Sportsbet, a corporate bookmaker, claims to have maintained the leading position in the Australian sports betting market over the year 2022. The company says that it reached a market share of 48 % despite the falling stake and revenue figures throughout the year.
Revenue fell, and wagering increased:
According to figures reported at the end of the fiscal year 2022 by its UK-based parent company Flutter Entertainment, Sportsbet’s 2022 revenue fell by 2% on a year-on-year basis to £1.26 billion (US$1.51 billion). On the other hand, the number of average monthly users increased by 8% to settle at 1,090,000. Also, the user count hit a record in December, when around 1,300,000 customers wagered through the company’s sportsbooks representing almost a doubled average user figure in comparison to the pre-pandemic 4Q19.
”Challenging comparatives”:
Sportsbet said it took advantage of the favorable COVID-19 circumstances in the first half of the year, but the second half features some ”challenging comparatives,” such as the increased consumption tax settlement which enforcement from July induced an 11% fall in EBITDA to £390 million (US$466 million).
“As the clear market leader with over 48% of the Australian online sports-betting market, Sportsbet benefitted most from the retail to online migration during the Covid lockdown periods in 2020 and 2021, growing 1.4 times that of the online market,” said Sportsbet.
Reversed online engagement:
The company also said: “As retail and society fully reopened during 2022, AMP (average monthly player) growth was more than offset by the reversion of online player engagement from peak COVID levels and competitive intensity which stepped up significantly in 2022, particularly in Q4. This led to high levels of generosity with customers shopping around for the most generous offers.”
Solid grounds for further growth:
According to IAG, Sportsbet also said that the company made additional investments in sales and marketing activities during the fourth quarter to offset the increased tax expenses and the falling handle. These promotional efforts resulted in the increased monthly average players reaching their peak in December 2022. Such a development made solid grounds for the bookmaker to compensate for the lower handle over the H2 and set for further growth in 2023.
Sportsbet commented: “We are confident that the plans we have in place for 2023 are the right strategy to drive future growth over the medium term. We will do this through continuing to deliver product innovation and personalized generosity while leveraging our growing recreational customer base, unparalleled local scale, and long track record of growing through regulatory changes.”
Group’s revenue increased against the net loss:
The Australian bookmaker thus contributed to the increased revenues of the entire group. According to the financial report for the full year 2022, Flutter recorded a 27% revenue increase to £7.69 billion (US$9.19 billion) with EBITDA also growing by 27% to £918 million (US$ 1.1 billion). However, the severe operating circumstances in 2022 made the company nevertheless report a net loss after tax of £305 million (US$364 million).
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