Flutter Entertainment ‘pleased’ with 2022 progress in US online casino

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Flutter Entertainment has stated that it is “pleased with the progress to date” in regards to its igaming/online casino segment in the US.

Reflecting on the performance of the segment in its 2022 annual report, following the release of the year’s financials earlier in the month, CEO Peter Jackson stated that it has a ‘clear strategy’ to improve its igaming performance and grow its position in the US market.

Jackson noted that despite it being early days, the company is “pleased with the progress to date”.

The Flutter CEO stated: “We have a clear strategy to improve our igaming performance and grow our podium position, through increasing our focus on casino direct igaming customers and improving our product range and player experience. 

“Although it is early days, we are pleased by progress to date. Q4 customer player days were 1.5 times the comparable period last year benefitting from the introduction of our FanDuel casino daily reward machine in Q3. 

“Flutter exited the year with 63% growth in Q4 igaming AMPs and a 21% share of the Q4 igaming market, with FanDuel Casino share three percentage points higher than in Q4 2021.”

Regarding the US igaming market’s future growth, Flutter expects its total addressable market to reach $17.8bn by 2030, following an expansion of the vertical to “25% of the population and annual population penetration in existing states to increase at the same rate as sportsbook in those states”.

The company will also continue to grow its igaming proposition and portfolio in the region “to establish a clear podium position”.

Elsewhere, Flutter also laid out its plans for growth in the UK and Ireland as it waits for the UK government to release its Gambling Act review White Paper and for the Ireland government’s Gambling Regulation Bill.

Ian Brown, CEO of Flutter UK&I, stated: “Looking ahead, 2023 will be a year of important work as we further integrate Sky Betting & Gaming, Paddy Power and Betfair into a common operating model, with more shared back-end technology.

“We will be investing to sharpen our execution across marketing, customer engagement and reward, and product development. While we lead in the betting and gaming market, I believe there is much we can learn here from other advanced e-commerce sectors.”

Brown continued: “We often talk at Flutter about leading the race to the top in our market – evidenced by the deposit limits we have introduced for customers under 25 years old. We therefore welcome thoughtful, principle-led regulation that enhances customer safety while respecting people’s right to choose. 

“I am confident that the proactive steps we have taken on Safer Gambling, our strong recreational customer base and our focus on product innovation will help us to continue to win share and customer loyalty.”

Beyond the US and UK&I operations, Flutter’s International CEO Dan Taylor added that the company is “uniquely placed to use its unrivalled global scale to deliver superior local player experiences and capitalise on the growth of the global online gaming market”.

Taylor said: “2022 has been a transformational year for Flutter International, with the acquisition of Sisal and continued regulated market growth across PokerStars, Betfair, Adjarabet and Junglee, leading to a significant increase in the scale and locally regulated revenue mix of the division.

“During 2022, we focused on driving growth in our “Consolidate and Invest” markets – including Italy, Spain, India, Brazil, Canada, Georgia and Armenia – where we continue to build and maintain our leadership positions and win through the strength of our brands, people and products.

“Our capability to leverage the Flutter Edge by combining technology, tools and talent from across the Group with true local focus gives us an enduring and growing ability to deliver winning player experiences. 

“We continue to see strong momentum across these markets, which accounted for 76% of the divisional revenue in 2022, and provide substantial, long-term profitable opportunities for further growth.”