Sportsbet’s owner, Flutter Entertainment, released its H1 results and they show clear customer, revenue, and EBIDTA growth, particularly in Australia. The group’s biggest and most impressive growth is in the US market where total revenue was up 61% compared to the same period last year.
Another Excellent Performance in Australia
The number of average monthly Flutter punters in Australia has risen from 906 in the first half of 2021 to 993 this year – a 10% year-on-year increase. There were 915 average monthly players in Q1 2022 (January, February, and March) and 1,072 players in Q2 (April, May, and June).
In the presentation of its H1 results, Flutter said that customer growth in Australia benefitted from the strong retention of players from the second half of 2021.
The 10% increase in average monthly players resulted in revenue growth too. Flutter reported a 5% year-on-year increase in revenue – from $996 million in H1 2021 to $1.04 billion in H1 2022. The cost of sales percentage also increased as a result of the “higher spend on promotional generosity.”
The gross profit Sportsbet’s owner reported for H1 2022 increased 4% compared to the same period last year – from $528 million to $548 million.
Lastly, adjusted EBIDTA and adjusted operating profit were up too. Adjusted EBIDTA increased 9% – from $342 million to $373 million. Adjusted operating profit rose from $320 million in 2021 to $351 million in 2022 – a 9% increase.
Flutter Entertainment CEO Peter Jackson was delighted that the group “delivered another excellent performance in Australia” and that revenue and the number of new customers continued to grow.
A Positive First Half That Signals a Profitable 2023
Flutter posted revenue of $5.76 billion for H1 2022 across all its markets – a 9% year-on-year increase. The company noted that this result was in line with what it expected and that the increase was the result of the 14% rise in recreational punters.
Jackson said that Flutter’s H1 results show that 2022 was a positive year for the group. He was particularly happy with Flutter’s “significant progress” against the objectives the group set in March.
Flutter’s CEO added that they expanded their recreational customer base by over a million punters in the first six months of the year. The proportion of punters using safer tools to place bets increased to over one third too.
The most impressive year-on-year results for Flutter were in the US market. The group’s average monthly players in the US increased from 1,470 in H1 2021 to 2,188 in H1 2022 – a 49% increase. Total revenue was up 61% and gross profit increased by 41%. Adjusted EBIDTA and the adjusted operating profit rose by 52% and 50% respectively.
Jackson said that they were really happy with the momentum in the US and their 51% market share. Flutter’s CEO said that the group was the number one betting operator in 13 of 15 US states.
He outlined that the “compelling customer economics and disciplined investment” showed that Flutter remained “firmly on the path to profitability in 2023” as well.
