Flutter, the parent company of sports betting providers like Paddy Power and Betfair, reported record revenues and decreased losses during this year’s Super Bowl, citing U.S. sports betting deregulation.
The company saw a £305 million ($325 million) loss in 2022, a significant decrease from its £412 million ($439 million) loss in 2021. It also witnessed a massive 27 percent rise in revenue.
Flutter’s various subsidiaries brought in over 12.1 million monthly users last year, a 26 percent spike from previous years. Notably, its U.S. sports betting branch FanDuel now possesses over half the sportsbook market share since it acquired Tombola and Sisal.
With many states easing their gambling restrictions in preparation for the Super Bowl season, several sports betting companies reaped the benefits of this year’s sports season. Around $16 billion has reportedly been spent on Super Bowl gambling alone this year.
New Kansas, Maryland, Ohio and Massachusetts markets also came to play in this year’s sports betting extravaganza. Flutter took advantage of freer restrictions in two states, allowing its Sisal and Tombola branches to dominate in Maryland and Ohio.
While sports betting has been a popular practice in the U.S. for decades, Nevada was the only state to allow sports betting for most of history. Due to the Professional and Amateur Sports Protection Act (PASPA), other states couldn’t regulate professional and college sports gambling.
However, around 2018 to 2022, the Supreme Court ruled that allowed states outside of Nevada to enact individual gambling laws. After the historic ruling, numerous states established laws to regulate and expand sports betting.
These states include Arizona, Arkansas, Colorado, Connecticut and many more. Thirty-three states have legalized sports betting, with 24 authorizing online betting.
This deregulation frenzy has helped significantly broaden the sports betting market, leading to Flutter’s success in the U.S. Flutter hopes to strengthen its place in the country by enlisting in the New York Stock Exchange.
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