Flutter Entertainment plc is the world’s largest online sports betting and iGaming operator by revenue. The company operates a diverse portfolio of leading recreational brands, offering products such as sportsbook, iGaming, and other related services. With operations spanning over 100 countries, Flutter provides both online and retail betting experiences to millions of customers globally.
- U.S. Segment - Offers sports betting, iGaming (casino), daily fantasy sports (DFS), and horse racing wagering through brands like FanDuel and TVG.
- UK & Ireland Segment - Provides sports betting (sportsbook and exchange), iGaming (casino, poker, bingo), and retail betting shops under brands such as Sky Betting & Gaming, Paddy Power, Betfair, and tombola.
- International Segment - Delivers sports betting, iGaming (casino, poker, rummy, lottery), and other services through brands like Sisal, PokerStars, Betfair International, Adjarabet, and Junglee Games.
- Australia Segment - Focuses on online sports betting via the Sportsbet brand.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Paul Edgecliffe-Johnson ExecutiveBoard | Chief Financial Officer and Executive Director | None | Appointed as CFO in March 2023, Paul has extensive financial and operational experience, with expertise in equity and debt fundraisings. | |
Peter Jackson ExecutiveBoard | Chief Executive Officer and Executive Director | Non-Executive Director at Deliveroo plc | Peter Jackson has been the CEO of Flutter since January 2018, with extensive experience in leading consumer businesses and expertise in technology and digital sectors. | |
Amy Howe Executive | CEO of United States Division | None | Amy Howe has been CEO of the US division since July 2021, previously serving as President of FanDuel. | |
Barni Evans Executive | CEO of Australia Division | None | Barni Evans has been CEO of the Australia division since March 2018, with a focus on driving Sportsbet's culture and strategies. | |
Conor Lynch Executive | Group Chief Information Officer | Board Member at GiftsDirect.com, Dublin Innovation Advisory Council, External Examiner at Technology University Dublin | Conor Lynch has been the Group CIO since March 2023, focusing on enhancing Flutter's global technology strategy. | |
Daniel Taylor Executive | CEO of International Division | None | Daniel Taylor has been CEO of the International division since July 2020, responsible for brands like PokerStars and Betfair (non-UK). | |
Ian Brown Executive | CEO of UK & Ireland Division | None | Ian Brown has been CEO of the UK&I division since September 2022, overseeing brands like Sky Betting & Gaming and Paddy Power. | |
Lisa Sewell Executive | Chief People Officer | None | Lisa Sewell became the Group Chief People Officer in March 2024, previously serving as Chief People & Operations Officer of the UKI division. | |
Phil Bishop Executive | Group Chief Operating Officer | None | Phil Bishop became COO in March 2024, previously serving as Chief People Officer, leading Flutter's global people strategy. | |
Alfred F. Hurley, Jr. Board | Non-Executive Director | Director roles at New Mountain Finance Corporation, Ligado Networks, TSI Holdings, Inc. | Alfred joined Flutter in May 2020, bringing expertise in financial services and governance. | |
Atif Rafiq Board | Non-Executive Director | Board Member at Clearcover Insurance, Mister Car Wash, Inc. | Atif Rafiq has been a Non-Executive Director since December 2021, with experience in digital and consumer businesses. | |
Carolan Lennon Board | Non-Executive Director | Country Lead for Salesforce Ireland | Carolan joined as a Non-Executive Director in July 2022, with a background in telecoms and technology. | |
Christine M. McCarthy Board | Non-Executive Director | Director at The Procter & Gamble Company, FM Global | Christine joined as a Non-Executive Director in July 2024, with extensive experience in corporate finance. | |
David Lazzarato Board | Non-Executive Director | Board Member at Canopy Growth Corporation, Thunderbird Entertainment Group Inc. | David has been a Non-Executive Director since May 2020, with experience in financial and operational roles. | |
Holly Keller Koeppel Board | Senior Independent Director | Non-Executive Director at British American Tobacco plc, AES Corporation, Arch Resources, Inc. | Appointed in May 2021, Holly brings international experience in consumer goods and energy sectors. | |
John Bryant Board | Chair | Non-Executive Director at Compass Group Plc, Ball Corporation, Coca-Cola Europacific Partners | John Bryant became Chair of Flutter in September 2023, with extensive experience in consumer goods and financial leadership. | |
Nancy Cruickshank Board | Non-Executive Director | Chair of Go City, Non-Executive Director at Oodle Car Finance, Allegro.EU SA | Nancy has been a Non-Executive Director since May 2019, known for her digital and entrepreneurial expertise. | |
Nancy Dubuc Board | Non-Executive Director | Non-Executive Director at Warner Music Group Corp. | Nancy Dubuc joined as a Non-Executive Director in April 2021, with a background in media and digital industries. | |
Richard Flint Board | Non-Executive Director | Chairman of SeatUnique, Non-Executive Director at LBG Media plc | Richard Flint has been a Non-Executive Director since May 2020, with a history of leadership at Sky Betting & Gaming. | |
Robert R. Bennett Board | Non-Executive Director | Managing Director of Hilltop Investments, LLC, Director at HP Inc., Liberty Media Corporation | Robert joined as a Non-Executive Director in July 2024, with a background in media and investment management. |
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Given the recent tax increase in Illinois and the possibility of other states implementing similar measures, how does Flutter plan to mitigate the impact on profitability, and are you considering strategies such as adjusting customer generosity or marketing spend to offset these headwinds?
