Flutter Entertainment revenue rises 16% in Q2
FanDuel in the US plus expansions in Brazil and Italy drive continued growth for the Irish betting giant.
Ireland.- Flutter has reported continued growth in Q2 with revenue up 16 per cent to $4.19bn. The US brand FanDuel, now 100 per cent owned by Flutter, remains the main driver, while the company also highlighted its market-leading position in Italy following the acquisition of Snaitech.
Net income was down 88 per cent to $37m while adjusted EBITDA was up 25 per cent at $919m, with a margin of 21.9 per cent. FanDuel’s sportsbook revenue rose 11 per cent year-on-year to $1.2bn while the brand’s igaming revenue jumped 42 per cent to $507m despite the limited extension of igaming in the US.
Elsewhere, UK and Ireland revenue rose just 1% to $936m and was down 5 per cent in constant currency. Southern Europe and Africa revenue rose by 68 per cent year-on-year to $657m and revenue from Brazil was up 144 per cent to $44m following the regulation of online gambling at the start of the year.
Asia Pacific revenue was up 4 per cent to $402m, while Central and Eastern European revenue was up 8 per cent at $138m.
Flutter CEO Peter Jackson said: “I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A.
“Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations. Such varied achievements in one quarter are a great reflection of our teams’ focus and ability to execute effectively, leaving us well positioned for the second half of the year.”
Jackson also mentioned the potential of the event contracts vertical.
“The event contracts landscape continues to develop at pace. We have two decades’ experience of operating the world’s largest betting exchange, the Betfair Exchange, which shares similar characteristics with event contracts, and this will help inform our view,” he said. “We are closely monitoring regulatory developments, and are assessing the opportunities and potential participation strategies this may present for FanDuel.”
