Flutter revenues jump after US and Australia bets pay off
Paddy Power owner Flutter Entertainment saw revenues jump in the third quarter of this year on the back of improving sales in the US and Australia.
The gambling group, which also owns Betfair, raised full-year earnings guidance for its US business but held firm on its targets for the rest of the company. The Dublin-based betting company, which last month agreed a £10bn (€11.6bn) merger with PokerStars owner Stars Group, said revenue surged by 10pc to £533m for the three months to September.
Flutter said sports revenue leapt 11pc during the period, while gambling revenue increased 8pc.
It highlighted strong performances in Australia, where Sportsbet revenues grew 19pc, and the US, where total revenues soared 67pc. Revenues for the company's retail betting business slid 9pc to £75m, after gaming revenues were hit by the recent crackdown on fixed-odds betting terminals, which saw the maximum stake for bets cut from £100 to £2.
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Shares in Flutter sank earlier this week after a group of British MPs called for similar restrictions on stakes for online gambling.
Flutter said online sports betting also declined, falling 6pc as it failed to match strong revenues from 2018 due to the men's football World Cup.
CEO Peter Jackson said: "The third quarter was important ... with revenues up 10pc and the announcement of our combination with the Stars Group.
"Both the Paddy Power and Betfair brands continued to make good progress in building more recreational customer bases through enhanced responsible gambling measures."