US gambling market booming as Flutter Entertainment exceeds expectations

US gambling market booming as Flutter Entertainment exceeds expectations

As the corporate and hospitality industries continue the recovery following a prolonged period of downtime and disruption caused by the Covid-19 pandemic, latest figures out of the US suggests that the gambling market is booming.

In light of the positive signs of recovery to the gambling industry, not just in the US, but globally, leading betting and gaming giant Flutter Entertainment has stated that the firm’s first half year performance has exceeded expectations.

The company currently owns around a 45 percent share of the American online sports betting market and operates a number of leading betting outlets available online and via mobile app, including Betfair, Paddy Power, Fanduel and Fox Bet.

Due to an increased demand for online betting and gaming, along with higher value bets, the gambling operator has taken some $500 million in revenue from customers in the United Sates.

This means that Flutter Entertainment has increased its profits before tax to around $105 million compared with the previous year, a rise of over 200%.

Peter Jackson of Flutter Entertainment commented on the positive results and explained more about the figures:

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 benefited 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.

We remain absolutely focused on extending our sports product advantages and replicating our market share success in further states as they regulate.

The second half of the year has started well and we look forward to making further progress in the coming months.

According to reports, providing that US states continue to legalise online gambling for betting and gaming, Flutter Entertainment is hopeful that the firm will be making a good profit by 2023 when the current customer base sales covers the expenditure of attracting new bettors and players.

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