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Australia’s Sportsbet sees revenue, profit grow further in 1H22

Ben Blaschke by Ben Blaschke
Mon 15 Aug 2022 at 06:54
Revenues rising as Sportsbet claims 50% of Australia’s sports betting market share
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Australia’s leading sportsbook, Sportsbet, continued its upward trajectory in the first six months of 2022 with revenue up 5% to £612 million (US$743 million).

The improvement was aided by further increase in the company’s player base as the average number of monthly players grew by 10% year-on-year to £993 million (US$743 million) – pushing Adjusted EBITDA up by 9% to £219 million (US$1.2 billion) and gross profit by 4% to £322 million (US$391 million). Adjusted operating profit grew by 9% to £206 million (US$250 million).

In announcing its H1 results, Sportsbet’s UK parent Flutter entertainment – which itself saw revenue grow 11% to £3.39 billion (US$4.11 billion) – attributed its positive momentum to strong retention of players who migrated online during the second half of 2021. when COVID restrictions in Australia were at their peak.

“Sportsbet delivered another strong performance, once again demonstrating excellent execution across product, value and brand,” the company said.

“Following significant retail restrictions in 2H21, we focused on retaining customers through targeted generosity initiatives ahead of the new AFL and NRL season in H1.”

Sportsbet is also well positioned, Flutter said, to swallow the impact of recently announced increases to the point of consumption tax in three states and territories – Queensland, New South Wales and the Australian Capital Territory – which it expects will cost an additional £22 million (US$27 million) in 2022 and £73 million (US$89 million) in 2023.

“Sportsbet has a strong track record of managing regulatory risk, having taken meaningful market share and grown profits after the initial implementation of POC taxes in 2019,” it explained.

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Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

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