Flutter Entertainment reports 12 revenue increase for Q3 2021

Flutter Entertainment has reported revenue of £1.44bn ($1.97bn) for the third quarter of 2021, a 12% increase from the prior-year period.

Sports revenue grew 17% to £906m, while gaming revenue grew 5% to £534m. The group’s average monthly players meanwhile climbed by 13% year-on-year to 7.3 million.

UK and Ireland revenue was down 5% to £491m due to the “busier, high profile sporting calendar in prior year,” while Australia climbed 20% to £370m thanks to high customer retention amid stay-at-home restrictions in the country. International revenue fell by 3% to £299m, while US grew 85% to £280m.

Flutter also provided current trading and full year guidance in the update, noting that unfavourable sports results in the first 24 days of October have impacted group EBITDA (except US) by around £60m. Adjusted EBITDA expectations for the year are now expected to be £1.24bn – £1.28bn, compared to the previous guidance of £1.27bn – £1.37bn.

In the US meanwhile, the net revenue guidance is unchanged at £1.285bn – £1.425bn, with the Adjusted EBITDA loss expected to be between £250m and £275m.

“In the US we maintained our leadership position, with the quality of our product offering leading to high levels of customer engagement,” said Flutter Entertainment Chief Executive Peter Jackson. “As expected, the start of the NFL season saw a step-up in competitive intensity. We remained disciplined, however, leveraging the broad set of high quality marketing assets at our disposal. 

“The customer response has been very encouraging with FanDuel now regularly experiencing staking levels on Sundays that match its 2021 SuperBowl performance. Early engagement on NBA since the recent start of season has also been strong.”

Jackson added: “Across our business we continue to lead on customer protection and we recently announced measures to enhance the protection of younger customers in the UK & Ireland as part of our risk based “Triple Step” approach to affordability.”