UK-listed gambling giant Flutter Entertainment saw revenue rise but profits plunge in the first half of 2020, as online casino and poker options did their best to offset sports betting slowdowns and retail closures.

Figures released Thursday show Flutter generated revenue of £1.52b in the six months ending June 30, up 49% from the same period last year. Adjusted earnings were up 59% to £342m but pre-tax profits tumbled 70% to just £24m.

The revenue and earnings figure were more modest on a pro forma basis, which pretends that all the brands Flutter added during its recent acquisition frenzy were part of the fold in H1 2019. Under those conditions, revenue rose 21% to £2.39b while earnings gained 35% to £684m.

At the group level, pro forma sports betting revenue gained 8% to £1.2b, while gaming revenue shot up 40% to £1.19b as punters looked for ways to alleviate their boredom following the pandemic-related suspension of major sports.