Fellow foreign bookie Entain,the parent company of Ladbrokes,which is headquartered in the tax haven of Isle of Man,gained $8 billion in value during the same period.
Both corporates benefit in Australia from the light-touch,low-tax regulatory regime in the Northern Territory,which has a wagering tax capped at $575,000 annually. Flutter’s own gain in market capitalisation is more than the annual GDP of the NT.
Flutter chief executive Peter Jackson revealed last month Sportsbet had continued to “grow incredibly well” in Australia,increasing its online market share from 43 per cent in 2019 to 46 per cent last year,driven by the addition of more than 675,000 new customers. Flutter,which also owns Paddy Power,Betfair and Poker Stars,is also in a leading position in thebooming United States market,where a ban on sports betting was lifted in 2018.
An Australian Institute of Family Studies survey of more than 2000 Australian punters in July last year found one in three participants - particularly young men - signed up for new betting accounts during COVID-19,and the number who gambled more than four times a week increased from 23 per cent to 32 per cent.
The Reverend Tim Costello,chief advocate of the Alliance for Gambling Reform,has relaunched a campaign to end sports betting advertising,claiming the recent federal government reforms have not helped protect Australians.
“Constant gambling advertising promoting all sorts of ‘bonus bets’ undoubtedly triggered some people to gamble again,or gamble more,some with savings made during lockdowns,or even worse - with superannuation withdrawals,” Mr Costello said.