Flutter Entertainment plc (Flutter) and its subsidiaries operates as a global online sports betting and iGaming entity.
The company consists of a diverse portfolio of leading recreational brands and products with a broad international reach. The company operates some of the world’s most distinctive online sports betting and iGaming brands which offer its principal product categories of sportsbook, iGaming and other products (exchange betting, pari-mutuel wagering and daily fantasy sports (‘DFS’...
Flutter Entertainment plc (Flutter) and its subsidiaries operates as a global online sports betting and iGaming entity.
The company consists of a diverse portfolio of leading recreational brands and products with a broad international reach. The company operates some of the world’s most distinctive online sports betting and iGaming brands which offer its principal product categories of sportsbook, iGaming and other products (exchange betting, pari-mutuel wagering and daily fantasy sports (‘DFS’)).
These products are offered by FanDuel (sportsbook, iGaming and other products in the company’s the United States (‘U.S.’) division), Sky Betting & Gaming (sportsbook and iGaming products), Sportsbet (sportsbook products), PokerStars (iGaming products), Paddy Power (sportsbook and iGaming products), Sisal1 (sportsbook and iGaming products ), tombola (iGaming products), Betfair (sportsbook, iGaming and other products), TVG (other products), Junglee Games (iGaming and other products) and Adjarabet (iGaming products). In January 2024, the company acquired a 51% controlling stake in MaxBet, a leading omni-channel sports betting and gaming operator in Serbia, which offers sportsbook and iGaming products and is included in its International division.
Segments
The company operates through four segments: U.S., UK & Ireland, Australia, and International.
The U.S.
The U.S. segment offers sports betting, casino, DFS and horse racing wagering products to players across various states in the United States, mainly online but with sports betting services also provided through a small number of retail outlets and certain online products in the province of Ontario in Canada. The U.S. division consists of the following brands: FanDuel and TVG. Effective January 1, 2024, subsequent to the company’s decision to close the sports betting platform FOX Bet, it reorganized how the PokerStars (U.S.) business is managed which resulted in a change in operating segment composition. As of the end of fiscal 2024, FanDuel online sportsbook was available in 23 states, FanDuel online casino was available in 5 states, FanDuel paid DFS offering was available in 44 states, FanDuel or TVG online horse racing product was available in 32 states, FanDuel free-to-play products were available in all 50 states.
UK & Ireland
The UK & Ireland (‘UKI’) segment offers sports betting (sportsbook), iGaming products (games, casino, bingo and poker) and other products (exchange betting) through the Sky Betting & Gaming, Paddy Power, Betfair and tombola brands. Although the UKI brands mostly operate online, this division also included the company’s Paddy Power betting shops in the United Kingdom and Ireland as of December 31, 2024.
International
The International segment includes operations in over 100 global markets and offers sports betting, casino, poker, rummy and lottery, mainly online. Sisal, the leading iGaming operator in Italy, is the largest brand in the international division following its acquisition in August 2022. The International division also includes PokerStars, Betfair International, Adjarabet, Junglee Games and most recently MaxBet. In January 2024, the company acquired an initial 51% controlling stake in MaxBet, a leading omni-channel sports betting and gaming operator in Serbia. In addition, effective January 1, 2024, subsequent to the company’s decision to close the sports betting platform FOX Bet, it is reorganized how the PokerStars (U.S.) business is managed which resulted in a change in operating segment composition. From January 1, 2024, PokerStars (U.S.) is included in the International segment as opposed to the U.S. segment. The Group continues to diversify internationally and is taking its online offering into regulated markets with a strong gambling culture and a competitive tax framework under which the Group has the ability to offer a broad betting and iGaming product range.
Australia
The Australia segment offers online sports betting products through the Sportsbet brand, which operates exclusively in Australia and offers a wide range of betting products and experiences across local and global horse racing, sports, entertainment and major events.
Products
The company’s principal products include sportsbook, iGaming and other products, such as exchange betting, pari-mutuel wagering and DFS. For fiscal 2024, 56% of its revenue was derived from sportsbook, 40% of its revenue was derived from iGaming, and 4% of its revenue was derived from other products, while 91% of its revenue at the Group level was generated from the company’s online businesses. The company’s online operations are complemented by retail shops, mainly in the United Kingdom, Ireland, Italy and Serbia. In each market, the company typically offers sports betting, iGaming, or both, depending on the regulatory conditions of that market.
Sportsbook
The company’s sportsbook offerings, such as FanDuel, Sportsbet or Sky Betting & Gaming, involve a customer placing a bet (wager) on various types of sporting events at fixed odds determined by it. Bets are made in advance of the sporting event that will determine the outcome of the wager. In the event the specified outcome occurs, the customer wins the bet and is paid out based upon the odds assigned at the time of the bet.
iGaming
The company offers its customers peer-to-business (‘P2B’) iGaming products, peer-to-peer (‘P2P’) iGaming products and lottery products.
