US – Flutter Entertainment Q3 earnings boosted by success in USBy Phil - 11 November 2019
Flutter Entertainment, the parent company of FanDuel Group, today announced its Q3 financial results, highlighting the strength of FanDuel Group in the United States.
FanDuel Group revenues increased by 67 per cent in Q3 driven by excellent sportsbook and casino performance. Following the online launch of the FanDuel Sportsbook in Pennsylvania in July, FanDuel Group has achieved the leading market position in the state and has maintained leadership in New Jersey.
In addition to New Jersey and Pennsylvania, the FanDuel Sportsbook is now available in Indiana and West Virginia (online and retail) plus Iowa and New York (retail only). FanDuel Group’s active customer growth is currently exceeding expectations, with over 250,000 online sportsbook customers since launch.
The adoption of online casino games by FanDuel Sportsbook customers has continued apace, driving 174 per cent year-over-year growth in casino revenues. FanDuel remained the online casino market leader in New Jersey with an 18 per cent market share in the quarter. FanDuel Group’s TVG racing and fantasy sports businesses also delivered good growth with combined revenues increasing five per cent.
“The third-quarter performance exceeded our expectations, with exceptional customer and revenue growth,” said Matt King, CEO, FanDuel Group. “The FanDuel Sportsbook is now America’s number one online sportsbook, as evident by market leadership in New Jersey and Pennsylvania, and early success in Indiana where we launched our online sportsbook last month. Looking ahead to the rest of 2019 and beyond, we will continue to offer world-class products and further deliver on our customer promise of being America’s favorite sportsbook.”