Flutter Entertainment Posts First Half Financials

Online and retail betting group Flutter Entertainment (formerly PaddyPower Betfair) has posted their first half 2019 financial results, noting that revenues were up 18% for the period.

Key financial indicators for the half ending June 30th, 2019 were:

• Revenues of £1.02 billion for the year, up from £867 million from last year
• Online revenues (Paddy Power, Betfair, FanDuel, and Sportsbet) up 8% to £497 million
• Sport revenues of £334 million, relatively flat from last year
• Retail revenues down 4% to £156 million, thanks in large part to the lower bet limits on FOBTs
• US revenues up 46% to £160 million
• US sports revenues up 40% to $140 million
• Australian revenues up 16% to £207 million
• Operating costs up 19% to £503 million
• Gross profit of £719 million, up 9% from last year
• Pre-tax profits down 24% to £81 million
• Operating profit to £147 million
• EBITDA of £216 million

Commenting on the performance Flutter CEO Peter Jackson said, "All divisions are performing strongly on an underlying basis and have responded well to the challenges faced.

"In Europe, Paddy Power's recreational focus and great marketing execution has helped deliver continued growth in customers. The build-out of functionality for Betfair continues to make good progress, with sportsbook country specific pricing launched, along with additional languages and currencies.

"In Australia, Sportsbet's ongoing delivery of innovative products, appealing marketing and recreational focus has led to excellent performance.

"In the US, our FanDuel brand and product proposition enabled us to take 50% of the sports-betting market in New Jersey in H1. We are delighted with this performance and have been encouraged by the regulatory momentum that has seen 10 states regulate online sports betting since the repeal of PASPA.

"I am pleased with what we have achieved in the first half and we are confident we can make further good progress in H2."

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