Flutter Entertainment Aims To Expand LatAm And US Operations

In the second half of 2020, Flutter Entertainment aims to expand its operations in Latin America and the USA in order to boost its companies.

The company, which owns among a host of betting brands Paddy Power, Betfair, FanDuel, sportsbet and FOX Bet, said it would also concentrate on mainland Europe after a poor first half due to sports cancellation. Revenue from Flutter grew 49 percent year-on-year from $1.36 billion to $2 billion, while adjusted EBITDA rose 59 percent to $457 million.

Jonathan Hill, Flutter’s CFO, said the US is the “single biggest growth opportunity” for the company, and hopes to be present in nine states by the end of 2020.

The CFO said the business will concentrate on Brazil and Argentina, according to the Irish Auditor, and much like the US, Latin America as a whole represents “a big opportunity.”

Additionally, Hill said that Flutter may be looking for smaller acquisitions in international markets to grow the brand further, but that Latin America and Europe remain “two key areas” for the Company.

Last week the former CEO of The Stars Group (TSG), Rafi Ashkenazi, declared his resignation from the Flutter Entertainment Board of Directors.

Ashkenazi stepped down as CEO following the completion of the merger with Flutter last May and was supposed to take over as a consultant to the merged business’ new CEO, Peter Jackson.

Jackson said: “We have identified promising opportunities to increase investment across the group and, while the outlook with respect to COVID-19 remains highly uncertain, the diversification of our group means we approach the future with confidence.”