Flutter Entertainment plc (the 'Group') is hosting a virtual investor event showcasing Sportsbet, the Group's market leading Australian division. Sportsbet achieved an online sports betting market share of over 50% in the first half of 2021 and today's event outlines the key components of that success.
Sportsbet's strategy is centred on winning in three battleground areas; product, value and marketing. As our presentation outlines, the business' future growth prospects remain compelling:
The online sports betting market continues to grow strongly in Australia having generated compound annual growth of 21% over the last 5 years.
Sports betting still only accounts for 17% of the total Australian gambling market today, a share that is continuing to rise.
The business has a highly recreational player base with growing disposable income; this will support future growth across our existing player base.
Sportsbet's market leading position and scale is driving a flywheel effect that continues to result in superior economics vis-a-vis competitors.
In-house industry leading pricing and risk management capabilities that underpin development of products that keep our customers entertained and engaged.
A symbiotic relationship with Flutter that sees Sportsbet benefit from a powerful blend of global and local capabilities.
A highly experienced team that has demonstrated a multi-year track record of innovation and success.
Peter Jackson, Flutter Chief Executive, commented:
'We believe that the Sportsbet case study highlights how a market leader in our industry, with a clear strategy that puts product innovation and customer entertainment at the heart of what it does, can consistently deliver market share gains. Sportsbet's success also underlines how being the scale operator in a local market with access to Flutter Group capabilities can enable it to respond well to the inevitable changes that occur across regulatory and tax landscapes over time. This results in growing market share and profitability as competitors find it more difficult to adjust to such changes.
Over the last 18 months, there has been a step change in the size of our Australian business. Our experienced team integrated the BetEasy business into Sportsbet in just 89 days while dealing with the challenges brought about by the pandemic. At the same time we won a disproportionate share of traditional retail customers that migrated online, delivering high levels of customer retention since. As we look to the future, we remain excited about the prospects for the business and believe it continues to have a long runway of sustainable growth ahead of it.'
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