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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.
| 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?
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 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.
- Strong Q1 2025 financial turnaround: net income up by 289% and adjusted EBITDA rising by 20%, driven by the scaling of the US business .
- Robust international growth: Expansion in the US, SEA, and India fuels sustained momentum for Flutter .
- Strategic acquisitions: Completed acquisition of Snai and the anticipated NSX integration solidify accretive M&A opportunities .
- Share repurchase initiative: Launched the third tranche authorizing up to $225 million to reduce share capital from July 1, 2025 to September 30, 2025 .
- Multi-year share buyback program: Totals up to $5bn with an expected shareholder return of approximately $1bn in 2025 .
- Flutter Entertainment has completed the acquisition of Snaitech S.p.A (Snai) for cash consideration based on an enterprise value of €2.3 billion.
- The acquisition is set to bolster its position in Italy with an anticipated rise in online market share to approximately 30%, and is expected to deliver at least €70 million in cost synergies plus €10 million in capex synergies over three years.
- The deal was financed through a €2.5 billion senior secured facility via a Bridge Credit Agreement, which matures in April 2026.
- Flutter Entertainment plc will release its first quarter 2025 financial results on May 7, 2025, after the market closes at 4:05 p.m. EDT.
- The company will host a conference call on May 7, 2025, at 4:30 p.m. EDT to review the results and answer questions.
- Flutter Entertainment plc filed an 8-K using Standard Form TR-1 to notify about major holdings changes, fulfilling relevant disclosure requirements.
- The notification indicates that The Capital Group Companies, Inc. crossed the threshold on 09-Apr-2025.
- Updated details reveal that the resulting voting rights position amounts to approximately 14.93%.
- Flutter Entertainment has received all necessary antitrust, gaming, and regulatory confirmations to acquire Snai, a leading omni-channel operator in Italy, the largest regulated market in Europe.
- The acquisition from a subsidiary of Playtech is valued at $2.3 billion in cash, with the transaction expected to complete by the end of April and further updates in Q1 2025 results on May 7, 2025.
- Flutter Entertainment plc filed an 8-K on March 24, 2025, disclosing a block listing application for 1,740,000 ordinary shares that are to be issued under various equity incentive and share save schemes.
- The shares, which will be fully paid and rank pari passu with existing ordinary shares, are set for admission to trading on the London Stock Exchange’s main market, with the listing effective on March 26, 2025.
- The announcement was also made via a Regulatory News Service in London to comply with local disclosure requirements.