Australia’s leading online sports betting site Sportsbet saw its revenue fall by 9% to £1.17 billion (US$1.48 billion) in 2023, and by 9% to £304 million (US$386 million) in the December quarter, as challenging market conditions endure.
However, the rate of decline slowed in Q4, with revenues having previously fallen by 18% in the September quarter. Sportsbet’s parent company said at that time that the Australian market was experiencing “increased regulatory oversight, including a ban on credit card deposits. The combination of these items will now limit our ability in the near-term to offset the impact of the previously announced Victoria point of consumption tax increase from July 2024.”
In announcing its FY23 and 4Q23 financial results on Thursday, Flutter said the decline in revenues reflected guidance in line with expectations, but didn’t expand on the reasons for this trend.
It did, however, note that average monthly players actually increased by 2% year-on-year to 1.11 million, despite falling by 7% to 1.19 million in 4Q23.
Sportsbet has emerged as Australia’s dominant online sportsbook brand since shortly after its 2020 merger with The Stars Group, which resulted in the Sportsbet and BetEasy brands combining into one.
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