Flutter Entertainment, plc, has today announced the company’s interim financial results for the first half of 2021. The gaming company cited FanDuel, and the sportsbook’s position as the most used sports betting platform in the US, as a key reason for growth.
"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,” said Peter Jackson, Flutter’s chief executive. “Our global sports businesses benefited 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.”
Highlights from the financial report include a 99% increase in revenue from the first half of 2020, with it recorded at over $3bn.
$2.6bn of this revenue has been attributed to Flutter’s sports betting units, which performed well across the US, UK and Australia.
Net debt was also reduced by 7% and adjusted EBITDA was noted to have fallen by 2%.
“In the US, we remain the number-one online sports betting operator by some distance thanks to the quality of our products and the extensive reach of the FanDuel brand,” added Jackson. “The customer economics we are seeing in the US bode very well for the future, with early FanDuel customers generating positive payback within the first 12 months of acquisition. We remain absolutely focused on extending our sports product advantages and replicating our market share success in further states as they regulate. In gaming we see an opportunity to grow our market share and look forward to further enhancing our product offering in the coming months.”
The results also highlight how central FanDuel is to Flutter’s offering. Currently the sportsbook has a US online sports betting market share of 45% and saw a revenue increase of 159%, earning $906m. The sports betting service also gained 2.2m customers during the first half of 2021.
