Flutter Entertainment saw a strong start to 2021 with double digit growth across all divisions with the US up 135 per cent, UK and Ireland up 35 per cent, Australia up 59 per cent and international up seven per cent. Perhaps most impressively, Flutter grabbed a 36 per cent share of the online sportsbook market in the US during the first quarter.
The company believes that the pronounced Covid impact from mid-March 2020 was ‘likely to result in accelerated sports growth in Q2 2021, with gaming products facing more challenging comparatives.’
Peter Jackson, Chief Executive, commented: “2021 is off to a strong start for the Group. We continued to significantly grow our global player base which in turn drove a 42 per cent increase in our online revenue. At the same time, safer gambling continues to be a key priority across our markets with new measures introduced including our Gamban partnership in the US and development of the planned Affordability Triple Step in the UK.”
The company’s UK & Ireland brands continued the strong momentum from 2020, taking further market share with customer acquisition up 59 per cent during the Cheltenham Festival. In Australia the company has been highly focused on retaining retail customers that migrated to the platform during 2020 and while it is still early days, Flutter says it has been pleased with the retention rates to date. In the International division, investment is being made to enhance player generosity and
reinvigorate the PokerStars brand has seen an encouraging early response from customers.
Mr. Jackson said: “In the US, we continue to lead the market with revenue of almost $400m in the quarter. We believe that the quality and breadth of our offering remains a key differentiator for FanDuel sports and the key driver of our leadership position. Our US business had over 1.6m average monthly players in Q1, meaning that it is now twice the size of our Australian business and is quickly closing in on our International division. We are continuing to consider our options with respect to a possible US listing of a small shareholding of FanDuel Group. No decision has been made at this time and we will update the market as appropriate. As restrictions begin to ease and retail reopens across a number of markets, we remain confident that our diversified business leaves us well placed to deliver sustainable growth going forward.”
The US business continues to expand rapidly, with successful state launches in Michigan and Virginia during the quarter and excellent ongoing momentum in existing states. Revenue in the quarter grew 135 per cent to £288m ($396m). Of this, FanDuel Group accounted for 91.6 per cent of revenue (Full Year 2020: 89.1%), with FOX Bet (including PokerStars US) accounting for 8.4 per cent. Customer acquisition continues to exceed expectations with over 900,000 new customers acquired during the
quarter, helped by high levels of engagement around Super Bowl and expansion into two new states.
Mr. Jackson added: “Our total average monthly players grew by 132 per cent to 1.6m. We recorded a 36% share of the online sportsbook market during Q1.4
Sports revenue increased 130 per cent in the quarter, with sportsbook 227 per cent higher and growth across our other sports products (TVG horse racing and daily fantasy sports) of 51 per cent. Sportsbook stakes grew 235 per cent, with our online sportsbook now available in 10 states compared to 4 in Q1 2020.
Performance in these 4 more mature states remains very encouraging with staking growth of 93 per cent in Q1.”