From Flutter's November Q3:
Sportsbet delivered an excellent performance in Q3 with pro forma revenue growth of 76% thanks to growth in average daily customers of 86%. This revenue growth was despite a 30 basis point reduction in net revenue margin year on year (to 10.7%
) as the business faced tougher margin comparatives. The structural shift of customers from retail to online continued as local lockdowns (in Victoria) and general social distancing restrictions remained in place.
This division’s standout performance was achieved while migrating BetEasy customers over to the Sportsbet platform in September, ahead of the key Spring Carnival period. To date, customers accounting for over 90% of BetEasy’s revenue in the twelve months prior to migration have subsequently engaged with Sportsbet. These customers continue to enjoy key product features such as tokenised generosity and can now also access the expanded product offering of Sportsbet, the “home of the same-game multi”.
Unclear what impact Beteasy's inclusion contributed to the spectacular growth but presumably it was significantly smaller than Sportsbet, so those results look very healthy.
Note their 10.7% Rake.
Tabcorp Rake is ~16% so it's not hard to see why defections continue.https://www.flutter.com/sites/paddy-power-betfair/files/result-center/2020/2020-q3-trading-update.pdf