Shares in the world’s largest online betting firm jumped by over 5% on May 3rd, Tuesday. Flutter’s US operations had a successful Q1 as revenues for FanDuel, the company’s US-based sportsbook, came in at $574m. With a base of 2.4 million people and this positive revenue growth of 6%, FanDuel is now at the top of the market with a 37% betting share.
“The quarter saw us launch our new global sustainability strategy, the Positive Impact Plan, aligning commercial goals with our commitment to support our customers, colleagues and the communities in which we operate.” said Peter Jackson, Chief Executive at Flutter.
After the company launched its offering in Pennsylvania and Louisiana in January, 1.3 million new customers joined the betting platform during Q1. The growth can be accredited to the busy sporting calendar which included the Super Bowl and March Madness. FanDuel has since become the state’s most prominent sportsbook.
Jackson continued, “We launched our FanDuel sportsbook in Pennsylvania and Louisiana in January and also expanded into Ontario in April. We beat a number of FanDuel records in the quarter; Super Bowl Sunday was the single biggest day ever for new customers and we had over 1.5 million active customers on the day. March Madness this year also proved our most popular season yet attracting 19m wagers across the tournament.”
Overall, sportsbook revenue was up 89% for FanDuel during Q1, marking an unparalleled period of growth for the brand. Also, following the launch of its iGaming offering in Connecticut late last year, FanDuel reported that it became the most-used casino app in the state.
Jackson concluded, “With our enlarged recreational customer base, winning position in the US and ongoing focus on sustainable growth, our business remains well placed for the future.”