Flutter has reported group revenues of £1.49 billion ($2bn/€1.7bn) for the first quarter of 2021, up 32% per cent from £1.12 billion at the same time in 2020.
The FTSE100 company saw double-digit growth across all it’s major operating divisions, including a 43 per cent rise in sports betting revenues to £896m and an 18 per cent rise in group gaming revenues to £589m.
Its Q1 trading update also revealed that its monthly average active customer base had increased by 36 per cent to 7.6 million, compared to 5.6 million in Q1 2020.
The revenue boost was fuelled by a 42 per cent rise in online revenue growth, which accounted for £1.47 billion of overall revenue.
The group’s UK and Ireland retail estate was closed due to covid-19 restrictions across Q1, with UK shops only reopening on 12 April. Similar restriction in other parts of the world saw players move online.
International revenue grew 7 per cent to £351m in Q1, despite what the firm called “challenging prior year comparatives” from mid-March onwards.
In the first two months of the year, revenue was up 17 per cent, partly driven by ongoing demand for home entertainment in many parts of the world.
Poker declined 8 per cent, with casino increasing 22 per cent in Q1, while pre-March performance was stronger, with poker and casino growth of 9 per cent and 32 per cent respectively. The firm’s sportsbook product delivered revenue growth of 24 per cent.
In Australia, where there were fewer restrictions, the firm’s Sportsbet brand saw a net revenue increase of 59 per cent to £279m.
In the US the group saw launches in Michigan and Virginia during the quarter. Revenue grew 135 per cent to £288m. FanDuel Group accounted for 91.6 per cent and FOX Bet (including PokerStars US) accounted for 8.4 per cent.
Sports revenue increased 130 per cent in the quarter, and sportsbook stakes were up 235 per cent, with the firm’s online sportsbook available in 10 states compared to four in Q1 2020.
Commenting on the results, chief executive Peter Jackson said: “Our UK & Ireland brands continued the strong momentum from 2020, taking further market share with customer acquisition up 59 per cent during the Cheltenham Festival.”
He added: “In the US, we continue to lead the market with revenue of almost $400m in the quarter. We believe that the quality and breadth of our offering remains a key differentiator for FanDuel sports and the key driver of our leadership position. Our US business had over 1.6 million average monthly players in Q1, meaning that it is now twice the size of our Australian business and is quickly closing in on our International division. We are continuing to consider our options with respect to a possible US listing of a small shareholding of FanDuel Group. No decision has been made at this time and we will update the market as appropriate.
“As restrictions begin to ease and retail reopens across a number of markets, we remain confident that our diversified business leaves us well placed to deliver sustainable growth going forward.”