Flutter Entertainment plc is a global leader in the sports betting and iGaming industry, operating a diverse portfolio of leading brands that connect with millions of players worldwide.
Table of Contents
Company Profile
Headquartered operationally in New York, United States, and registered in Dublin, Ireland, the company is a public limited company incorporated under the laws of Ireland on April 8, 1958. It is listed on the New York Stock Exchange (NYSE) under the ticker symbol “FLUT” and holds a secondary listing on the London Stock Exchange (LSE) under the Standard Listing segment. Flutter’s mission is to deliver unparalleled entertainment through its innovative and customer-centric betting and gaming platforms, leveraging proprietary technology and a global footprint to maintain its competitive edge.
The company operates in a highly regulated industry, offering a range of products including online sports betting, iGaming (such as casino, poker, bingo, and lottery), daily fantasy sports (DFS), and horse racing wagering. Flutter’s commitment to sustainability is evident in its target to achieve net zero greenhouse gas emissions by 2035. Its culture is defined by strong character, deep capabilities, broad domain expertise, and a steadfast emphasis on collaboration, ensuring long-term success and customer satisfaction.
Flutter’s global operations are supported by a robust infrastructure, with 83 offices across North America, South America, Europe, Australia, Asia, and Africa. The company’s principal executive office in New York spans approximately 54,374 square feet, reflecting its significant presence in the U.S. market. Flutter’s strategic acquisitions and partnerships have bolstered its market position, enabling it to capitalize on the growing online betting and gaming market.
Business Segments
Flutter Entertainment plc operates through four reportable segments, each contributing to its global revenue. Below is a detailed breakdown of these segments, including their revenue contributions for the fiscal year 2024.
1. U.S. Segment
- Description: The U.S. segment primarily operates under the FanDuel brand, offering sports betting, iGaming, daily fantasy sports (DFS), and horse racing wagering products to customers in the United States and Canada. FanDuel is a market leader in the U.S., providing a diverse set of products, including online casino, poker, and TV broadcasting services. The segment benefits from the Flutter Edge, a competitive advantage that includes access to talent, technology, product, and capital.
- Key Brands: FanDuel, PokerStars (U.S. operations)
- Operational Metrics:
- Average Monthly Players (AMPs): 4.8 million
- Revenue: $5,774 million
- Adjusted EBITDA: $507 million
- Adjusted EBITDA Margin: 8.7%
- Revenue Contribution: 41% of total revenue
- Strategic Developments: In 2024, FanDuel expanded its online casino offerings to five states, DFS to 44 states, and horse racing wagering to 32 states. The segment saw a 38% revenue increase from 2023, driven by disciplined player acquisition and new state launches, though it faced a $725 million impairment loss on PokerStars’ trademark in 2023.
2. UK & Ireland (UKI) Segment
- Description: The UKI segment offers sports betting, iGaming (including games, casino, bingo, and poker), and exchange betting through brands like Sky Betting & Gaming, Paddy Power, Betfair, and tombola. This segment operates in a mature market, leveraging the Flutter Edge to enhance customer propositions and drive efficiency.
- Key Brands: Sky Betting & Gaming, Paddy Power, Betfair, tombola
- Operational Metrics:
- Revenue: $3,652 million
- Adjusted EBITDA: $1,092 million
- Adjusted EBITDA Margin: 29.9%
- Revenue Contribution: 26% of total revenue
- Strategic Developments: The UKI segment improved its Adjusted EBITDA Margin by 80 basis points in 2024, driven by efficiencies in sales and marketing expenses, which reduced to 19.4% of revenue. The segment faces regulatory changes, such as the UK Gambling Commission’s financial vulnerability checks effective from August 2024.
3. International Segment
- Description: The International segment encompasses a wide range of sports betting and iGaming operations across multiple jurisdictions, including Italy, Brazil, India, and others. It includes brands like PokerStars, Betfair International, Adjarabet, Junglee Games, and MaxBet. The segment also operates Sisal, Italy’s leading retail and online gaming operator, which includes lottery products.