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With rumors of potential media tie-ins and acquisitions, can you elaborate on your M&A strategy, specifically how you evaluate opportunities in the U.S. versus international markets like Brazil, and how high are you willing to leverage the balance sheet to pursue attractive deals?
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As competitors ramp up investment in iCasino and introduce refreshed products in the sports betting space, what initiatives does Flutter have in place to maintain and enhance your product advantage, particularly heading into the new NFL season?
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The Australian market has faced regulatory challenges and a softer racing environment resulting in revenue declines. Can you provide more detail on how you're navigating these headwinds and what gives you confidence that underlying trends have stabilized?
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With the shift to bringing your U.S. iGaming technology stack in-house, can you discuss the expected impact on gross margins and how this transition enhances your competitive positioning in the market?
Research analysts who have asked questions during Flutter Entertainment earnings calls.
Joseph Stauff
Susquehanna Financial Group, LLLP
6 questions for FLUT
Andrew Tam
Redburn Atlantic
5 questions for FLUT
Daniel Politzer
Wells Fargo
5 questions for FLUT
Jordan Bender
JMP Securities
5 questions for FLUT
Monique Pollard
Citigroup Inc.
5 questions for FLUT
Paul Ruddy
Davy Group
5 questions for FLUT
Robert Fishman
MoffettNathanson
5 questions for FLUT
Ryan Sigdahl
Craig-Hallum Capital Group
5 questions for FLUT
Edward Young
Morgan Stanley
4 questions for FLUT
Simon Davies
Deutsche Bank AG
4 questions for FLUT
Jed Kelly
Oppenheimer & Co. Inc.
3 questions for FLUT
William Lampen
BTIG
3 questions for FLUT
Benjamin Shelley
UBS
2 questions for FLUT
Clark Lampen
BTIG, LLC
2 questions for FLUT
James Clark
Barclays
2 questions for FLUT
James Rowland Clark
Barclays
2 questions for FLUT
James Wheatcroft
Jefferies
2 questions for FLUT
Joseph Thomas
HSBC
2 questions for FLUT
Robin Farley
UBS
2 questions for FLUT
Barry Jonas
Truist Securities
1 question for FLUT
Ben Shelley
UBS Group AG
1 question for FLUT
Bernie Mcternan
Needham & Company
1 question for FLUT
Brandt Montour
Barclays PLC
1 question for FLUT
Chad Beynon
Macquarie
1 question for FLUT
Ed Young
Morgan Stanley
1 question for FLUT
John DeCree
CBRE
1 question for FLUT
Max Marsh
CBRE Group, Inc.
1 question for FLUT
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
NSX Group | 2024 | Flutter Entertainment acquired an initial 56% stake for approximately $350 million in cash and will combine its Betfair Brazil business with NSX, with a put/call mechanism to buy the remaining stake in years five and ten, positioning Flutter to lead in Brazil’s fast-growing, soon-to-be-regulated market. |
MaxBet | 2024 | Flutter secured a 51% controlling stake in MaxBet for $144 million (with options to acquire the remaining 49% in 2029 using an EBITDA-based formula), strategically expanding its footprint in Serbia and the Balkans while leveraging strong retail and online capabilities to generate synergies. |
Snaitech S.p.A (Snai) | 2024 | Flutter acquired 100% of Snai for €2.3 billion on a cash-free, debt-free basis, complementing its Italian portfolio to achieve a 30% online market share and targeting at least €70 million in operating cost synergies over three years, with the deal funded via a €2.5 billion senior secured term loan. |
Junglee Games | 2023 | Flutter increased its stake in Junglee Games to 84.8% by acquiring an additional 32.5% for £75 million, with the option exercised in June and the acquisition completed in July 2023, thereby consolidating its control over the business. |
Recent press releases and 8-K filings for FLUT.
- Flutter's FanDuel announced a new partnership.
- This partnership, announced in August, is with CME and aims to offer contracts for events.
- Flutter Entertainment reported a strong Q2 performance in the US, with the business generating $400 million and achieving a 22.5% EBITDA margin in June, progressing towards its 25% to 30% long-term target.
