Flutter Entertainment is considering expanding its operations in Latin America and the United States to strengthen its businesses in the second half of 2020.
The firm, which owns Paddy Power, Betfair, FanDuel, sportsbet and FOX Bet among a host of betting brands, said it will also focus on mainland Europe after a disappointing first half due to the cancellation of sports. Flutter’s revenue increased 49% year-on-year from $1.36bn to $2bn, while adjusted EBITDA rose 59% to $457m.
Jonathan Hill, CFO at Flutter, said that the US is the company’s “single biggest growth opportunity” and that he hopes to be present in nine states by the end of 2020.
According to the Irish Examiner, the CFO said that the company will focus on Brazil and Argentina, and just like the US, Latin America represents “a big opportunity” as a whole.
In addition, Hill said that Flutter could seek smaller acquisitions in international markets to further expand the brand, but that Latin America and Europe remain “two key areas” for the group.
Last week, Rafi Ashkenazi, former CEO of The Stars Group (TSG), announced his resignation from the Board of Directors of Flutter Entertainment.
Following the completion of the merger with Flutter last May, Ashkenazi stepped down as CEO and was expected to take over as a consultant to the new CEO of the combined business, Peter Jackson.
“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,” said Jackson.