- Key Brands: PokerStars, Betfair International, Adjarabet, Junglee Games, MaxBet, Sisal
- Operational Metrics:
- Revenue: $3,227 million
- Adjusted EBITDA: $653 million
- Adjusted EBITDA Margin: 20%
- Revenue Contribution: 23% of total revenue
- Strategic Developments: In 2024, the segment saw a 16% increase in Adjusted EBITDA, driven by the acquisition of a 51% stake in MaxBet and a 56% interest in NSX Group (Betnacional brand) in Brazil. Sisal launched Same Game Parlay and a new SuperEnalotto lottery app, enhancing its offerings.
4. Australia Segment
- Description: The Australia segment operates exclusively through the Sportsbet brand, offering a wide range of betting products across local and global horse racing, sports, entertainment, and major events. This segment focuses on maintaining its market leadership in Australia.
- Key Brand: Sportsbet
- Operational Metrics:
- AMPs: 1.2 million
- Revenue: $1,395 million
- Adjusted EBITDA: $295 million
- Adjusted EBITDA Margin: 21.1%
- Revenue Contribution: 10% of total revenue
- Strategic Developments: Revenue decreased by 4% in 2024 due to increased point of consumption taxes, but AMPs grew by 5%, reflecting strong customer engagement. The segment continues to invest in product development to enhance customer experience.
Revenue Breakup by Segment (2024):
- U.S.: 41%
- UKI: 26%
- International: 23%
- Australia: 10%
Products and Services
Flutter Entertainment offers a diverse portfolio of products and services, primarily in sports betting and iGaming. Below is a detailed list with comprehensive details and revenue contributions for fiscal 2024.
1. Sportsbook
- Description: Sportsbook products allow customers to place bets on a wide range of sporting events, including football, basketball, horse racing, and more. Flutter offers both online and retail sports betting, with features like Same Game Parlay and early cash-out options. The company’s sportsbook net revenue margin for 2024 was 13.8% in the U.S., reflecting strong performance.
- Revenue: $7,863 million
- Revenue Contribution: 56% of total revenue
- Key Features: Includes live betting, pre-match betting, and innovative betting options like conversion margins for specific currencies. The U.S. segment, led by FanDuel, is a significant contributor, with retail sportsbook locations in states with authorized retail wagering.
2. iGaming
- Description: iGaming includes peer-to-business (P2B) and peer-to-peer (P2P) products such as online casino, bingo, poker, and lottery. P2B iGaming involves customers betting against the house, while P2P includes games like poker where players compete against each other. Flutter’s iGaming offerings are available in multiple jurisdictions, with a strong presence in Italy through Sisal’s lottery products.
- Revenue: $5,623 million
- Revenue Contribution: 40% of total revenue
- Key Features: Includes online casino games, bingo, machine gaming terminals, and lottery products like SuperEnalotto. The International segment’s Sisal brand is a leading lottery operator in Italy, while PokerStars offers a robust poker platform globally.
3. Other Products
- Description: This category includes exchange betting, pari-mutuel wagering, and daily fantasy sports (DFS). Exchange betting, offered through Betfair, allows customers to bet against each other with Flutter acting as a facilitator. DFS, primarily through FanDuel, is available in 44 U.S. states for paid-entry contests and all 50 states for free-to-play contests. Pari-mutuel wagering includes horse racing betting via FanDuel’s TVG platform.
- Revenue: $562 million
- Revenue Contribution: 4% of total revenue
- Key Features: Exchange betting provides a unique betting model with lower margins for Flutter. DFS offers both paid and free contests, while pari-mutuel wagering is regulated under the U.S. Interstate Horseracing Act (IHA).
Revenue Breakup by Product (2024):
- Sportsbook: 56%
- iGaming: 40%
- Other Products: 4%
Company History
Flutter Entertainment plc has a rich history dating back to its incorporation in Ireland on April 8, 1958, as a private limited company. Originally focused on local betting operations, the company evolved into a global leader in online sports betting and iGaming through strategic acquisitions, technological innovation, and market expansion. Below is a comprehensive timeline of Flutter’s history:
- 1958: Incorporated as a private limited company in Ireland, initially focusing on retail betting operations.
- 1980s–1990s: Expanded its presence in Ireland and the UK through organic growth and acquisitions, establishing brands like Paddy Power.
- 2000: Paddy Power, one of Flutter’s flagship brands, launched its online betting platform, marking the company’s entry into digital markets.
- 2015: Merged with Betfair, creating one of the largest online betting and gaming companies globally. This merger introduced the Betfair Exchange, a pioneering peer-to-peer betting platform.
