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Flutter Entertainment PLC on Wednesday reported a strong start to 2023 as average monthly players rose. The FTSE 100-listed Irish gambling operator reported revenue of £2.41 billion in the first quarter ended on March 31, up 54% from £1.57 billion a year earlier. Sports revenue increased by 61% to £1.50 billion from £930 million, while Gaming revenue rose 44% to £916 million from £636 million a year earlier. Average monthly players rose 30% to 12.3 million, with strong recreational customer growth seen across all divisions. The firm’s US division saw 92% growth in revenue. ‘We added over 1.5 million customers [in the US] in the quarter, and we remain the clear market leader. Our US sports betting handle of $10.9 billion represented almost 60% of the group’s total sportsbook stakes,’ said Chief Executive Peter Jackson. Flutter operates gambling brands such as Sky Bet and Paddy Power Following shareholder approval at its recent annual general meeting, Dublin-based Flutter expects its additional listing in the US to happen late in the fourth quarter. In February, Flutter said it was considering an additional US listing amid the growing success of its US-based sports betting company, FanDuel. Flutter had said that FanDuel is the ‘number one’ sports betting operator in the US, with a 42% share of the online market. Besides being listed on the Main Market of the London Stock Exchange, where it is a FTSE 100 constituent, Flutter already is traded on the New York-based over-the-counter market. Shares were up 0.2% at 15,810.00 pence each on Wednesday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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