Flutter is positioning itself as a leader in the UK’s gambling industry following the release of the Gambling Act review white paper, according to CEO Peter Jackson. During the Q3 earnings call on November 9th, Flutter announced that its Q3 results showed a 7.6% increase in group revenue to £2.04bn. The main driver of this growth was the ongoing expansion in the US, particularly by its subsidiary FanDuel.
The UK and Ireland also showed strong revenue growth, increasing by 11.2% to £566m. Online revenue in the region also grew by 11.5% to £494m. According to Paul Edgecliffe-Johnson, group CFO at Flutter, this growth was attributed to a strong performance in gaming.
Jackson emphasized that Flutter has been proactive in implementing the white paper’s demands and is leading the industry in the UK and Ireland. He stated that the company has “stepped forward early” and is ahead of the changes set out in the white paper. Jackson expressed confidence that Flutter will come out on top as a result of the Gambling Act review.
Edgecliffe-Johnson echoed Jackson’s sentiments, further reiterating that Flutter has taken the lead in implementing the white paper’s recommendations and is performing well in the UK market as a result. The company is also making considerable product enhancements specifically for its Sky Bet brand.
Flutter is also optimistic about the potential regulation of gambling in Brazil, expressing hope that it will happen soon. In Latin America, the company reported double-digit growth in Brazil during Q3, despite a decline in Australian operations. Jackson attributed the decline in Australia to decreased engagement following the peak of activity during the Covid-19 pandemic.
In India, Flutter sees a promising market and is well-positioned with Jungalee, its rummy brand in the country. Overall, Flutter seems to be strategically positioning itself to capitalize on growth opportunities in multiple regions, including the UK, Latin America, and India.