Flutter, the enormous participant in the online gaming sector, presented a stunning success in the first half of 2023, demonstrating profitability on both a group-wide and US basis. During the company’s results call, CEO Jackson emphasized the outstanding progress, stating that 2023 was expected to be a watershed year for this achievement.
Jackson reflected on the journey, stating, “A few years ago, the context was different. This year was slated as the tipping point, but we surpassed expectations due to our expansive growth.”
Flutter proudly retains its status as the world’s largest online gaming business, an accolade that extends to its impressive presence in the US market. The company boasts a substantial 47% share of the total US sports betting market. While this figure marks a marginal 3% decline from the previous year, Jackson expressed contentment with the quarter’s results.
Jackson emphasized the power of size, asserting that it enables the company to invest in product quality, augment user acquisition, and elevate player value. He revealed, “We generate 50% more revenue per customer than our competitors, a testament to our superior product.”
Jackson emphasized Flutter’s persistent goal to develop its online casino offering and, as a result, its market share in the iGaming arena. Despite dominating the sports betting business, the corporation has set its eyes on establishing a dominant position in the online casino sector as well.
Acknowledging past missteps in product quality, Jackson highlighted Flutter’s resilient climb, increasing its US market share to an impressive 23%. He affirmed, “Our progress has been substantial, and we view this as a multi-year endeavor.”
Anticipation is high as Flutter readies itself to assume product leadership next year, asserting its prowess as the globe’s premier online casino operator. Jackson revealed, “Our capabilities are unparalleled; we are poised to demonstrate our expertise in the US market.”
In late July, Flutter and Fox Corporation jointly announced the closure of their sports betting joint venture, Fox Bet. Jackson shared insights into the decision, clarifying that while the sportsbook will cease operations, the corporate entity will endure. This guarantees that Flutter retains its market access agreement for Pokerstars.
Looking ahead, Jackson hinted at the prospect of a new brand taking flight, tailored to the evolving landscape of igaming in the US. He mused, “Pokerstars has been our focus, but we’re open to exploring multiple brands.”
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