Paddy Power Technology

Paddy Power owner Flutter Entertainment has said the US online betting market – in which it is the number one player - could be worth as much as $20bn (€17bn) by 2025; double what it had previously estimated.

In what the group called a “transformational” and “historic” year, Flutter cemented its market-leading position in the US in 2020 through the completion of its mega takeover of North American gaming and betting giant the Stars Group – which owned the likes of SkyBet and Full Tilt Poker - and buying the remaining share of fantasy sports betting business FanDuel that it didn’t already own.

Speaking on the back of Flutter posting its 2020 annual results, group chief executive Peter Jackson said: “Nowhere has our growth been more evident than in the US, where we have consolidated our number one position in this crucial market, with customer economics that continue to exceed our expectations, finishing the year as the first US online operator to reach over $1.1bn in gross gaming revenue.”

Flutter said it picked up a further 350,000 customers in the US over the course of the recent Superbowl weekend alone.

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Overall, Flutter reported a strong set of 2020 results. Group revenue jumped 28% to £5.3bn (€6.1bn) and adjusted earnings – excluding the US operations - surged 23% to £1.4bn.

Pre-tax profit fell from £136m to just £1m after the deduction of accounting charges relating to the Stars takeover.

Flutter said it has seen strong momentum seen in the final quarter of 2020 carry on into this year, with group revenues up 36%, year-on-year, over the first seven weeks of the year.

While online drove Flutter’s revenue growth last year, its retail business – Paddy Power shops across Ireland and the UK – were heavily impacted by lockdown restrictions. The retail division has been taking an estimated £9m EBITDA loss for every month the shop networks have been closed due to lockdown.

Despite this, Flutter’s chief financial officer Jonathan Hill said it does not spell the death of high street betting shops and physical Paddy Power shops remain a key part of the overall group product offering.

Mr Hill said the group remains “very committed” to its retail division and had seen strong demand – particularly in the UK – when shops temporarily reopened during lulls in lockdown last year.

Outside of its continued growth in the US, Flutter said it will continue to pursue bolt-on acquisition opportunities in growth markets.

In January, it acquired a 50.1% stake in India-based company Junglee Games – which runs online rummy and fantasy sports products. Flutter has an option to buy Junglee entirely in 2025.

“We will look to add to our portfolio of international businesses. The success of Adjarabet [in Georgia] has highlighted the benefits of acquiring local brand leaders to which we can bring additional expertise,” Flutter said.

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