Flutter-registers-profit-of-$306-million-at-Cheltenham -Festival
Flutter registers profit of $306 million at Cheltenham Festival

Flutter Entertainment’s three main brands in the UK and Ireland – Paddy Power, Sky Bet and Betfair – raised more than £250m ($306m) in bets, with nearly 37m in online tips placed during the Cheltenham Festival in last week.

Plenty of people won on March 16 and 17, offsetting a set of customer-friendly results on March 14 when five favorites were victorious. Flutter’s brands in the UK and Ireland ended the week at a profit.

On the 14th and 15th of March, two players won £100k and £200k as part of the Sky Bet sponsored ITV7 and free-to-play promotion. Meanwhile, an Irish retail customer of Paddy Power in Kildare won €75,000 ($80,600) on a 63p “Lucky 20” bet that produced seven wins.

Dom Crosthwaite, director of trading at Flutter, said: “It was another memorable Cheltenham, and it was nice this year to see the Festival’s mass market appeal mirror the recreational nature of our customer base.

“We have delivered a great customer proposition for our top brands, with a series of recent product updates and marketing campaigns that have driven strong engagement levels of over £250m.”

“This was all made possible by our talented colleagues at Flutter UK&I, who worked incredibly well to seamlessly manage over 37 million online bets over the week,” added Crosthwaite.

Recently, an agreement was signed by PA Betting Services and Flutter to extend their multi-year partnership. Under the agreement, PA Betting Services will provide race data for Flutter’s brands including Paddy Power and FanDuel.

About Flutter Entertainment

Flutter Entertainment is an Irish betting holding company created by the merger of Paddy Power and Betfair, and the subsequent acquisition of The Stars Group. The group is listed on the London Stock Exchange and forms part of the FTSE 100 Index. The company operates under various brands including BetEasy, Betfair, FanDuel, Fox Bet, Paddy Power, PokerStars, Sky Bet, Timeform and TVG Network.