Flutter Entertainment plc, formerly Paddy Power Betfair plc, posted a strong set of results for FY22 (the financial year 2022).
The parent company for a broad range of international gambling brands and operations, including FanDuel, Sky Betting & Gaming, Sportsbet, Sisal, PokerStars, Paddy Power, Betfair, Adjarabet, TVG and Junglee Games.
The Dublin-headquartered online gambling firm posted higher full-year revenues and profits for the year. Flutter Entertainment saw a 27% increase in group revenue to £7.693 billion. Its adjusted earnings rose 4% to £1.045 billion, while it reported adjusted profit before tax of £518m. This was down 17% from the £620m reported in 2021.
Flutter said it saw strong recreational customer growth in its Irish and UK operations. The world's largest online gambling firm benefited from the reopening of its betting shops after Covid and the acquisition of tombola.
It wasn't all great news. An Argentina win and leading roles for Mbappe and Messi, saw the betting company lose around £40 million in the recent FIFA World Cup.
Impressive US Growth
Overall, Flutter reported that its average monthly players increased by 26%. The two million new monthly customers Flutter has gained comes on the back of rapid expansion in the US and the newly legalized sports betting in some US states.
Flutter, with the help of some strong acquisitions, increased its market share in the US from 43% to 50%, with revenue surging 67% to $3.2 billion.
Fan Dual, which it acquired in 2018, is now the number one operator in 15 of the 18 US states where sports betting is live. It also experienced a record-breaking Superbowl and added 1.2 million new customers already in 2023.
Peter Jackson, Flutter Entertainment's chief executive, spoke positively of the FY22 results. He said:
“Growth in our recreational customer base delivered 2022 revenue growth of 27% and we ended the year with a record 12.1 million average monthly players in the fourth quarter,”
“We have an unparalleled number one position in the US where we continue to go from strength to strength. The combined power of the “FanDuel Advantage” and the ‘Flutter Edge' delivered our most successful launches to date in Maryland and Ohio,”
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