Flutter Entertainment PLC (LSE:FLTR) said its Australian division Sportsbet achieved an online sports betting market share of more than 50% in the first half of 2021.
The online sports betting market continues to grow strongly in the country, having generated compound annual growth of 21% over the last five years, a statement added. Furthermore, sports betting only accounts for 17% of the total Australian gambling market, a share that continues to rise.
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A statement said the business has a highly recreational player base with growing disposable income which will support future growth across its existing player base. In addition, since the start of the Coronavirus (COVID-19) pandemic “a disproportionate share of traditional retail customers” migrated online and added to its customer roster.
The FTSE 100 firm also said a legal dispute with the Commonwealth of Kentucky has been settled in full.
Flutter agreed to pay US$200mln to the Commonwealth of Kentucky in addition to US$100mln previously forfeited to the Commonwealth as part of the supersede bond in the case.