Flutter Entertainment Post 22% H1 Rise

The owners of Betfair, Paddy Power and PokerStars, Flutter Entertainment announced their half yearly results with an increase of revenues to £2.4 billion representing a rise of 22% compared to the same period in 2019.

Peter Jackson, chief executive of Flutter said on the results and performance: ”The pandemic has been a highly unusual backdrop for completion of our combination with The Stars Group and I would like to take this opportunity to thank all of my colleagues across the enlarged Group for their hard work, commitment and resilience as we have combined to form one team.

“The Group’s first half financial performance exceeded expectations as we benefitted from geographic and product diversification. In the period prior to Covid-19 related disruption, our businesses performed well with strong customer growth and favourable sports results. In the period thereafter, the cancellation of sports and closure of our shops led to reduced sports revenues in the UK and Ireland. However, this was more than offset by an increase in the number of recreational customers playing our poker and gaming products globally, as people sought new forms of home entertainment. In Australia and the US, the continuation of horse racing meant that overall sports revenues grew in both regions.”

Flutter has seen its share value rise in recent days and with a five year high of 12,580p per share it values the company at £19.6 billion.