- 2016: Rebranded as Flutter Entertainment plc, reflecting its diversified portfolio and global ambitions.
- 2018: Acquired FanDuel, a leading U.S. daily fantasy sports provider, positioning Flutter to capitalize on the U.S. market following the legalization of sports betting in 2018. Introduced the FanDuel Group Value Creation Plan to incentivize employees.
- 2019: Strengthened its U.S. presence through a strategic partnership with Boyd Gaming Corporation, securing first skin access for online sports betting in multiple states.
- 2020: Acquired The Stars Group (TSG), adding PokerStars and Sky Betting & Gaming to its portfolio, significantly expanding its international presence.
- 2021: Launched the “Play Well” safer gambling strategy, emphasizing responsible gaming across all markets.
- 2022: Acquired Sisal, Italy’s leading retail and online gaming operator, for $2,037 million, and tombola, a UK-based bingo operator, enhancing its iGaming offerings. Also acquired Sachiko Gaming in India, bolstering its poker offerings through Junglee Games.
- 2023: Faced a $725 million impairment loss on PokerStars’ trademark due to a strategic reassessment. Consolidated its position in core markets and invested in technology infrastructure.
- 2024: Listed on the NYSE under the ticker “FLUT” on January 29, 2024. Acquired a 51% stake in MaxBet (Serbia) for $557 million and a 56% interest in NSX Group (Betnacional) in Brazil for $320 million. Refinanced its debt through the First Incremental Assumption Agreement, enhancing financial flexibility.
Flutter’s history reflects a strategic focus on acquisitions, market expansion, and technological innovation, positioning it as a global leader in the online betting and iGaming industry.
Brands
Flutter Entertainment plc operates a portfolio of leading brands, each catering to specific markets and product categories. Below is a detailed list of its key brands with comprehensive details and revenue contributions.
1. FanDuel
- Description: FanDuel is the cornerstone of Flutter’s U.S. operations, offering sports betting, iGaming, DFS, and horse racing wagering. It is the leading online gaming operator in the U.S. by revenue, with a presence in online casino (5 states), DFS (44 states), and horse racing wagering (32 states).
- Revenue Contribution: Part of the U.S. segment, contributing 41% of total revenue ($5,774 million).
- Key Features: Offers innovative products like Same Game Parlay and TV broadcasting services. Strategic partnerships with Boyd Gaming and Fox enhance its market reach.
2. Sky Betting & Gaming
- Description: A leading UK-based brand offering sports betting, iGaming (casino, bingo, poker), and exchange betting. It holds licenses from the Gibraltar Gambling Commissioner and benefits from commercial relationships with Sky.
- Revenue Contribution: Part of the UKI segment, contributing 26% of total revenue ($3,652 million).
- Key Features: Integrates with Sky’s commercial and advertising platforms, enhancing customer engagement.
3. Paddy Power
- Description: A prominent UK and Ireland brand known for its sports betting and iGaming offerings, including casino and bingo. It is a market leader in Ireland’s online betting market.
- Revenue Contribution: Part of the UKI segment, contributing 26% of total revenue.
- Key Features: Known for its bold marketing campaigns and strong brand recognition.
4. Betfair
- Description: Operates the Betfair Exchange, a peer-to-peer betting platform, and offers sports betting and iGaming globally. Betfair International operates in multiple jurisdictions, including Spain and Italy.
- Revenue Contribution: Part of the UKI (26%) and International (23%) segments.
- Key Features: The exchange betting model allows customers to bet against each other, reducing Flutter’s risk exposure.
5. PokerStars
- Description: The world’s largest online poker platform, offering P2P poker games and tournaments. It operates in the U.S., UKI, and International segments, with a significant presence in Italy.
- Revenue Contribution: Part of the U.S. (41%) and International (23%) segments.
- Key Features: Faced a $725 million trademark impairment in 2023 due to strategic reassessment but remains a key iGaming brand.
6. Sportsbet
- Description: Australia’s leading online sports betting brand, offering betting on horse racing, sports, and entertainment events.
- Revenue Contribution: Constitutes the entire Australia segment, contributing 10% of total revenue ($1,395 million).
- Key Features: Strong market leadership with 1.2 million AMPs in 2024.
7. Sisal
- Description: Italy’s leading retail and online gaming operator, offering lottery, sports betting, and iGaming products. It operates in Italy, Turkey (49% interest through Sisal Sans), and Morocco.
