Australia’s market leading sportsbook, Sportsbet, reported a slight 1% year-on-year decline in revenue to £289 million (US$363 million) in the three months to 31 March 2023, despite enjoying a significant increase in average monthly players.
According to information from its UK-based parent company Flutter Entertainment, monthly players grew 9% over the same time last year to 993,000 with the company citing a more challenging operating environment post-COVID for the fall in revenue.
“Sportsbet delivered good player retention despite challenging COVID comparatives,” the company explained. Revenue was impacted by the “unwind of the COVID frequency benefit from the prior year,” it added.
“Sportsbet has grown both revenue and players at a compound rate of 17% since 2019. Net revenue margin of 11.2% was 30 basis points lower reflecting the increased investment in promotional generosity to defend our leading position in a competitive market.”
Group-wide, Flutter – which operates multiple iGaming and sports betting brands around the world including Fanduel, Pokerstars, Fox Bet, Paddy Power and Betfair among others – saw revenues climb by 54% year-on-year to £2.41 billion (US$3.03 billion), including a 61% increase in sports revenue to £1.50 billion (US$1.88 billion) and 44% increase in gaming revenue to £916 million.
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