- The company has made significant progress on its $300 million cost savings program, including successful migrations and integrations like the UKI platform migration involving 9 million customers.
- International divisions showed robust growth, with Turkey growing almost 125% on a constant currency basis in Q2, and continued double-digit growth in India and CEE.
- Flutter continues to pursue strategic M&A opportunities, such as the SNAI acquisition in Italy and NSX in Brazil, while also returning capital to shareholders through an ongoing share buyback program.
- The company remains confident in its US market position, with iGaming performance exceeding expectations and anticipation of continued growth in parlay products for the upcoming NFL season.
- Flutter Entertainment completed the acquisition of the remaining 5% stake in FanDuel from Boyd Gaming for approximately $1.75 billion, securing full ownership and valuing FanDuel at $31 billion.
- The transaction extends the strategic partnership between Flutter and Boyd Gaming through 2038, which is expected to save FanDuel around $65 million annually in market access fees starting July 1, 2025.
- Fox Corporation holds an option to acquire an 18.6% interest in FanDuel by December 3, 2030, at an estimated exercise price of $4.5 billion.
- Boyd Gaming will use the proceeds from the sale to focus on debt repayment.
- Flutter Entertainment plc announced on July 10, 2025, an agreement to acquire Boyd Gaming Corporation's remaining 5% stake in FanDuel Group for approximately $1.755 billion, increasing Flutter's ownership to 100% at an implied valuation of approximately $31 billion.
- The agreement also extends the strategic partnership between FanDuel and Boyd until 2038, leading to expected annual operating cost savings for Flutter of approximately $65 million starting July 1, 2025, due to reduced market access costs.
- The transaction, which is subject to regulatory approvals and expected to complete in Q3 2025, will be funded by a US$1.75 billion senior secured first lien term loan.
- While Flutter will hold 100% of FanDuel, Fox Corporation retains an option to acquire an 18.6% equity interest in FanDuel on or before December 3, 2030, at an exercise price currently equating to $4.5 billion.
- Illinois Transaction Fee Response: Flutter announced that due to a new state-imposed betting transaction fee effective July 1, 2025, its US brand FanDuel will introduce a $0.50 fee per bet in Illinois starting September 1, 2025.
- CEO Commentary: CEO Peter Jackson noted the fee would disproportionately impact lower wagering recreational customers and could drive bettors toward unregulated operators.
- AGM held on June 5, 2025 resulted in the approval of multiple resolutions, including director elections and key equity plan updates.
- The Amended Omnibus Equity Incentive Plan was approved, increasing share issuance capacity from 1.77M to 8.52M shares and clarifying vesting terms.
- Shareholders also endorsed the 2025 Employee Share Purchase Plan and a revised Sharesave Scheme with a lower discount and fixed share allocation.
- Detailed voting results were disclosed for all proposals, reflecting strong shareholder support.
- Senior secured notes were issued by Flutter Treasury DAC totaling $1,000 million USD, €550 million EUR, and £450 million GBP, all at par value with semi-annual interest, demonstrating a diversified funding approach.
- The company raised an additional $750 million through Third Incremental Term B Loans, maturing on June 4, 2032, with interest rates based on ABR or Adjusted Term SOFR plus applicable margins.
- Proceeds from these financings will be used to repay amounts under a Bridge Credit Agreement linked to the acquisition of Snaitech S.p.A., support general corporate purposes, and cover associated transaction fees.
- Flutter Entertainment plc announced the pricing of notes consisting of $1,000 million of USD-denominated 5.875% senior secured notes due 2031, €550 million of EUR-denominated 4.000% senior secured notes, and £450 million of GBP-denominated 6.125% senior secured notes, with settlement expected on or around June 4, 2025.
- The company also announced the pricing of its new U.S. dollar-denominated term loan facility (Third Incremental TLB Facility) intended to repay a bridge facility used partly for the acquisition of Snaitech S.p.A and for general corporate purposes.
- The offering is being made only to qualified institutional buyers and subject to customary closing conditions.
- Flutter Entertainment plc announced the launch of an offering of senior secured notes in USD, EUR, and GBP with maturities due 2031, targeting a total raise of $2.8 billion to repay its bridge facility and cover related costs.
- The process also includes an initiation of a new incremental debt facility (Third Incremental TLB Facility) to support the financing strategy related to its recent acquisition of Snaitech S.p.A.
- Flutter Entertainment completed its acquisition of an initial 56% stake in Brazil’s NSX Group for a cash consideration of approximately $350m, also contributing its Betfair Brazil business.
- The transaction is expected to add approximately $220m in revenue and contribute an adjusted EBITDA loss of $70m in 2025, bolstering its competitive position in the Brazilian market.