In Q1 report, FanDuel owner Flutter Entertainment says UK inflation not hitting gambling, while U.S. business booms

In Q1 report, FanDuel owner Flutter Entertainment says UK inflation not hitting gambling, while U.S. business booms

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  • Reuters,
May 4, 2022 11:13 PM

Paddy Power, Betfair and FanDuel owner Flutter said the cost of living crisis in its main UK and Ireland market is not putting customers off gambling as further rapid growth in the United States pushed first-quarter revenues up 6%.

Shares in the world’s largest online betting firm jumped by over 5% on Tuesday after it reported that its U.S. revenues rose 45% year-on-year. More than half of the amount staked across its brands came from U.S. unit FanDuel for the first time.

While revenues in the UK and Ireland fell by 8%, Flutter said this was due to a winning streak enjoyed by punters and increased spending on initiatives to curb gambling addiction, rather than the worsening squeeze on household incomes.