Flutter revenue down in UK and Ireland as government white paper delay continues

The owner of Betfair, Paddy Power and Sky Bet has criticised the long delay to the British government's gambling review white paper after they revealed it had hit their revenues in the United Kingdom.

Flutter said on Friday their revenue in the UK and Ireland had declined by four per cent towards pre-covid levels and attributed an annualised revenue impact of £48 million to safer gambling initiatives implemented ahead of the white paper.

The company said they were "disappointed" in the delay to the gambling review's publication, which may not be until October at the earliest, and added they will closely monitor the "uncertain macro economic outlook" due to the current cost of living crisis.

Group revenue was up 11 per cent to nearly £3.9 billion, Flutter said, with "strong momentum" in the US market through gambling company FanDuel, however, their profit after tax of £177m was down 42 per cent compared to £306m in the first half of 2021, when Covid-19 restrictions were still in place.

According to Flutter, there has been "no discernable signs of a consumer slow down" despite their adjusted ebitda (earnings before interest, tax, depreciation and amortisation) falling 20 per cent to £476m, compared to £597m in the first half of 2021.

Flutter's chief executive Peter Jackson said: "In the UK, while the delay in publishing the Gambling Act Review white paper has been disappointing, we are confident that the safer gambling changes we have already made to date position us well for the future."

Read this next:

Ladbrokes Coral owner Entain: business is resilient but not immune to a downturn

888's UK revenues plunge 25 per cent as affordability checks take hold

The Front Runner is our latest email newsletter available exclusively to Members' Club Ultimate subscribers. Chris Cook, a four-time Racing Reporter of the Year award winner, provides his take on the day's biggest stories and tips for the upcoming racing every morning from Monday to Friday. Not a Members' Club Ultimate subscriber? Click here to join today and also receive our Ultimate Daily emails plus our full range of fantastic website and newspaper content