Paddy Power owner Flutter raises outlook on the back of growth in the US

Flutter operates around 600 bookies across the UK and Ireland.

Paddy Power owner Flutter has raised its outlook for the rest of the year, based on growth in the US gambling market and its acquisition of leading Italian gaming company Sisal.

Flutter posted a 31% increase in revenue to over €2m for Q3, compared to the same period last year.

“The ongoing momentum in our US division has led to an upgrade to our outlook for the year, underpinning our confidence that we will be profitable for 2023,” said Flutter chief executive Peter Jackson.

The company’s US division is now its largest and generated $700m (€695m) in revenue, up 82%.

“Good growth in our international markets and the acquisition of Sisal in August helped drive ex-US revenues,” said Mr Jackson.

In its latest trading update, Flutter also recorded a further fall in interest in people using its bookmakers in Ireland.

Revenue for the betting giant’s shops in the UK and Ireland fell around 3% to €66m in Q3, compared to the same period last year, according to its latest trading update.

Flutter said the decline in footfall was due to “the hot summer weather”.

However, in its latest update, the company also said there is “continued retail weakness” in Ireland post-Covid-19.

The company said its retail revenue in Ireland was in line with the prior year but remained 27% lower than 2019 due to “continued low footfall from changes in working patterns”.

In Flutter’s Ireland and UK markets, revenue at its bookmakers fell 13% in 2021, reflecting the impact of Covid closures and social distancing restrictions that were in place during the year.

Flutter operates around 600 bookies across the UK and Ireland.

Earlier this year, it was reported that Flutter will close some of its physical bookies in Ireland this year as more gamblers are going online to place bets.

Flutter’s online betting revenue for the UK and Ireland increased from €423m to 443m in Q3, compared to the same quarter last year.