Company News

Flutter says revenues more resilient than expected to sports shutdown

DUBLIN, April 17 (Reuters) - Paddy Power Betfair parent Flutter Entertainment said revenues had been more resilient to coronavirus disruption than expected, with the U.S. gaming market and continued Australian horse racing partly offsetting a global sports events shutdown.

The Irish betting group estimated a month ago that it would take at least a 90 to 110 million pound ($112 million-$137 million) hit to its full-year earnings if curbs on sports fixtures remained in place until the end of August.

It said on Friday that group revenue has declined by 32% year-on-year since the suspension of UK and Irish horse racing last month. Group revenue grew 16% in the first quarter despite the disruption to major sports events from mid-March. (Reporting by Padraic Halpin; Editing by Jon Boyle)