Ireland’s eagerly anticipated Gambling Regulation Bill is slated for signing on November 15, marking a crucial milestone in the country’s regulatory landscape. Ian Proctor, Chairman of Flutter UK and Ireland, welcomed the development, emphasizing the importance of evidence-based safer gambling measures and a robust regulatory framework. Flutter, a key player in the industry, is poised to work collaboratively with the new regulatory authority to implement effective measures that balance customer enjoyment with harm prevention.
Ian Proctor’s Statement:
Ian Proctor, speaking on behalf of Flutter, expressed the company’s support for evidence-based safer gambling measures and a well-resourced regulator in Ireland. Proctor sees the upcoming Gambling Regulation Bill as a critical milestone, paving the way for the establishment of a new authority endowed with broad powers to navigate the dynamic and rapidly evolving gambling industry. Flutter looks forward to scrutinizing the detailed terms of the bill upon publication and actively collaborating with the regulatory authority to implement measures ensuring a secure environment for customers.
Appointment of Anne Marie Caulfield:
Anne Marie Caulfield has been appointed as the Gambling Regulatory Authority’s (GRA) first Chief Executive by Ireland’s Minister of State for Law Reform, James Browne. Her role as the inaugural Chief Executive positions her at the forefront of steering the GRA, which is slated to commence operations in early 2023.
Flutter’s Q3 Results:
In tandem with the regulatory developments, Flutter recently reported its third-quarter results, showcasing a robust performance. The company reported a revenue of £1.89 billion ($2.18 billion), reflecting a notable 31% increase from the corresponding period in the previous year.
Revenue Breakdown:
Examining the breakdown of revenue, the UK and Ireland contributed significantly, experiencing a 3% year-on-year growth to reach £509 million. This revenue was further delineated into £443 million from online sources and £66 million from retail channels. The noteworthy growth in both online and retail revenue underscores the company’s resilience and adaptability in a dynamic market.
Peter Jackson’s Insights:
Flutter Entertainment’s Chief Executive, Peter Jackson, provided insights into the fiscal report, highlighting the company’s strong Q3 performance. Pro forma growth of 11% in both revenue and average monthly players showcases Flutter’s ability to navigate and thrive in the evolving landscape. The positive trajectory in Q3 underscores the company’s commitment to delivering value to its stakeholders.
As Ireland gears up to sign the Gambling Regulation Bill, the industry anticipates a transformative regulatory landscape. Flutter’s proactive stance, coupled with its positive Q3 results, positions the company as a key player in shaping the future of gambling in Ireland. The collaborative approach advocated by Ian Proctor reinforces the industry’s commitment to a balance between customer enjoyment and responsible gambling. The upcoming months will likely see further developments as the regulatory framework unfolds and the new authority, led by Anne Marie Caulfield, begins its operations in early 2023.