Flutter has released financial results for the first quarter of 2022, a period characterized by growth in both revenue and users. More specifically, Group revenue increased 6% driven by strong momentum from new users.
Flutter highlights in its report that in the United States revenue increased by 45% (€540 million) and FanDuel achieved a record quarter. They acquired more than 1.3 million new customers, making it the largest quarter in FanDuel history for customer acquisition, supported by strong ongoing customer economics.
The group also mentions that during the Super Bowl and March Madness, FanDuel was the most downloaded sports betting app, and Super Bowl Sunday alone was the biggest day for new customers, with more than 1.5 million active customers on the app. platform.
In the UK and Ireland, it increased average monthly players by 15% and the company completed the acquisition of online bingo operator Tombola. Revenue declined 20% due to the expected impact of several factors, including a return to normalcy post the lifting of lockdown restrictions and the impact of safer gambling initiatives, which represented £30 million (approximately €35.6 million) in revenue during the period .
On the other hand, Flutter reports that Sportsbet continues to deliver strong growth in Australia, with revenue up 8% despite the easing of COVID-19 restrictions, while International saw strong growth across markets. of focus, including Canada, Brazil, India, Georgia and Armenia.
They also value the announcement of its new global sustainability strategy in February: Positive Impact Plan. Progress last quarter included the implementation of mandatory under-25 deposit limits in the UK and Ireland and the launch of its Play Well ad campaign with US Ambassador Craig Carton.
On the results, Peter Jackson, CEO of Flutter, said: “In the US we had another exciting quarter as FanDuel continued to deliver unparalleled scale, with the US accounting for over half of all stakes for the Flutter Group in Q1. We launched our FanDuel sportsbook in New York and Louisiana in January and also expanded into Ontario in April. We beat a number of FanDuel records in the quarter.”
“Outside the US, our business performed well, adapting to the evolving business and regulatory environment and reflecting the benefits of our global diversification,” he added.
Looking ahead, Flutter is confident in diversifying its operations and that it is strongly positioned for sustainable growth.
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