Sportsbet experiences 9% decline in revenue to $1.48 billion in 2023

For the fiscal year 2023, Sportsbet, the leading online sports betting operator in Australia, reported a 9% decline in revenue to £1.17 billion (US$1.48 billion).

The challenging market conditions were recognized as a significant factor in the decline in revenue. Sales fell 9% to £304 million (US$386 million) in the December quarter alone. Even while there was a reduction in Q4, it was not as steep as the 18% loss in the September quarter.

In its financial results announcement, Sportsbet’s parent company, Flutter, said that the revenue decline was anticipated but provided no more details about the reasons for this pattern. Flutter previously noted increased regulatory scrutiny in the Australian market, including a ban on credit card deposits, in a statement from the September quarter. It was anticipated that these elements would make it more difficult for the business to lessen the impact of the July 2024 Victoria Point of Consumption tax increase.

Flutter said that the average monthly player count increased by 2% year over year to 1.11 million, despite the decline in revenue. Nevertheless, the number of players fell by 7% to 1.19 million in the fourth quarter of 2023. Particularly after the 2020 merger with The Stars Group, which united the Sportsbet and BetEasy brands into a one company, Sportsbet has become Australia’s leading online sportsbook brand.

Original story by: IAG