Paddy Power owner Flutter Entertainment has reported a jump in revenue and adjusted earnings for the first six months of this year, benefitting from its combination with The Stars Group and an increase in customers.
The gambling giant reported revenue of £3bn (3.5bn) for the six months to June 30, a 99pc increase on the corresponding period last year. On a pro forma basis, revenue is up 30pc year-on-year.
Adjusted earnings at the group increased 75pc to £597m (704m). This includes a charge of £276m for purchased intangible assets. On a proforma basis, earnings fell 12pc year-on-year.
Flutter, which has over 14 million customers, made a profit before tax of £77m for the period, according to interim results from the group.
The listed company combined with The Stars Group in May last year.
The company reported a 40pc increase in its average monthly customers in the first six months of this year.
Peter Jackson, CEO of Flutter, said: “The first half of 2021 exceeded our expectations as we made substantial progress against our operational and strategic objectives while maintaining excellent momentum in growing our player base.
Our global sports businesses benefitted from further enhancements to our products and the return to more normalised sporting calendars while we sustained our strong performance in gaming despite the challenging comparatives set last year.
In Ireland and the UK, average monthly customers increased 44pc in this first half of 2021, helped by the uninterrupted sports calendar and the football Euros.
June was the first full month of the groups retail shops being re-open in both Ireland and the UK since last September.
In Ireland, revenue from retail was running at 50pc of 2019 levels, reflecting some operational restrictions and social distancing measures still in place. In the UK, revenue from the shops was up 7pc compared to June 2019.
In the United States, Flutter said its FanDuel product underpins a leadership position, with a 45pc online sportsbook market share in the three months to June 30.
Flutter said the US division is expected to generate positive earnings in 2023, based on its expectations of future state relaxation of gambling rules.
In Australia, Flutters average monthly players increased 52pc driven by very high customer retention rates.
The second half of the year has started well, the company said. Assuming an uninterrupted sports calendar for the remainder of the year and normalised sports results, it anticipates group adjusted earnings excluding the US of between £1.27bn and £1.37bn.