Flutter Entertainment PLC (LSE:FLTR) grew betting and gaming revenue in the first quarter of 2022 but only thanks to its fast-expanding US business.
After a tough finish to last year, group revenue for the Paddy Power and Betfair owner rose 6% to £1.6bn in the three months to end-March, but was down 3% if excluding the US, where revenues ramped up 45% to £429mln.
In the US, FanDuel accounted for over half of all stakes for the entire group in the quarter, as sportsbooks were launched in New York and Louisiana in January.
Super Bowl Sunday was the single biggest day ever for new customers, with over 1.5mln active customers on the day, while March Madness proved the most popular season yet, attracting 19mln wagers across the tournament.
UK & Ireland revenue declined 20% due to the impact of safer gambling measures introduced over the last 12 months, favourable sports results in the first quarter last year and the lockdown in that period.
Outside of the US, boss Peter Jackson said the business was “adapting to the evolving regulatory and trading environment and reflecting the benefits of our global diversification”.
Revenue in the International division was 5% lower, reflecting the impact of headwinds including the temporary market exit from the Netherlands, tax changes in Germany and the effects of the ongoing war in Ukraine on the business in Russia and the Ukraine.
Excluding these headwinds, international revenue grew 6%, with strong growth in Canada, Brazil, India, Georgia and Armenia.
Shares rose 4% to 8,624p in early trading on Wednesday.