- Revenue Contribution: Part of the International segment, contributing 23% of total revenue.
- Key Features: Launched Same Game Parlay and a new SuperEnalotto lottery app in 2024.
8. Adjarabet
- Description: A leading online gaming operator in Georgia, offering sports betting and iGaming products.
- Revenue Contribution: Part of the International segment (23%).
- Key Features: Focuses on localized offerings in the Georgian market.
9. Junglee Games
- Description: An Indian online gaming operator specializing in poker and rummy through Junglee Poker and other platforms.
- Revenue Contribution: Part of the International segment (23%).
- Key Features: Leverages the Flutter Edge to expand in India, with a 2022 acquisition of Sachiko Gaming enhancing its poker offerings.
10. MaxBet
- Description: A leading omni-channel sports betting and iGaming operator in Serbia, acquired in January 2024 for $557 million (51% stake).
- Revenue Contribution: Part of the International segment (23%).
- Key Features: Strengthens Flutter’s presence in the Balkans.
11. tombola
- Description: A UK-based online bingo operator, acquired in 2022, offering P2B bingo games.
- Revenue Contribution: Part of the UKI segment (26%).
- Key Features: Focuses on safer gambling and innovative bingo products.
Revenue Breakup by Brand (2024):
- FanDuel: 41% (U.S. segment)
- Sky Betting & Gaming, Paddy Power, Betfair, tombola: 26% (UKI segment)
- PokerStars, Betfair International, Adjarabet, Junglee Games, MaxBet, Sisal: 23% (International segment)
- Sportsbet: 10% (Australia segment)
Geographical Presence
Flutter Entertainment plc has a global footprint, operating in multiple jurisdictions with a strong presence in the U.S., UK, Ireland, Australia, Italy, and other international markets. Below is a detailed list with revenue contributions for 2024.
1. United States
- Revenue: $5,774 million
- Revenue Contribution: 41%
- Details: The U.S. is Flutter’s largest market, driven by FanDuel’s leadership in sports betting, iGaming, and DFS. Operations span online casino (5 states), DFS (44 states), and horse racing wagering (32 states). Strategic partnerships with Boyd Gaming and Fox enhance market access.
2. United Kingdom
- Revenue: $3,279 million
- Revenue Contribution: Part of UKI (26%)
- Details: A mature market with brands like Sky Betting & Gaming, Paddy Power, Betfair, and tombola. The UKGC’s regulatory changes, such as financial vulnerability checks, impact operations.
3. Ireland
- Revenue: $304 million
- Revenue Contribution: Part of UKI (26%)
- Details: Flutter’s registered office is in Dublin, with Paddy Power leading the online betting market. The Irish Betting Act of 1931, amended in 2015, regulates online bookmaking.
4. Australia
- Revenue: $1,395 million
- Revenue Contribution: 10%
- Details: Sportsbet dominates the Australian market, offering betting on horse racing, sports, and entertainment. The segment faces increased point of consumption taxes.
5. Italy
- Revenue: $1,484 million
- Revenue Contribution: Part of International (23%)
- Details: Sisal is the leading operator, offering lottery, sports betting, and iGaming. Flutter also operates PokerStars and Betfair International in Italy.
6. Rest of the World
- Revenue: $1,855 million
- Revenue Contribution: Part of International (23%)
- Details: Includes operations in Brazil (NSX Group/Betnacional), Georgia (Adjarabet), India (Junglee Games), Serbia (MaxBet), Turkey, Morocco, and other jurisdictions. Flutter holds multi-jurisdictional licenses in Alderney and Gibraltar.
Revenue Breakup by Geography (2024):
- United States: 41%
- United Kingdom: 23.3% (part of UKI)
- Ireland: 2.2% (part of UKI)
- Australia: 10%
- Italy: 10.6% (part of International)
- Rest of the World: 13.2% (part of International)
Financial Statements
Below are the consolidated financial statements for Flutter Entertainment plc for the fiscal year 2024, presented in tables.
