Flutter Entertainment had a strong start to 2021, with double-digit growth across all divisions, including a 135% increase in the United States, a 35% increase in the United Kingdom and Ireland, and a 59% increase in Australia. Flutter, perhaps most impressively, took a 36% share of the online sportsbook market in the US during the first quarter.
According to the company, the Covid impact starting in mid-March 2020 was “likely to result in accelerated sports growth in Q2 2021, with gaming products facing more challenging comparatives.”
“2021 is off to a strong start for the Group,” said Peter Jackson, Chief Executive. We maintained a significant increase in our global player base, resulting in a 42 percent increase in online revenue. Simultaneously, safer gambling remains a top priority across our markets.”
Customer acquisition increased by 59% during the Cheltenham Festival. This indicates that its UK & Ireland brands maintained their strong momentum from 2020. In Australia, the company has emphasized retaining retail customers who switched to the platform in 2020.
“In the United States, we continue to lead the market with revenue of nearly $400 million in the quarter,” Mr Jackson said. In Q1, our US business had over 1.6 million average monthly players, more than doubling the size of our Australian business. We’re still deciding whether or not to list a small portion of FanDuel Group’s stock in the US. As restrictions ease, we remain confident that our diversified business will deliver long-term growth.”
The US business continued to increase during the quarter, with successful state launches in Michigan and Virginia. The quarter’s revenue increased by 135% to £288 million ($396 million). Over 900,000 new customers were acquired during the quarter, and customer acquisition continues to exceed expectations.