Flutter Entertainment increased its group revenue by 6% in the first quarter of the year. However, the figure could have been better had it not implemented new safety measures in the UK and Ireland.
Flutter Entertainment, overall, had a successful first quarter. The global gaming operator’s latest financial health report shows a 6% increase in revenue across the board. The £1.6 billion (US$2 billion) figure comes, in part, due to continued expansion in the US. There, it has improved by 45%.
The US segment’s £429 million (US$537.2 million) was the result of an increase in consumer participation across Flutter’s online verticals. FanDuel, with revenue of $574 million, accounted for 37% of the US online sports betting market. Part of that revenue was offset by the $1 billion FanDuel spent promoting its services to gain a larger market share.
However, as much as the US helped, the company’s bottom line could have been better. Flutter lost £30 million (US$$37.59 million) during the period. This was a direct result of safety measures it implemented in the UK and Ireland, as gambling reform comes to the region.
