Flutter posts 16% revenue increase for Q1

Flutter Entertainment profits grew 16% year-on-year for Q1 2020, to ₤ 547m ($680m), despite the effect the coronavirus break out has had on sports betting.

Before the suspension of all significant sport in March, group earnings was up 29%, with sports income increasing 30% up to 15 March.

However, the impact of the outbreak indicated overall Q1 revenue from sports wagering increased only 13%, to ₤ 407m. In its trading upgrade, the operator likewise stated that, given that the suspension of UK and Irish racing, group earnings has actually decreased 32% from in 2015, with sports income down 46%.

In regards to Paddy Power Betfair, in the four weeks from 16 March to April 12, sports wagering earnings decreased 57% from 2019, although revenue from gaming was up 15%.

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