Flutter sees revenue double through Stars merger

Flutter has reported revenue of £4.3bn in its full-year results.

UK.- Flutter Entertainment this morning reported full-year results for 2020 with revenue of £4.3bn – more than double the £2.1bn it took in 2019.

The growth in revenue came through the group’s addition of brands such as PokerStars, Sky Betting & Gaming and Fox Bet to its portfolio.

The figures include those of The Stars Group following the completion of Flutter’s acquisition of the group on May 5.

Sportsbook operations generated £2.73bn, up 63.5 per cent, while gaming revenue rose 253.7 per cent to £1.67bn.

However, revenue from Paddy Power Betfair fell 2.2 per cent to £1.29bn, as the impact of the Covid-19 pandemic on retail performance outweighed online growth.

Profit before tax fell 99 per cent to £1m due to expenses associated with the acquisition of The Stars Group.

Peter Jackson, CEO of Flutter Entertainment, said they could remain solid despite crisis due to a diversification strategy: “We delivered a very strong financial performance in 2020, benefiting from our scale and diversification.

“We continue to grow our recreational player base across all key regions, in Q4 alone the Group had over 7.6m monthly online players.”

Meanwhile, Flutter has announced it will give 14,000 members of staff a £1,000 bonus for their work during the Covid-19 pandemic.

The group has also been making changes in the board: it has announced the appointment of Nancy Dubuc as a non-executive director last week as part of a boardroom shake-up aimed at redressing the company’s gender balance.

The FTSE 100 gambling firm also appointed British American Tobacco director Holly Keoppel.