Flutter Entertainment is looking to expand its business in both the United States and Latin America in the second half of this year. The company, which owns the Paddy Power, Betfair, FanDuel, sportsbet and FOX Bet brands, should also focus on Continental Europe.
The plan is due to a first semester well below expectations due to the suspension of sports due to the worsening of the new coronavirus pandemic.
Still, the company’s revenue grew 49% compared to last year, from $ 1.36 billion to $ 2 billion. While adjusted EBITDA increased 59%, reaching US $ 457 million.
Jonathan Hill, Flutter’s CFO, stressed that the United States is the company’s “greatest opportunity for individual growth”. Therefore, it aims to be present in nine US states until December of that year.
Flutter prioritizes expansion in Latin America
According to SBC Notícias, the CFO stressed that the company will concentrate on the markets of Brazil and Argentina as it understands that, like the United States, Latin America also represents an excellent chance of growth in general.
Hill further commented that Flutter is considering making smaller acquisitions internationally to further increase the brand’s reach. However, the European and Latin American markets are seen as priorities for the group.
Rafi Ashkenazi, the former CEO of The Stars Group (TSG), recently announced his resignation from the board of directors of Flutter Entertainment. After the completion of the merger process with Flutter in May, Ashkenazi gave up his role as CEO.
Also according to SBC Notícias, the tendency was for him to act as a consultant to the new CEO of the combined company, Peter Jackson.
“We have identified promising opportunities to increase investment across the group. And while the prospects for COVID-19 remain highly uncertain, the diversification of our group means that we look to the future with confidence, ”said Jackson.