Consolidated Statement of Comprehensive (Loss)
| ($ in millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 14,048 | 11,790 | 9,463 |
| Cost of Sales | (7,391) | (6,135) | (4,723) |
| Gross Profit | 6,657 | 5,655 | 4,740 |
| Sales and Marketing Expenses | (2,947) | (3,776) | (2,672) |
| General and Administrative Expenses | (1,808) | (1,596) | (1,324) |
| Research and Development Expenses | (645) | (558) | (459) |
| Operating Profit (Loss) | 1,257 | (275) | 285 |
| Other (Expense) Income, Net | (1,241) | (816) | (580) |
| Income (Loss) Before Income Taxes | 16 | (1,091) | (295) |
| Income Tax (Expense) Benefit | (298) | (120) | (138) |
| Net Loss | (282) | (1,211) | (433) |
| Net Loss Attributable to Non-Controlling Interest | (18) | (65) | 111 |
| Net Loss Attributable to Flutter Shareholders | (264) | (1,146) | (544) |
| Total Comprehensive Loss | (300) | (847) | (1,407) |
Consolidated Balance Sheet
| ($ in millions) | As of December 31, 2024 | As of December 31, 2023 |
|---|---|---|
| Current Assets | ||
| Cash and Cash Equivalents | 3,322 | 3,108 |
| Restricted Cash | 187 | 163 |
| Accounts Receivable, Net | 54 | 82 |
| Prepaid Expenses and Other Current Assets | 607 | 443 |
| Total Current Assets | 4,170 | 3,796 |
| Non-Current Assets | ||
| Property and Equipment, Net | 493 | 471 |
| Intangible Assets, Net | 10,756 | 11,755 |
| Goodwill | 7,086 | 6,791 |
| Other Non-Current Assets | 2,003 | 1,822 |
| Total Assets | 24,508 | 24,635 |
| Current Liabilities | ||
| Accounts Payable | 112 | 94 |
| Other Current Liabilities | 2,881 | 2,581 |
| Total Current Liabilities | 2,993 | 2,675 |
| Non-Current Liabilities | ||
| Long-Term Debt | 6,984 | 7,085 |
| Other Non-Current Liabilities | 4,906 | 4,503 |
| Total Liabilities | 14,883 | 14,263 |
| Redeemable Non-Controlling Interests | 166 | 156 |
| Shareholders’ Equity | 9,459 | 10,216 |
| Total Liabilities, Redeemable Non-Controlling Interests, and Shareholders’ Equity | 24,508 | 24,635 |
Consolidated Statement of Cash Flows
| ($ in millions) | 2024 | 2023 | 2022 |
|---|---|---|---|
| Cash Flows from Operating Activities | |||
| Net Loss | (282) | (1,211) | (433) |
| Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities | 2,287 | 2,286 | 1,671 |
| Net Cash Provided by Operating Activities | 2,005 | 1,075 | 1,238 |
| Cash Flows from Investing Activities | |||
| Purchases of Property and Equipment | (141) | (134) | (108) |
| Business Combinations, Net of Cash Acquired | (602) | (85) | (2,517) |
| Other Investing Activities | (37) | (33) | (25) |
| Net Cash Used in Investing Activities | (780) | (252) | (2,650) |
| Cash Flows from Financing Activities | |||
| Proceeds from Issuance of Long-Term Debt | 1,135 | 5,267 | – |
| Repayment of Long-Term Debt | (1,540) | (4,622) | – |
| Other Financing Activities | (498) | (113) | 1,783 |
| Net Cash Provided by (Used in) Financing Activities | (903) | (468) | 1,783 |
| Effect of Foreign Exchange on Cash | (84) | 59 | (120) |
| Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 238 | 414 | 251 |
| Cash, Cash Equivalents, and Restricted Cash – Beginning of Year | 3,271 | 2,990 | 2,681 |
| Cash, Cash Equivalents, and Restricted Cash – End of Year | 3,509 | 3,271 | 2,990 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Flutter Entertainment plc operates through a network of subsidiaries, wholly-owned subsidiaries, and associates, with varying ownership percentages. Below is a comprehensive list with details and revenue contributions.
1. FanDuel Group Parent LLC
- Ownership: 95% (5% held by Boyd Interactive Holdings LLC)
- Description: A U.S.-based subsidiary operating the FanDuel brand, offering sports betting, iGaming, DFS, and horse racing wagering. It is a key driver of the U.S. segment.
- Revenue Contribution: 41% of total revenue ($5,774 million)
- Details: Includes a strategic partnership with Boyd Gaming for first skin access in multiple U.S. states. Fox holds an option to acquire an 18.6% stake, valued at $4.5 billion as of December 31, 2024.
