Paddy Power owner revenue soars amid online gambling boom
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Flutter's revenue rose 28% to £3bn as its average number of gamblers rose 40%. Online gambling soared during coronavirus lockdowns.
Flutter's first half 2021 revenue rose 28% to £3bn. The average number of gamblers rose 40%. Flutter owns Betfair and Sky Betting and Gaming. It had 59% more online customers than in the same period in 2019 before the coronavirus crisis. UK retail revenue was 7% higher than pre-Covid levels.
Paddy Power owner revenue soars amid online gambling boom. Flutter has been pouring money into its US business. It has spent more than $1bn to date on marketing its flagship FanDuel sports betting brand.
There are a third of a million problem gamblers in the UK. 60% of gambling companies' profits come from the 5% who are already problem or at risk of becoming so.
GamCare received 41,000 calls for help in the year to March. Most of the people calling the helpline had debt issues. Flutter is developing steps to protect vulnerable customers. in shops and gaming machines. It is not impinging on the freedoms of majority of customers, it is just protecting the vulnerable.
