Paddy-Power owner Flutter sees revenue fall in Ireland and UK

Online revenues dropped by 20% in Q1 of 2022 compared with the same period last year

Flutter chief executive Peter Jackson says revenue drop in the Ireland and UK market is not due to inflation. 

Revenue for Paddy Power owner Flutter fell by 8% in its UK and Ireland market, but inflation is not to blame stated the company’s chief executive.

Online revenue for the market also dropped by 20% in Q1 of 2022 compared with the same period last year.

"At this stage we're not seeing anything that we would point to specifically around cost of living, and in fact we're seeing reasonably consistent levels of engagement from customers between Q4 and Q1 compared to previous years, which reassures us to some extent," the company’s chief executive Peter Jackson told reporters.

Overall revenue for the company rose by 6% in Q1 of 2022, driven by activity in the US market.

“In the US we had another exciting quarter as FanDuel continued to deliver unparalleled scale, with the US accounting for over half of all stakes for the Flutter Group in Q1,” said Mr Jackson.

The us remains a strong market for the gambling company as the ban on online betting there was lifted in 2018. Flutter retained its leading position in the market with a 37% share, however, this has dropped from 40% share at the end of 2021.

Shares in Flutter jumped more than 7% in Q1, after it reported revenue grew by 45% in the US market in Q1 of 2022 compared with the same period last year.

This jump in shares comes after Flutter stated in its yearly earnings for 2021 that shares dove by a massive 12%.