Flutter Entertainment heralds dominant SportsBet.com.au position
In Australia and the firm behind the online sportsbetting domain at SportsBet.com.au has reportedly announced that the site now holds an over 50% share of the nation’s domestic sports wagering market thanks to another record year of financial results.
According to a report from Inside Asian Gaming, the Northern Territory-licensed sports wagering enterprise is owned by British iGaming behemoth Flutter Entertainment and saw its aggregated gross gaming revenues for 2020 increase by 20% year-on-year to hit approximately $1.72 billion. The source explained that this all-time high came as the service’s combined handle for the twelve-month period similarly rose to about $15.59 billion to take its resultant adjusted earnings before interest, tax, depreciation and amortization up by 37% to around $582 million.
Flourishing financials:
Flutter Entertainment reportedly used an official filing to explain that the 2021 profit contribution for SportsBet.com.au had climbed by 26% year-on-year to some $718 million as the arm simultaneously experienced a welcome 27% swell in player numbers. The London-listed operator, which saw its own annual revenues surge by 37% to well beyond $8 billion, purportedly also declared that the flourishing domain had furthermore benefitted from its ‘strong retention’ of punters who had ‘migrated online during 2020’ alongside the reintroduction during the second half of the year of ‘coronavirus-related restrictions’ in Australia.
Punter pull:
Previously known as Paddy Power Betfair until undergoing a name-change in early-2020, Dublin-headquartered Flutter Entertainment is moreover responsible for online casino and sportsbetting domains such as Betfair.com, PaddyPower.com and PokerStars.com. The operator purportedly went on to disclose that SportsBet.com.au had reached over one million average monthly players last year, which equated to a boost of 60% when compared with its performance in 2019.
Useful union:
Flutter Entertainment reportedly asserted that SportsBet.com.au had moreover benefitted from its own merger some two years ago with smaller rival The Stars Group Incorporated, which saw the sportsbetting domain combine with its domestic adversary at BetEasy.com.au. The parent purportedly noted that the pair had together held only a 26% share of the Australian online sportsbetting market pre-amalgamation but have now soared past the previous frontrunner from Tabcorp Holdings Limited at Tab.com.au.
Reportedly read the filing from Flutter Entertainment…
“The medium-term outlook for SportsBet.com.au remains compelling with growth likely to be driven by the growing financial maturity of our existing player base as well as the continued conversion of non-betting sports fans and retail gamers. SportsBet.com.au continues to provide a template for what can be achieved in international markets as we look to leverage the group’s scale.”
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