The continuation of horse racing in the US and Australia has handed a boost to Flutter Entertainment, with a 46 per cent reduction in sports revenues a better-than-expected result amid the global shutdown.
The group, owner of Paddy Power Betfair, stated in a trading update that overall revenues stood at £547m for Q1 2020, up 16 per cent on the previous year’s figure, with online growth of 20 per cent, “strong active customer growth” in the US and Australia and bookmaker-friendly results all playing a positive role. The group stated that gaming in the US is exceeding expectations.
Group revenue has declined by 32 per cent since the suspension of UK and Irish racing, but chief executive Peter Jackson sounded a positive note.
"The group performed very well in the period prior to the disruption to sporting events in mid-March,” he said. “We delivered strong customer growth across each of our brands and benefitted from favourable sports results across our sportsbooks.
“Following the widespread cancellation of sporting events, group revenues have been more resilient than we initially expected, helped by the continuation of horse racing in Australia and the US. Gaming continues to perform well across the group.
“During this unprecedented time, we are keenly aware of our heightened responsibility to ensure that we do all we can to promote responsible gambling. We have stepped up our own practices and are collaborating with our peers within the Betting and Gaming Council to continue to raise standards across the sector.
“We are also working hard to provide all the support we can to our employees and I would like to thank them for their ongoing commitment and support for each other during this difficult period.”
