Flutter Entertainment claims that its temporary withdrawal from the Dutch online gaming market will cost it £50 million (US$67.4 million).
Flutter owns Paddy Power, Betfair, FanDuel, PokerStars, and Sky Betting and Gaming. Also contributing to the loss was unfavorable sports results in the first three weeks of October.
Flutter plans to reenter the Dutch market after applying for a license to operate there.
Flutter CEO Peter Jackson, said, “Flutter delivered a strong third quarter performance, with double-digit growth in our global player base. This resulted in the group delivering revenue growth of 12% despite challenging comparatives including a concentration of key sporting events in the prior year.”
Jackson added, “While a run of customer-friendly results in October have resulted in win margins being below expected levels in the quarter to date, the underlying strength of our business is clear; we have grown our online recreational player base by 46% in just two years. With more international jurisdictions and US states on the path to regulation, we look forward to sustainably growing our global player base further in 2022.”
Jackson said the U.S. is a growth area for the bookmaking firm. “As regulation opens up on a state-by-state basis, Flutter will be singularly focused on picking up licenses and growing market share in the US,” he said.
“The land grab is in full swing as Flutter and its competitors spend big to win share in this growing market. As the market matures, demonstrating profitability to investors will become increasingly important.”
