Australian sportsbook operator Sportsbet says it has now reached 50% share of the highly competitive local sports betting market following another record year in 2021.
According to information released by UK-based parent company Flutter Entertainment this week, Sportsbet’s revenue grew 20% year-on-year in 2021 to £1.29 billion (US$1.72 billion) on the back of a similar increase in money staked to £11.70 billion (US$15.59 billion).
As a result, Adjusted EBITDA increased by 37% to £437 million (US$582 million) while profit contribution climbed 26% to £539 million (US$718 million).
Although a 27% increase in players aided Sportsbet’s growth in 2021, the company noted that “Strong retention of the players that migrated online during 2020 and further benefit from COVID-related restrictions re-introduced in the second half of 2021 were key contributors to this growth.”
Sportsbet has also benefited from 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% – enough to see them soar past long-time market leader Tabcorp.
Sportsbet reached over 1 million average monthly players (AMPs) in 2021, representing a 60% increase since 2019.
In its results announcement, Flutter said “the medium-term outlook for Sportsbet remains compelling, with growth likely to be driven by the growing financial maturity of our existing player base as well as the continued conversion of non-betting sports fans and retail gamers.
“Sportsbet continues to provide a template for what can be achieved in International markets as we look to leverage the Group’s scale.”
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