Flutter Reports 16% Increase in Q1 Revenue Despite Coronavirus Crisis

Flutter Entertainment has reported a 16% increase in its Q1 revenue despite a 46% hit to its sports segment since racing was suspended in the UK and Ireland.

“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,” Peter Jackson, chief executive of Flutter Entertainment, said.

Until March 15, revenue in the sports segment of the business grew by 30%, but that dropped to a 13% increase when including the final two weeks of the quarter.

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Overall revenue grew by 16% to £547m in Q1, after being on track to deliver a 29% increase until COVID-19 hit.

“The group performed very well in the period prior to the disruption to sporting events in mid-March. We delivered strong customer growth across each of our brands and benefited from favourable sports results across our sports books,” Jackson said.

He said the company’s £10 billion merger with Sky Bet owner Stars Group still “remains compelling.”

“While the current disruption is truly exceptional, it underlines the importance of product and geographic diversification,” he added.