Flutter Shifts Focus From Sports in Crisis
November 06, 2020
Flutter Entertainment – brand owners of a prominent arrangement of online gambling offerings and digital sports betting products, including fantasy and sports betting giant FanDuel, Betfair, PokerStars, and Sky Betting – has ascribed its recent successes and above-average overall performance to its prominent presence in the online casino games sector. Several sports betting operators have reported suffering crippling financial blows as a result of the cancellation of most major sports events and tournaments.
Such is the nature of the blow of the aftermath, that Flutter, not unlike most others, have had to look on helplessly as their sportsbooks shut down one after the other for a lack of opportunities and events on which to wager.
Tallest Trees Fall The Hardest
Flutter enjoys a massive global presence. In the U.S., Flutter is best known for its FanDuel Brand, whereas here in the U.K. and in Ireland, they’re best known for Sky Betting and Paddy Power. And then of course there’s Sportsbet – Australia’s number one online sports betting platform.
The irony of it all has been that Flutter Entertainment’s prominence around the regulated world has been what has in a strange and precarious way become an enemy of its ongoing success – and certainly by no fault of its own. The logic is simple: no sports means no betting on sports.
No Sports Means No Bets
The situation that has now emerged from a disastrous 2020 on as well as away from the sports field and track, has been a global decline in sports betting revenue and performance across all sports betting operator brands – Flutter obviously not excluded.
Surprising to note is therefore not as much the 32% decline in revenue witnessed by the operator brand across the U.K. and Ireland for the first half of 2020, but instead, the phenomenal growth experienced by Flutter’s online casino offerings. iGaming revenue generated for the first half of the year alone emerged 165% higher than the online casino revenue generated during the same period in 2019.
No In-Person Gaming A Catalyst
But a lack of sports betting isn’t solely responsible for the incredible hike in online casino performance.
Since most in-person gatherings were off the table across many parts of the world for the majority of the year, casino and sports betting enthusiasts soon began embracing online casino games and products instead – obviously to make up for the lack of “brick-and-mortar” gaming and betting entertainment.
So much so, that Flutter Entertainment’s PokerStars vertical alone, witnessed a daily gaming-customer increase of a phenomenal 70% during the second quarter of the current financial year. And it has been very much the same situation witnessed during the same period in the United States also – with online casino revenue having reached record hights owing to revenue along the lines of £1.19 million pounds generated over practically a 90-day period.
Playing a leading role in this particular show of performance was obviously the combination of the easing up of online gambling regulations across several major U.S. states – including Pennsylvania and New Jersey.
Flutter Back On Track
More good news is that Flutter now stands to benefit from a massive and sudden return of professional sports in most parts of the regulated world. Betting numbers to have recently come from the U.S. indicate a record-smashing return of handle for the year so far. And since Flutter is a central figure in the midst of all of that, the group’s ongoing success on a global scale is literally guaranteed.