Los Angeles Rams’ Odell Beckham Jr. (R) celebrates with a teammate after scoring a touchdown during Super Bowl LVI between the Los Angeles Rams and the Cincinnati Bengals
(Picture: AFP via Getty Images)A “watershed” Super Bowl for the owner of Paddy Power and PokerStars wasn’t enough to mask a disappointing performance in the UK last year.
Flutter Entertainment’s revenues jumped 37% to £6 billion last year, boosted by a 113% surge in the US where revenues reached £1.4 billion.
CEO Peter Jackson said strong performance in the US had continued since the end of 2021 and dubbed last month’s Super Bowl LVI — where the Los Angeles Rams triumphed over the Cincinnati Bengals — a “key milestone” for Flutter’s fantasy gaming app FanDuel.
“We definitely feel like we won the Super Bowl,” he said. “Peacock, which streamed the Super Bowl, was the number one downloaded app at the time, we were number two.”
Punters laid eight million bets during the competition, double the total of 2021. A total of $187 million was wagered, up 80% on the previous year. Success in the US was not enough to stop Flutter’s share price sinking 13.5% today — down 1,463p to 9,316p — as analysts zeroed in on weak figures in its core market of the UK and Ireland. Online revenue grew by just 3% and analysts at Davy called the slowdown “notable”.
Flutter blamed “a more challenging environment”. Fewer people gambled as life returned to normal and a run of sports results went against it. One week last October 15 out of 16 Champion’s League matches were won by favourites.
The entire UK gambling sector is bracing for the result of a government review of regulation in the sector, with a report due in the coming months. A tightening of the rules is widely expected.
Flutter, which also owns brands such as Tombola bingo and SkyBet, said it had stepped up its “safer gambling” efforts in anticipation. On Monday the company said it would link bonuses to responsible gambling targets.
Jackson said: “Overall, I am pleased with the progress we have made during 2021 and believe Flutter is exceptionally well positioned for future growth.”
Flutter said it had “materially” reduced its exposure to Russia.
