Sportsbet Records Revenue Dip Amid Racing Challenges, Margin Boost Softens Blow

Under the Flutter brand, Sportsbet, the top sportsbook in Australia, revealed a US$329 million revenue drop of 6% year over year for the quarter that concluded on March 31, 2024.

The decrease was ascribed to a diminished racing atmosphere.

Sportsbet was able to contain the damage in spite of the setback, as evidenced by an increase in its revenue margin of 180 basis points to 12.9%.

The corporation credited improved sports performance for 140 basis points of this gain throughout the quarter, offsetting the challenges the racing industry encountered.

A 19% decline in real staking over the previous year was brought on by the racing environment, which was made worse by Point of Consumption tax rises in various Australian jurisdictions.

Nonetheless, thanks in part to the greater sales margin, Sportsbet’s Adjusted EBITDA decreased by just 2% to US$83 million.

The parent company, Flutter, saw the opposite pattern, with revenue rising 16% to US$3.40 billion and adjusted EBITDA rising 46% to $514 million.

This notable improvement was driven by FanDuel, the company’s main US sportsbook and online casino, expanding rapidly.

See Related Articles: Sportsbet experiences 9% decline in revenue to $1.48 billion in 2023

Original Story by: Inside Asian Gaming