Australia’s market leading sportsbook operator Sportsbet continues to achieve quarterly gains, reporting an 8% year-on-year increase in revenue to £291 million (US$368 million) in the three months to 31 March 2022. Average monthly users also increased by 10% to 915,000, according to information released by its UK-based parent company, Flutter Entertainment.
While Flutter recorded a group-wide 6% increase in revenues for the quarter to £1.57 billion (US$1.98 billion), the company was glowing in its review of the Australian sportsbook business, explaining that, “Structural improvements in margin driven by our in-house pricing capabilities and product mix funded an increase in promotional spend.
“This led to strong player engagement and good retention of the 2021 COVID-enlarged customer base, it said, pointing to the 20% year-on-year growth in revenues to £1.29 billion (US$1.72 billion) it previously reported for 2021.
“Staking was 7% higher as a result with net revenue margin broadly flat at 11.5%.”
Sportsbet has soared following Flutter’s 2020 merger with The Stars Group, which resulted in the Sportsbet and BetEasy brands merging into one.
At the time their combined Australian market share was 26% but this has now grown to 50%, overtaking former market leader Tabcorp.
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