Peter Jackson, CEO of Flutter, highlighted the positive performance of the company in the UK market, where all four brands showed over 20% growth in the Q2.
In conversations with investors, Jackson pointed out that despite numerous mergers and acquisitions in the US market, there are still markets where Flutter “has not yet taken a leading position.” Leveraging its experience in acquiring and developing businesses in such markets, the company expects significant performance growth.
He expressed his ambitions for future growth, stating: “We are prepared to exceed our target leverage ratios to make a beneficial deal.”
One market that is of particular interest to Flutter is Brazil. Jackson noted that the company is “well-prepared for expansion in the region with Betfair and Pokerstars.” He also emphasized their ambitious plans and their aim to achieve leading positions.
Not ruling out mergers and acquisitions in Brazil, Jackson mentioned that Flutter is currently working on determining the best strategy for success in the region.
The group has also launched its gaming product in the US market as part of a strategy that, according to Jackson, is not focused on costs but on enhancing the company’s ability to place its own content in the US market, gaining substantial advantages and initiatives.
Additionally, Pokerstars continues to offer significant opportunities for the company in the US as the poker market continues to evolve.
“When you look at it globally, poker is breaking down into different segments from a liquidity perspective. We are in a strong position in some of those local markets because of the strength of the local hero brands that they have,” — Jackson noted.
Rob Coldrake, the company’s CFO, emphasized that Flutter showed significant progress in poker in the Q1. Later this year, they plan to launch their platform in Italy, demonstrating the company’s flexibility and efficiency.
Coldrake also noted with optimism the continued growth of Pokerstars in the US, praising the changes to the poker loyalty program and the company’s adaptation to change, thanks to which they are completely satisfied with their development in the poker space.
Jackson also pondered the impact of the latest steps by PokerStars’s largest competitor, GG Poker, acquiring the WSOP.
He said: “GG Poker operates in a lot of markets that we wouldn’t be prepared to operate in. So I think there’s some interesting questions there for some of those people involved.”
Lastly, graduated tax and the consequences it could have on the elevating offshore gambling engagement was also on the CEO’s agenda.
He stated: “There is a happy-medium for tax rate that enables operators to maximize market growth, provides the best experience for customers and over time maximizes revenue for states and most states have taken a sensible approach. I do think though that implementing a graduated tax rate punishes those who have invested the most and is wrong.
“It will drive customers to offshore operators or to sweepstakes. Our experience is that moderating levels of generosity or reducing local marketing is the best response. We have no plans to introduce a surcharge for winners.”
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