2. Sky Betting & Gaming
- Ownership: Wholly-owned
- Description: A UK-based subsidiary offering sports betting, iGaming, and exchange betting. It holds licenses from the Gibraltar Gambling Commissioner.
- Revenue Contribution: Part of UKI segment (26%)
- Details: Benefits from commercial agreements with Sky for brand licensing and advertising.
3. Paddy Power
- Ownership: Wholly-owned
- Description: A leading online and retail betting operator in Ireland and the UK, offering sports betting and iGaming.
- Revenue Contribution: Part of UKI segment (26%)
- Details: Known for its strong market presence in Ireland.
4. Betfair
- Ownership: Wholly-owned
- Description: Operates the Betfair Exchange and offers sports betting and iGaming in the UKI and International segments.
- Revenue Contribution: Part of UKI (26%) and International (23%) segments
- Details: The exchange betting model is a unique offering, reducing Flutter’s risk exposure.
5. PokerStars
- Ownership: Wholly-owned
- Description: The world’s largest online poker platform, operating in the U.S., UKI, and International segments.
- Revenue Contribution: Part of U.S. (41%) and International (23%) segments
- Details: Faced a $725 million trademark impairment in 2023 but remains a key iGaming brand.
6. Sportsbet
- Ownership: Wholly-owned
- Description: Australia’s leading online sports betting operator, offering betting on horse racing, sports, and entertainment.
- Revenue Contribution: 10% of total revenue ($1,395 million)
- Details: Operates exclusively in the Australia segment.
7. Sisal
- Ownership: Wholly-owned
- Description: Italy’s leading retail and online gaming operator, offering lottery, sports betting, and iGaming. It has a 49% interest in Sisal Sans (Turkey).
- Revenue Contribution: Part of International segment (23%)
- Details: Acquired in 2022 for $2,037 million, Sisal operates in Italy, Turkey, and Morocco.
8. Adjarabet
- Ownership: Wholly-owned
- Description: A leading online gaming operator in Georgia, offering sports betting and iGaming.
- Revenue Contribution: Part of International segment (23%)
- Details: Focuses on localized offerings in Georgia.
9. Junglee Games
- Ownership: 84.8%
- Description: An Indian online gaming operator specializing in poker and rummy. Acquired a further 32.5% stake in 2023 for $95 million.
- Revenue Contribution: Part of International segment (23%)
- Details: Includes Sachiko Gaming, acquired in 2022 through a 5% equity stake issuance in Junglee India.
10. MaxBet
- Ownership: 51%
- Description: A Serbian omni-channel sports betting and iGaming operator, acquired in January 2024 for $557 million.
- Revenue Contribution: Part of International segment (23%)
- Details: Strengthens Flutter’s presence in the Balkans.
11. tombola
- Ownership: Wholly-owned
- Description: A UK-based online bingo operator, acquired in 2022.
- Revenue Contribution: Part of UKI segment (26%)
- Details: Focuses on safer gambling and innovative bingo products.
12. NSX Group (Betnacional)
- Ownership: 56%
- Description: A Brazilian online sports betting operator, acquired in September 2024 for $320 million.
- Revenue Contribution: Part of International segment (23%)
- Details: Enhances Flutter’s presence in the growing Brazilian market.
Revenue Breakup by Subsidiary (2024):
- FanDuel: 41%
- Sky Betting & Gaming, Paddy Power, Betfair, tombola: 26%
- PokerStars, Sisal, Adjarabet, Junglee Games, MaxBet, NSX Group: 23%
- Sportsbet: 10%
Physical Properties
Flutter Entertainment plc operates 83 offices across North America, South America, Europe, Australia, Asia, and Africa. Below is a detailed list of its key physical properties.
1. Operational Headquarters
- Location: 300 Park Avenue South, New York, NY 10010, United States
- Details: Approximately 54,374 square feet of leased office space, serving as the principal executive office. This location supports Flutter’s U.S. operations, particularly FanDuel.
2. Registered Office
- Location: Belfield Office Park, Beech Hill Road, Clonskeagh, Dublin 4, Ireland
- Details: The registered office in Dublin serves as the legal and administrative hub for Flutter’s global operations.
