Flutter warned that Sportsbet's third-quarter revenue had fallen by 18%, which is now hurting Flutter's overall performance.
👉 Background: Sportsbet is an Australian online betting company that's owned by an Irish gaming giant called Flutter. And, Sportsbet had a 48% share of Australia's online wagering market in 2022.
👉 What happened: Now, Flutter warned that Sportsbet's third quarter revenue had fallen by 18%, which is now hurting Flutter's overall performance. And, the big reason for this big drop is Australia's weak economy.
👉 What else: But Flutter also blamed the Australian government for placing a ban on credit card deposits into betting accounts.
💡When you're in a sin industry, you're not only competing against rival companies, but also against the government's every move.
💡Sin industries include industries like tobacco, alcohol and betting. These are the industries where governments often enforce stricter regulations and charge higher taxes - because they're considered unhealthy or just not great for society.
💡For companies like Sportsbet, the tighter regulations have a direct impact on their revenue.
Sign up for Flux and join 100,000 members of the Flux family
