Australia’s leading corporate bookmaker, Sportsbet, recorded a 20% year-on-year increase in revenue to £370 million (US$504 million) in the three months to 30 September 2021, continuing the positive momentum that has seen it pass racing and wagering giant Tabcorp for total market share.
According to financials published by UK parent company Flutter Entertainment on Tuesday, Sportsbet saw its average number of monthly players grow from 876,000 in 3Q20 to almost 1.1 million in 3Q21, aided by extended lockdowns in NSW and Victoria.
“Travel restrictions applied to over 60% of the Australian population during the period, resulting in Sportsbet capturing additional discretionary leisure spend,” the company said.
“Sportsbook stakes were 15% higher year-on-year (to US$4.53 billion). Net revenue margin increased by 40 basis points to 11.1%, which reflected favourable sports results against both our expectations and year-on-year. The improvement in expected margin during the quarter was offset by increased generosity investment.”
Sportsbet has enjoyed huge growth since it merged with BetEasy in 2020, with market share up from 26% at the time to 47% as of the June quarter, while Tabcorp share has fallen from 50% to 39%.
Sportsbet’s revenue has grown from US$618 million in 2019 to US$1.48 billion in 2020 and US$811 million in the first six months of 2021 alone. Q3 revenue of US$504 million suggests another record-breaking year in 2021.
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