Flutter Entertainment H1 revenue up 9%

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Flutter Entertainment reported revenue of £3.38 billion ($4.12 billion) for the six months ended 30 June 2022, a 9% increase over the previous year.
This was in line with management’s expectations, according to Flutter, and was driven by a 14% increase in recreational customers. Adjusted EBITDA was down 19% to £476m for the period, which was also in line with expectations.
The group reported a loss after tax of £113 million, up from £86 million in 2021, while net debt increased by £322 million year on year to £3 billion.

In the United States, adjusted EBITDA increased in the second quarter, while the group’s market share in sports betting increased to 51%.

“The first half of 2022 was a positive period for the group, with significant progress made toward the strategic objectives we outlined in March,” said Flutter Entertainment CEO Peter Jackson. “In the first half, we increased our recreational customer base by over one million players and increased the proportion of customers using safer gambling tools to more than one-third.”

“We are especially pleased with momentum in the United States, where we extended our leadership in online sports betting with FanDuel claiming a 51% market share and number one position in 13 of 15 states, contributing to positive earnings in Q2. We are still on track to be profitable in 2023, thanks to compelling customer economics and disciplined investment.”

Flutter noted that its H1 performance in the UK and Ireland reflected “safer gambling initiatives and prior-year Covid frequency benefit,” with product improvements delivered during the period supporting an expected return to revenue growth in H2.

In Australia, average monthly players increased by 10%, while investments in high growth markets helped generate strong returns, with the acquisition of Sisal completed on August 4th.

“Outside of the United States, the business remains well positioned due to its leadership positions in its mature markets and the investment we are making in attractive, high growth markets such as India, Canada, and Brazil,” Jackson added. While the delay in publishing the Gambling Act Review White Paper has been disappointing in the UK, we are confident that the safer gambling changes we have already implemented will position us well for the future.

“We delivered another excellent performance in Australia, with revenue and players continuing to grow.” We were also pleased to welcome Sisal to the group earlier this month, a business that performed well in the first quarter.”

888 also released its H1 2022 results today, reporting a 13% drop in revenue to £332.1m.

And earlier this week, Entain, whose brands include Ladbrokes and Coral, reported its results for the six months ended 30 June 2022. Revenue for the first half of 2022 was £2.1 billion, a 19% increase over the previous year.

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