Flutter Entertainment, the holding company that operates a list of betting companies including Betfair, Paddy Power, Sportsbet, TVG and FanDuel, has posted revenue growth of 16 percent in the first quarter of 2020.
The news comes despite the coronavirus pandemic suspending effectively all major sports across the globe, causing a sharp downturn in profits for most bookmakers.
A report by iGamingBusiness confirmed the year-on-year growth, with the company’s revenue for the three months ending March 31, 2020 increasing to $680 million (€628m/£547m).
Those figures are still a little more than half of what was projected for Flutter midway through March, when the company was posting growth of 29 percent.
Master Investor reported on Friday that Flutter shares rose by 12.16 percent on the FTSE 100 after the financial report for Q1 was released, and chief executive officer Peter Jackson said:
“The Group performed very well in the period prior to the disruption to sporting events in mid-March. We delivered strong customer growth across each of our brands and benefitted from favourable sports results across our sportsbooks. Following the widespread cancellation of sporting events, Group revenues have been more resilient than we initially expected, helped by the continuation of horse racing in Australia and the US. Gaming continues to perform well across the Group.”