Paddy Power owner Flutter Entertainment boasts high revenues in the US
Flutter Entertainment, Irish owners of sports betting brand Paddy Power, announced a “very strong performance with revenue” in the US market of +92%, including sportsbook revenue +147%.
The group maintained its leading 50% share of the US sports betting market. Its FanDuel brand is driving much of its success, with users in 19 states now able to place sporting bets.
Flutter increased its user base to 1.5 million in the first months of 2023.
Peter Jackson, Chief Executive, commented: “The Group delivered a very strong Q1 performance with pro forma revenue growth of 29% achieved through continued execution against the Group’s strategic priorities.
“In the US, the combination of the FanDuel Advantage and the Flutter Edge drove further market share gains […] Our US sports betting handle of $10.9bn represented almost 60% of the Group’s total sportsbook stakes.
“Outside of the US, pro forma revenue growth of 8% demonstrated the benefits of diversification of our portfolio. We continued to take share across our UK & Ireland and International businesses while in Australia we did an excellent job defending our leadership position. We remain delighted with the progress of Sisal since the acquisition in August 2022.
“In the UK, the publication of the White Paper has vindicated the proactive actions we have taken to further embed safer gambling across our organisation through our Play Well strategy. The changes will bring consistency to safer gambling protections for customers and make responsible play a priority across all operators, which we strongly support.
“We were also very pleased to receive overwhelming support among our shareholders for the addition of a Flutter US listing. The strategic and capital markets benefits this will bring to Flutter will position the Group well for its next phase of growth.”