Flutter Q1 Shows Hit At Home But FanDuel Grows Further

Flutter Entertainment the owner of brands Betfair and Paddy Power announced their first quarter results showing a major hit of £30 million from new safer gambling measures and a decline in revenues from online betting.

Online revenues fell by 20% the company said compared to the same period last year where COVID restrictions boosted online activity and favourable sporting results.

The online betting giant spent £30 million in new safer gambling measures hoping to be pro-active as the governments expected white paper on gambling measures in the UK is due to be published this month.

Peter Jackson the CEO of Flutter said on the impending new rules that it will “help to level the playing field and encourage other players to put in place similar measures”.

The companies betting shop business in the UK rebounded well but the Irish sector is 24% lower in revenues compared to 2019 figures and was put down to the slower recovery from the impact of COVID.

Flutter said that at present it is not seeing an impact on the cost of living rise in the UK but said “There’s no doubt cost of living will impact customer’s expenditure and went on to say, “the sense to which that impacts our business we’ll need to see.”

FanDuel the companies US business helped lift overall revenues by 6% to £1.6 billion in the first three months of the year, with a massive 45% rise in revenues to £429 million, in total the FanDuel business helped the company see a 15% climb in average monthly players globally to 8.9 million.