a unique position to respond to the many opportunities we see across our growing markets.”