Australia’s leading sports betting operator Sportsbet reported a 12% year-on-year increase in revenue to US$371 million, while average monthly players grew by 6%, in what the company described as an “encouraging performance” in the three months to 30 September 2024.
Coming off the back of a subdued year due to Australia’s challenging economic environment and the impact of Point of Consumption tax increases across multiple states, Sportsbet said growth was primarily driven by a 180-basis point year-over-year benefit from favorable sports results.
While staking declined 8% in line with anticipated market trends, this was more than offset by an increase in net revenue margin of 250bps to 13.8%, it added, with a continued expansion in its structural revenue margin adding to the sports results benefit year-over-year.
Adjusted EBITDA was also 14% higher, with the impact from the increase in taxes in Victoria more than offset by the positive sports results, Sportsbet said.
The growth in average monthly players was seen in both sports and racing and therefore “an encouraging sign for the future trajectory of the business,” the company stated.
The update formed part of parent company Flutter Entertainment’s 3Q24 financial results, which saw the group report a 27% increase in revenue to US$3.25 billion and average monthly players by 16% to 12.9 million.
Flutter’s global brands include US betting giant FanDuel, PokerStars, Paddy Power and Betfair among many others.
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