Flutter sustains US leadership position in Q3 of 2021
Period saw revenue grow by 85% to $386m, with FanDuel accounting for 94% of that.
Flutter Entertainment, the owner of FanDuel, has today released its trading results for the period ending September 30, 2021. Q3 has seen the company’s US revenue grow by 85%, while the group sustained its 43% share in the market.
“Flutter delivered a strong third-quarter performance, with double-digit growth in our global player base. This resulted in the Group delivering revenue growth of 12% despite challenging comparatives including a concentration of key sporting events in the prior year,” said Peter Jackson, Flutter’s chief executive.
FanDuel fueled this revenue growth, accounting for 94% of the $386m raised during the period. Specifically, sports betting revenue accounted for $245m, including sportsbook growth of 422%.
Q3 also saw the company’s sportsbook and casino player numbers double when compared to the same period last year, while daily fantasy sports failed to grow at the same rate.
“In the US we maintained our leadership position, with the quality of our product offering leading to high levels of customer engagement. As expected, the start of the NFL season saw a step-up in competitive intensity,” continued Jackson.
“We remained disciplined, however, leveraging the broad set of high quality marketing assets at our disposal. The customer response has been very encouraging with FanDuel now regularly experiencing staking levels on Sundays that match its 2021 SuperBowl performance. Early engagement on NBA since the recent start of season has also been strong.
“Across our business, we continue to lead on customer protection and we recently announced measures to enhance the protection of younger customers in the UK & Ireland as part of our risk-based Triple Step approach to affordability.”
Away from sports betting, gaming revenue increased by 65% to $132m as the company continued its growth in the segment. Flutter’s gaming offering is now live in five states following Connecticut’s October launch.
Adjusted EBITDA has been impacted by approximately $60m following a string of unfavorable sports results and is now expected to be around $1.7bn for 2021.
“While a run of customer-friendly results in October has resulted in win margins being below expected levels in the quarter to date, the underlying strength of our business is clear; we have grown our online recreational player base by 46% in just two years2. With more international jurisdictions and US states on the path to regulation, we look forward to sustainably growing our global player base further in 2022,” concluded Jackson.
Via FanDuel, Flutter is now live in 12 states with Arizona and Connecticut both launching recently.
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