Flutter Entertainment: Barriers to Entry, Betfair Exchange & Online Gambling
Former Head of Sports Betting at Flutter
inpractise.com/articles/flutter-gambling-and-sports-betting-market-barriers-to-entry-online-migration-betfair-exchange-and-gambler-preferences
Flutter Entertainment: Barriers to Entry, Betfair Exchange & Online Gambling(August 8, 2024)
Former Head of Sports Betting at Flutter
Interview Transcript
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So something I'd like to understand is, and you had a front row seat for this, how the arrival of iCasino and online sports betting affected the legacy store-based businesses?
So, how the online business and live casino affected the retail outlets? When I joined, the retail shops in the UK were still prevalent. There were about 10,000 betting shops in the UK when I started in 2015. Now, there are probably close to 4,500. So, half of them have closed. When I joined Paddy Power in 2015, our shops made an average of about £140,000 a year in EBITDA. By the time I left, it was close to £75,000 EBITDA per shop. The retail market has not only shrunk, but the fixed base cost hasn't changed much.
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