Flutter Entertainment, the UK-listed sports betting and gaming giant has released its quarterly reports for all of its online betting and gaming brands. Australian bookie Sportsbet has the most impressive results.
Sportsbet achieved quarterly gains that reaffirmed its position as the leader in sports betting in Australia and the sportsbook’s increase in revenue is a clear indicator of that.
8% Increase in Revenue and a 10% Increase in Customers
Flutter reported that Sportsbet had an 8% increase in revenue in the first three months of 2022 totaling over A$506 million.
Sportsbet’s average monthly users also increased. Over 90,000 new bettors joined the bookmaker from January to March this year which is a 10% increase compared to the last three months of 2021.
The number that really mattered for Flutter was the 6% group-wide increase in revenue and Sportsbet played a big part in that. The UK-based company recorded A$2.73 billion in revenue in the last three months, and Sportsbet’s A$506 million is almost a fifth of that amount.
Retaining Its ‘COVID’ Customer Base
In its quarterly report statement, Flutter said that Sportsbet’s structural improvements in the margin, together with Flutter’s “in-house pricing capabilities” and “increase in promotional spend” resulted in strong player engagement.
Flutter Entertainment also pointed to Sportsbet’s good player retention of its already large customer base, stating that the punters who joined the sportsbook in 2021 during the pandemic, and whom Sportsbet retained, were a major contributing factor to the 20% year-on-year increase in revenue.
Another area where Sportsbet improved in the last three months was staking. Staking was 7% higher and indicative of a customer base that was happy with the quality of the sports betting product it got.
Sportsbet Holds 50% of the Betting Market in Australia
More than half of all bettors in Australia place their wagers at Sportsbet. The bookmaker has been gradually taking over the Australian betting scene and currently holds a 50% market share.
But that wasn’t always the case. Only a couple of years ago, Sportsbet held a much smaller stake in the market in Australia. Before the BetEasy – Sportsbet merger, the two sportsbooks had a combined market share of 26% and were behind market leader Tabcorp.
These days, however, Sportsbet is outperforming competitors left and right, and is the sportsbook with the best results in Australia and the Flutter Entertainment group.
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