Australia’s largest sports betting operator, Sportsbet, continues to increase its market presence and the latest figures the bookmaker’s parent company, Flutter Entertainment, released confirm that.
According to the data London-listed Flutter Entertainment published, Sportsbet transactions now account for 50% of all wagering activity in Australia.
A 20% Year-on-Year Increase in Revenue
Flutter Entertainment reported that Sportsbet’s revenue increased by 20% in 2021 and reached a record high of A$2.32 billion. The bookmaker’s adjusted EBIDTA increased by 37% to A$787 million. Profit contribution rose by 26% to A$970 million.
According to the company, the increase in revenue was the direct result of more players joining the bookmaker during the COVID-19 pandemic and Sportsbet’s ability to keep them.
In 2021, Sportsbet reported it had over 1 million players placing bets on its platform each month. That’s a 60% increase compared to 2019.
Flutter noted that Sportsbet’s “strong retention of players” (the bookmaker reported a 27% increase in customers in 2021) and “COVID-related restrictions” were the two factors driving the growth.
Merging with BetEasy Helped
Flutter merged with The Stars Group in 2020, another factor that helped Sportsbet become a dominant force in the Australian betting market. Under the merger, Sportsbet and BetEasy became one entity.
In 2020, the two betting operators had a combined market share of 26%. However, that market share increased after the merger and has almost doubled now, turning Sportsbet into an Australian betting industry leader. The bookmaker has a much higher market share than competitors like Ladbrokes and NEDS, leaving long-time leader Tabcorp to pick up the pieces.
A Template for Growth in International Markets
Flutter said that “the mid-term outlook” for its Australian sports betting provider was “compelling” and that growth was almost guaranteed as Sportsbet’s customer base was financially mature and the bookmaker was able to attract increasing numbers of retail bettors and sports fans to join it.
Flutter Entertainment labelled Sportsbet “a template” for fast growth in international markets and something the Group was looking to achieve with its other brands too. In addition to Sportsbet, Flutter owns other renowned betting providers including, Betfair, FanDuel, Paddy Power, and Sky Betting & Gaming.
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