Flutter Entertainment shows a spectacular preview of second quarter results to boast of the incorporation of The Stars Group
Flutter Entertainment plc, the company that is currently the world leader in the online gaming sector after the merger of Paddy Power and Betfair, and the subsequent acquisition of The Stars Group, continues to demonstrate enormous strength both in the value of its shares (going from the 5,400 pence at which it traded last March to more than 10,000 today) and boasts the 90% increase in revenue generated by The Stars Group, helping to exceed the annual increase in group income by 10%.
Flutter Entertainment has released a second-quarter commercial update through May 17, showing a 10% annual increase in pro forma group revenue. A reality due mainly to the performance of the Stars Group, with the pro forma results showing a 92% increase in the income of the Stars Group. Paddy Power Betfair's revenue decreased 54% (-41% in the online segment and -100% in retail), and Sky Betting and Gaming decreased 28%.
Revenue in Australia grew 56%, and revenue in the United States also increased 61%, contributing to the overall 10% increase.
With sports revenues "materially affected" by the coronavirus pandemic, poker and gaming revenues have benefited from "strong customer engagement."
Peter Jackson, CEO of Flutter Entertainment, said: "Businesses around the world are navigating through extraordinary changes as a result of the COVID-19 pandemic. As with many other industries, betting and gaming has There have been strong impacts as much of the world has been blocked, with some parts of the sector struggling and others thriving as consumers change their buying habits. Today we are beginning to look more directly into the future in terms of planning for growth, while continuing to benefit from our product and geographic diversification as the unpredictable situation unfolds."
