Flutter Entertainment doubles revenue in first half of 2021

Sportsbook giant Flutter Entertainment made a revenue of over £3.05 billion (€3.61 billion) in the first six months of 2021, a staggering increase of 99 per cent on the £1.54 billion (€1.82 billion) it brought in in the same period in 2020, it has announced.

According to the company's interim financial results, in the year to the end of June profit before tax stood at £77 million (€91 million), more than triple the £24 million (€28.37 million) reported in H1 2020.

Commenting on the promising results, Peter Jackson, chief executive said: "The first half of 2021 exceeded our expectations as we made substantial progress against our operational and strategic objectives while maintaining excellent momentum in growing our player base.

"Our global sports businesses benefitted from further enhancements to our products and the return to more normalised sporting calendars while we sustained our strong performance in gaming despite the challenging comparatives set last year".

The figures come as Flutter continues to expand into the US market and according to its CEO, the company is currently the US's number one sports betting operator "by some distance", especially due to the extensive reach of its FanDuel brand.

Indeed, in the US, revenue grew by 159 per cent to reach £652 million (€771 million), as the company acquired over 2.2 million customers since launch, at an average cost of $291. In the second quarter of the year, Flutter reports FanDuel reached a 45 per cent online sportsbook market share.

Looking to the future, the company provides a positive outlook, "assuming an uninterrupted sporting calendar for the remainder of the year and normalised sports results".

In the second half of the year, it projects earnings before interest, tax, depreciation, and amortization of between £1.27 billion (€1.5 billion) and £1.37 billion (€1.62 billion).

"The second half of the year has started well and we look forward to making further progress in the coming months", commented Mr Jackson.

Written by

Solomon Cefai

Solomon has an interest in financial markets and innovative business practices. He also loves literature and music. As such, you might find him on the seafront with a cold Kinnie, his trusty headphones, and a good book.