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Paddy Power owner sees revenue jump to €1.7bn in the first three months of 2021

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The group saw revenue increase 16pc to £568m in Ireland and the UK

The group saw revenue increase 16pc to £568m in Ireland and the UK

The group saw revenue increase 16pc to £568m in Ireland and the UK

Paddy Power owner Flutter Entertainment has seen its revenue increase 33pc to £1.48bn (€1.7bn) in the first three months of this year.

Average monthly players increased 36pc globally, and the company experienced double digit growth across all divisions, according to a trading update.

Revenue from online gambling grew by 42pc year-on-year over the three-month period.

In Ireland and the UK online revenue was up 35pc.

The group saw revenue increase 16pc year-on-year to £568m in Ireland and the UK, despite betting shops remaining closed during the period due to Covid-19 restrictions.

The company estimates that Flutter brands accounted for just over half of all Cheltenham horse-racing festival customers.

Peter Jackson, CEO of Flutter Entertainment, said the year is off to a “strong” start for the group.

"We continued to significantly grow our global player base which in turn drove a 42pc increase in our online revenue.”

“Our UK & Ireland brands continued the strong momentum from 2020, taking further market share with customer acquisition up 59pc during the Cheltenham Festival. In Australia we have been highly focused on retaining retail customers that migrated to our platform during 2020 and while it is still early days, we have been pleased with the retention rates to date.”

In the United States, the company had revenue of almost $400m in the three-month period.

The US business had over 1.6 million average monthly players in quarter one, making it now twice the size of the company’s Australian business. It is “quickly closing in” on Flutter’s international division.

“We are continuing to consider our options with respect to a possible US listing of a small shareholding of FanDuel Group. No decision has been made at this time and we will update the market as appropriate,” Mr Jackson said.

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