3. Other Offices
- Locations: 83 offices across multiple continents, including North America (U.S., Canada), South America (Brazil), Europe (UK, Ireland, Italy, Serbia, Georgia), Australia, Asia (India), and Africa (Morocco).
- Details: These offices support regional operations, including technology development, customer support, and regulatory compliance. Specific details on square footage or lease terms for these offices are not disclosed, but they are strategically located to support Flutter’s global footprint.
4. Retail Sportsbook Locations
- Locations: Multiple U.S. states with authorized retail sports wagering
- Details: FanDuel operates retail sportsbook locations in partnership with Boyd Gaming, leveraging first skin access in states with existing gaming licenses.
Founders Details
Flutter Entertainment plc was originally incorporated in 1958, but specific information about individual founders is not provided in the company’s records. The company’s origins are tied to Ireland’s betting industry, with its early growth driven by the establishment of Paddy Power and subsequent acquisitions. As a publicly traded company with a long history, Flutter’s development has been shaped by corporate leadership and strategic mergers rather than a single founder’s vision.
Board of Directors
Flutter Entertainment plc’s Board of Directors oversees the company’s strategic direction and governance. Below is a comprehensive list of directors as of December 31, 2024, with details on their roles and committee memberships.
1. Robert (Dob) Bennett
- Role: Director
- Details: Appointed in 2024, with extensive experience in the gaming industry. Serves on the Risk and Sustainability Committee.
- Committee Memberships: Risk and Sustainability Committee
2. Other Directors (Not Individually Named)
- Details: The document references changes to the Board in 2024 but does not provide a full list of directors. The Board includes members with diverse expertise in gaming, finance, and technology, with an average age of 60. The Board is supported by four committees:
- Audit Committee: Oversees financial reporting and internal controls.
- Compensation and Human Resources Committee: Manages executive compensation and HR policies.
- Nominating and Governance Committee: Handles board nominations and governance practices.
- Risk and Sustainability Committee: Focuses on risk management and sustainability initiatives.
Investment Details
Flutter has made several strategic investments to expand its market presence. Below is a list of passive and active investments with details.
1. NSX Group (Betnacional)
- Ownership: 56%
- Investment Details: Acquired in September 2024 for $320 million, enhancing Flutter’s presence in Brazil’s online sports betting market.
- Revenue Contribution: Part of International segment (23%)
2. MaxBet
- Ownership: 51%
- Investment Details: Acquired in January 2024 for $557 million, strengthening Flutter’s position in Serbia.
- Revenue Contribution: Part of International segment (23%)
3. Sisal
- Ownership: 100%
- Investment Details: Acquired in 2022 for $2,037 million, making Flutter the leading gaming operator in Italy.
- Revenue Contribution: Part of International segment (23%)
4. Junglee Games
- Ownership: 84.8%
- Investment Details: Acquired a further 32.5% stake in 2023 for $95 million, following the 2022 acquisition of Sachiko Gaming for a 5% equity stake in Junglee India.
- Revenue Contribution: Part of International segment (23%)
5. Fox Option
- Details: Fox holds an option to acquire an 18.6% stake in FanDuel, valued at $4.5 billion as of December 31, 2024, with a 5% annual compounding carrying value adjustment. The option is exercisable until December 2030.
- Revenue Contribution: Not directly revenue-generating but impacts FanDuel’s valuation.
Future Investment Plan
Flutter’s future investment plans focus on long-term growth through its financial growth engine, which emphasizes margin benefits, cash flow generation, and disciplined capital allocation. Key areas include:
- Market Expansion: Continue expanding in high-growth markets like Brazil and India, leveraging acquisitions like NSX Group and Junglee Games.
- Product Development: Invest in innovative products, such as Same Game Parlay and new iGaming offerings, to enhance customer engagement.
- Technology Infrastructure: Consolidate and integrate technology platforms to drive synergies, as seen in the acquisitions of Sisal and tombola.
- Sustainability: Achieve net zero greenhouse gas emissions by 2035 through investments in sustainable practices and technologies.
- Mergers and Acquisitions (M&A): Pursue organic and M&A-driven growth to consolidate core markets and grow local hero brands, as outlined in the International segment strategy.
- Finance Transformation: Implement a cloud-based global enterprise resource planning system to enhance financial reporting and internal controls.
These plans are expected to run through 2027, with a focus on driving earnings per share growth and long-term value creation.
