The pandemic may have played havoc with the revenues of many industries and companies, but for the US sports betting industry, 2020 was a huge success.
Flutter Entertainment, the Dublin-based parent company of big brands such as Paddy Power, Betfair and Poker Stars, recently released its Q4 results for 2020, showing that its revenues soared in its US business interests last year.
Further, the group predicts that the US market could grow to twice the size that it previously estimated.
Flutter Entertainment’s full-year 2020 earnings before interest, tax, depreciation and amortization were nearly $2 billion.
In a statement issued by Flutter’s chief executive, Peter Jackson last week, he said: “Nowhere has our growth been more evident than in the US, with customer economics that continue to exceed our expectations.”
According to Jackson, Flutter Entertainment delivered a strong and robust financial performance in 2020.
He said: “We continue to grow our recreational player base across all key regions, in Q4 alone the group had over 7.6 million monthly online players.”
Jackson said that Flutter consolidated its number one position in the “crucial” US market, with customer economics that continue to exceed the company’s expectations. Flutter Entertainment finished the year as the first US online operator to reach over $1.1 billion gross gaming revenue.
The CEO is extremely optimistic about the future of the US sports betting industry and Flutter’s place in this growing market.
“While the global outlook remains uncertain, our momentum remains strong and we look forward to the future with confidence,” said Jackson.
He predicts that by 2025, the US market will be worth more than $20 billion and will include states such as Texas.
Flutter’s overall US business (casino, DFS and horse racing) is 40% larger than its closest competitor, DraftKings.
