Flutter Entertainment (FLUT) Company Report

FanDuel, a subsidiary of Flutter Entertainment, launched its mobile sportsbook in Missouri on December 1, 2025, marking the 25th state or territory where the company offers mobile sports betting.
The launch is accompanied by $600,000 in community investments, including $300,000 to Guns 'N Hoses in St. Louis and $300,000 to the Veterans Community Project in Kansas City.
New customers in Missouri can receive $300 in Bonus Bets when they make a first wager of at least $5.

4 days ago

Press Release

Flutter Entertainment plc Notes UK Gaming Tax Changes and Expected Financial Impact

FLUT

Guidance Update

Profit Warning

Flutter Entertainment plc has noted significant changes to UK gaming taxation announced by the UK Government in its autumn budget.
Effective April 2026, iGaming tax will increase by 19 percentage points to 40 percent, and effective April 2027, Sports betting tax (excluding horseracing) will increase by 10 percentage points to 25 percent.
These tax increases are expected to have an adjusted EBITDA impact on Flutter of approximately $320 million in fiscal 2026 and $540 million in fiscal 2027 before mitigation.
After first order mitigation efforts, the net impact on adjusted EBITDA is projected to be $235 million in 2026 and $339 million in 2027.
Flutter anticipates further mitigation opportunities, including market share gains and operational efficiencies, to help offset the impact in the medium-term.

Nov 26, 2025, 9:14 PM

8-K

Flutter Entertainment Reports Q3 2025 Results, Updates Full-Year Guidance, and Announces FanDuel Predicts Launch

FLUT

Earnings

Guidance Update

Product Launch

Flutter Entertainment reported Q3 2025 revenues 17% ahead year over year and adjusted EBITDA 6% higher, but a net loss of $789 million (compared to $114 million in Q3 2024) primarily due to a $556 million non-cash impairment charge related to regulatory changes in India and a $205 million payment to Boyd for US market access terms.
The company is reducing its full-year 2025 adjusted EBITDA outlook by $280 million due to customer-friendly sports results and increased Q4 investment, with updated guidance for group revenue at $16.69 billion and adjusted EBITDA at $2.915 billion (midpoints).
Flutter announced the launch of FanDuel Predicts in December, expanding into prediction markets in US states without sports betting, anticipating an incremental EBITDA cost of $40-$50 million in Q4 2025 and $200-$300 million in 2026.
The company continued its capital return program with share repurchases of $225 million in Q3 2025 and $245 million in Q4 2025, completing its authorized program for the year, and plans a Q1 2026 repurchase of up to $250 million.

Nov 12, 2025, 9:30 PM

Transcript

Flutter Entertainment plc Announces Q3 2025 Results, Updates Full-Year Guidance, and Launches FanDuel Predicts

FLUT

Earnings

Guidance Update

Product Launch

Flutter Entertainment plc reported Q3 2025 revenue of $3,794 million, a 17% increase year-over-year, and adjusted EBITDA of $478 million, up 6% year-over-year.
The company recorded a net loss of $789 million for Q3 2025, primarily driven by a $556 million non-cash impairment charge due to Indian regulatory changes and a $205 million payment to Boyd to revise US market access terms.
Flutter updated its full-year 2025 guidance, now expecting Group revenue of $16.69 billion and adjusted EBITDA of $2.915 billion at the midpoint, reflecting reductions of $570 million and $380 million respectively from previous guidance.
The company announced the launch of "FanDuel Predicts" in December, a new prediction market product designed to offer sports markets in states without access to regulated sports betting, expanding the FanDuel customer ecosystem.

Nov 12, 2025, 9:08 PM

8-K

Flutter Entertainment plc: BlackRock adjusts major holdings

FLUT

BlackRock, Inc. notified Flutter Entertainment plc of a change in its major holdings, indicating an acquisition or disposal of voting rights.
The threshold for this change was crossed on October 2, 2025, with the issuer being notified on October 3, 2025.
As of October 2, 2025, BlackRock, Inc.'s total voting rights in Flutter Entertainment plc were 5.25%, consisting of 4.94% attached to shares and 0.31% through financial instruments, totaling 9,262,149 voting rights.
This represents a decrease from BlackRock's previous notification position of 5.42% total voting rights.

Oct 6, 2025, 3:37 PM

8-K

Flutter's FanDuel Announces Partnership

FLUT

New Projects/Investments

Product Launch

Flutter's FanDuel announced a new partnership.
This partnership, announced in August, is with CME and aims to offer contracts for events.

Sep 2, 2025, 8:00 PM

CNBC Television

Flutter Entertainment Highlights Strong Q2 US Performance and Strategic Progress

FLUT

Earnings

New Projects/Investments

Share Buyback

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.

Aug 13, 2025, 4:30 PM

Flutter Entertainment Completes Full FanDuel Acquisition, Extends Boyd Partnership

FLUT

M&A

New Projects/Investments

Debt Issuance

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.

Jul 31, 2025, 3:36 PM

Morningstar

Flutter Acquires Full Ownership of FanDuel

FLUT

M&A

Debt Issuance

New Projects/Investments

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.

Jul 11, 2025, 12:00 AM

8-K

Flutter Responds to New Illinois Transaction Fee

FLUT

New Projects/Investments

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.

Jun 10, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Flutter Entertainment.

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