Flutter Entertainment plc

Flutter Entertainment plc operates a portfolio of online sports betting and iGaming brands across the U.S. and international markets. Its business is built around sportsbook, iGaming, and adjacent products such as exchange betting, DFS, pari-mutuel wagering, and prediction markets, with FanDuel as the flagship U.S. brand and several local-market brands abroad.

9,5 %

45,2 %

−2,5 %

+16,6 %

0.95

0.95

— Flutter Entertainment plc
%
Sportsbook55% Sports wagering products offered through brands such as FanDuel, Paddy Power, Sky Bet, Sportsbet, Betfair and others.
iGaming35% Online casino-style games including slots, table games and related digital gaming products.
Other products10% Exchange betting, pari-mutuel wagering, DFS, prediction markets and related offerings.

Flutter sells to recreational consumers who place bets or play casino-style games through its apps and websites...

  • U.S. sportsbook usersprimary

    Customers betting on U.S. sports through FanDuel, including new and repeat bettors drawn by market access, product depth and promotions.

  • International sportsbook usersprimary

    Players using brands such as Paddy Power, Sky Bet, Sportsbet, Betfair and Sisal for regulated sports wagering in local markets.

  • iGaming playersprimary

    Users playing online casino products through PokerStars, tombola, Sisal, FanDuel and other brands for entertainment and loyalty rewards.

  • Cross-sell and multi-product playerssecondary

    Existing customers who move between sportsbook, iGaming and other products, improving lifetime value and retention.

  • Prediction market usersemerging

    Early adopters of FanDuel Predicts and similar products seeking event-based financial or sports contracts.

Flutter’s revenue is concentrated in the U.S. and a broad set of regulated international markets, with the company...

  • •U.S. is the strategic growth market, anchored by FanDuel
  • •UK and Ireland remain a major base through Sky Bet, Paddy Power and Betfair
  • •Italy, Spain-linked operations and Africa contribute to Southern Europe and Africa
  • •Australia, India and other APAC markets add scale but face local regulation
  • •Brazil and Central/Eastern Europe are important regulated growth markets

Flutter’s strategy is to expand its player base, increase player value and improve operating leverage through product...

01
Extend U.S. leadershipshort-term

The U.S. is the largest strategic growth opportunity and supports long-term scale economics.

02
Build local-hero positions in regulated marketsmedium-term

Acquiring or scaling strong local brands improves market access and customer trust.

03
Improve marketing efficiency and player economicsshort-term

Better targeting and retention raise lifetime value and reduce customer acquisition waste.

04
Deploy capital into organic investment and new productsmedium-term

Disciplined capital allocation is intended to support growth while reducing leverage over time.

Flutter is exposed to regulatory change, advertising restrictions and shifts in public policy because its products are...

high

Regulatory and market-access restrictions

Betting and iGaming depend on local licenses, advertising rules and political support.

Scope
U.S., Australia, Italy, Brazil and other regulated markets
Materiality
high
high

Cybersecurity and data protection incidents

The platform processes sensitive personal and payment data and is a target for attacks.

Scope
All digital brands and third-party service providers
Materiality
high
high

Goodwill impairment

Acquired brands must meet growth and cash-flow assumptions to avoid write-downs.

Scope
Junglee and other acquired reporting units
Materiality
high
high

Competitive pressure on customer acquisition

Operators compete aggressively on promotions, product features and media spend.

Scope
U.S. and international online betting markets
Materiality
high
medium

Economic slowdown reduces discretionary spend

Betting and gaming are entertainment purchases that can soften in weak economies.

Scope
Global consumer base
Materiality
medium
Goodwill impairment
Can create large non-cash charges and reduce operating profit
Acquisition and restructuring costs
Reduces comparability of G&A and operating margins
Revenue and promotional deductions
Affects reported revenue growth and margin trends
Share-based compensation
Impacts operating profit and adjusted-to-reported reconciliation
Fair value estimates
Can materially change goodwill and intangible asset carrying values

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: 28/04/2026