Flutter Entertainment’s Results Boosted by Online Gaming Segment
The annual report reveals that Flutter Entertainment had a stellar year with impressive growth across all its markets, showing that the company has been able to navigate the COVID-19 pandemic successfully
Flutter Entertainment, a leading sports betting and gaming company, has released its annual financial report for the year 2022, and it’s full of impressive numbers.
Online Gaming Segment Boosts Flutter Entertainment’s Revenue by 49%
In the report, Flutter Entertainment announced a significant increase in revenue and profits compared to the previous year. The company’s revenue was up by 27%, reaching an impressive GBP7.7 billion ($9.2 billion), while its gross profits increased by 20%, to a total of GBP4.5 million ($5.4 million).
The company’s strong performance was largely attributed to its impressive online gaming segment, which has continued to grow despite the challenges posed by the pandemic. However, Flutter Entertainment’s impressive performance was not just limited to its online gaming offerings. The company’s retail operations also performed exceptionally well, reflecting the gradual return of customers to retail outlets after the COVID-19 lockdowns.
The company’s success can also be attributed to its strong presence in the United States, where the sports betting market has seen significant growth in recent years. Flutter Entertainment has made considerable investments in the US market and these investments are beginning to pay off. The company’s US revenue increased by a staggering 87%, reflecting the company’s growing popularity in the country.
Flutter Entertainment’s focus on responsible gambling has also been a major factor in its success. The company has made significant investments in its responsible gambling initiatives, including the development of tools to help customers monitor their gambling habits. These initiatives have been well received by customers, and they have helped to boost the company’s reputation as a socially responsible operator.
Flutter Entertainment’s Growth Strategy Includes Expanding Internationally and Streamlining Operations
Looking forward, Flutter Entertainment is well-positioned to continue its growth trajectory. The company has a strong presence in several key markets and a portfolio of popular gaming products.
The group has predicted GBP480 million – GBP500 million ($659 million – $687 million) in annual expenditure, adjusted depreciation and amortization changes of around GBP307 million ($367.8 million), and a weighted average cost of debt of 5.6%.
Flutter is looking to continue expanding internationally, with Italy leading the way in terms of development, according to the report. Meanwhile, Flutter’s Australian brand, Sportsbet, maintains a 48% market share of the online sports betting market in the country, despite a 6% decline in revenue.
Finally, Flutter aims to integrate Sky Betting & Gaming, Paddy Power, and Betfair into a common operating model, with more shared back-end technology, among other plans.
Silvia has dabbled in all sorts of writing – from content writing for social media to movie scripts. She has a Bachelor's in Screenwriting and experience in marketing and producing documentary films. With her background as a customer support agent within the gambling industry, she brings valuable insight to the Gambling News writers’ team.
