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    Flutter Entertainment PLC (FLUT)

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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.

    1. U.S. Segment - Offers sports betting, iGaming (casino), daily fantasy sports (DFS), and horse racing wagering through brands like FanDuel and TVG.
    2. 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.
    3. International Segment - Delivers sports betting, iGaming (casino, poker, rummy, lottery), and other services through brands like Sisal, PokerStars, Betfair International, Adjarabet, and Junglee Games.
    4. Australia Segment - Focuses on online sports betting via the Sportsbet brand.
    NamePositionExternal RolesShort 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.

    1. 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?

    2. 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?

    3. 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?

    4. 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?

    5. 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?

    Program DetailsProgram 1
    Approval DateSeptember 25, 2024
    End Date/Duration3-4 years from approval
    Total Additional Amount$5 billion
    Remaining Authorization$5 billion
    DetailsPurpose: To return capital to shareholders when organic investment or M&A opportunities are not viable. Repurchases of up to $350 million planned from November 14, 2024, through March 31, 2025, under a 10b5-1 plan.

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    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 Q1 2025 Financial Update & Share Buyback Announcement
    FLUT
    Share Buyback
    Earnings
    M&A
    Revenue Acceleration/Inflection
    • 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 .
    1 day ago
    Flutter Entertainment Completes Snai Acquisition
    FLUT
    M&A
    Debt Issuance
    • 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.
    Apr 30, 2025, 12:00 AM
    Flutter Announces Q1 2025 Financial Results and Conference Call
    FLUT
    Earnings
    • 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.
    Apr 28, 2025, 12:00 AM
    Flutter Entertainment plc Discloses Major Holdings Notification
    FLUT
    • 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%.
    Apr 23, 2025, 12:00 AM
    Flutter Achieves Regulatory Approval for Snai Acquisition
    FLUT
    M&A
    • 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.
    Apr 9, 2025, 12:00 AM
    Flutter Entertainment Initiates Block Listing Application
    FLUT
    Delisting/Listing Issues
    • 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.
    Mar 24, 2025, 12:00 AM