Flutter Entertainment Q1 Boosted by FanDuel Launches
On Wednesday, Flutter Entertainment released their Q1 2022 Trading Update and there continues to be strong progression moving forward with the company.
If you look outside of the United States, Flutter’s performance went exactly as planned in terms of the market expectations. Peter Jackson, Flutter Entertainments CEO, spoke about what transpired during the first quarter of 2022.
“Flutter delivered a positive Q1 performance with revenue growth of 6%. The quarter saw us launch our new global sustainability strategy the Positive Impact Plan aligning commercial goals with our commitment to support our customers, colleagues, and the communities in which we operate. 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; Super Bowl Sunday was the single biggest day ever for new customers and we had over 1.5m active customers on the day. March Madness this year also proved our most popular season yet attracting 19m wagers across the tournament.”
The launch of the FanDuel Sportsbook in New York and Louisiana in January, along with in Ontario on April 4th, was important in the success that Flutter Entertainment has endured to begin the year.
March Madness once again was a big focal point for FanDuel, which continues to be one of the premier betting months of the calendar year.
Jackson also went into detail about some of the movements and changes they’ve seen across the globe, which should see more updates as we move through the year.
“Outside of the US, our business performed well, adapting to the evolving regulatory and trading environment and reflecting the benefits of our global diversification. In the UK and Ireland, we launched several new products in the quarter. I look forward to the imminent release of the UK Government’s White Paper on its review of the Gambling Act. In Australia, Sportsbet delivered good growth from ongoing customer-driven momentum, with excellent retention of players acquired in 2021. Our International business benefitted from strong performance in focus markets and we hope to complete the Sisal acquisition in Q3.”
Growth and sustainability continue to be key focuses of Flutter Entertainment as they move forward.
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