The company’s P2B iGaming products involve customers betting against the house. The company’s iGaming products allow customers to bet on a range of games of chance, such as online casino, bingo and machine gaming terminals. The company provides a combination of third-party content and proprietary games, reflecting a shift to in-house developed products to differentiates it from its competitors. The company’s iGaming offerings typically include the full suite of games available in land-based casinos, such as blackjack, roulette and slot machines.
The company’s P2P iGaming products include poker and rummy. As P2P operators, the company is generally not exposed to the risks of game play or the outcome of the game, as it typically takes a rake or commission from the game play.
The company also offers its customers lottery products through its Sisal brand under fixed term licenses known as lottery concessions in various jurisdictions. For example, SuperEnalotto, Win for Life, VinciCasa, Eurojackpot, and SiVincTutto operate in Italy, Sisal Sans operates in Turkey and Sisal Loterie Maroc operates in Morocco.
Other
The company includes within other products revenue its P2P sports betting products, which involve customers playing/betting against each other and not against the house, where the company makes a commission on the bets. The company’s sports betting P2P products include the Betfair betting exchanges, DFS offered by FanDuel and Junglee Games and horse racing wagering offered under the TVG brand.
Marketing
The company utilizes a variety of marketing channels, including paid external advertising through traditional and digital media, compelling new player and event-driven promotions and paid affiliate programs. The company uses proprietary models and software tools to track the efficacy of these marketing campaigns in real-time, giving it the ability to constantly evaluate and optimize the company’s marketing strategies as necessary.
The company also relies on successful cross-promotion across its product offerings and consequently has developed ways to minimize friction between the company’s offerings. For example, the company’s FanDuel Sportsbook app features an embedded iGaming offering in states where iGaming is permissible so players can play a subset of casino games without leaving the sportsbook app. Aside from traditional marketing channels, the company also enters select media, sports and entertainment partnerships that support and accelerate its long-term strategic initiatives. Where possible, the company will enter exclusive relationships to further align interests. The company have also historically partnered with athletes and celebrities that share its values to promote the company’s brand. For example, in the United States, the company has strategically partners with some of the leading news, sports and entertainment companies, including CBS, Fox Sports, and The Ringer. Additionally, the company has ongoing commercial relationships with Sky, which allows it to use the Sky (e.g., Sky Betting and Gaming) brands and integrate with Sky’s commercial and advertising platforms pursuant to several contractual agreements.
Furthermore, in the United States, the company are: (i) an official sports betting partner, official sportsbook, official one-day fantasy partner, official one-day fantasy game, and official marketing partner and authorized gaming operator of the NBA; (ii) an official sponsor/partner, official sportsbook sponsor/partner, official sports betting sponsor/partner and official free to play sponsor/partner of the NFL; (iii) an official sports betting sponsor/partner of MLB; (iv) an official sports betting/wagering partner, official daily fantasy game, official daily fantasy hockey game, official daily fantasy partner, official fantasy partner and official partner of the NHL; (v) an official sportsbook, official daily fantasy partner, official marketing partner, official partner and authorized gaming operator of the WNBA; (vi) an official betting operator of the PGA TOUR; (vii) an official sports betting partner of TGL; (viii) an authorized gaming operator of NASCAR; (ix) an authorized gaming operator of MLS; (x) an official sportsbook partner of the Professional Women’s Hockey League (PWHL); and (xi) an official partner of the Women's Lacrosse League. The company also have partnerships with 26 professional teams across these and other leagues.
Licenses
The company is licensed or approved to offer its betting and iGaming products (including under third-party betting and gaming licenses) in various jurisdictions worldwide, including in the United States, the United Kingdom, the Republic of Ireland, Australia, Italy and in several other countries. The company’s gaming licenses generally fall under two categories: (i) jurisdictions where its relevant operating subsidiary has either obtained a local betting and gaming license directly from the local gaming authority or where the company offers its product offerings under a third-party betting and gaming license through a third-party relationship on a business-to-business basis and (ii) jurisdictions where the company’s real-money iGaming products are offered pursuant to a ‘multi-jurisdictional’ gaming license instead of a local license.
Flutter operates in multiple jurisdictions with various licensing obligations and cultural nuances. The company has taken a principle-based approach to its safer gambling strategy (‘Play Well’), which it launched in March 2021. Similar to the company’s commercial strategy, each division has ownership of their safer gambling strategy (including policy and process) that aligns with their regulatory obligations and its Play Well principles.
United States
The company relies on skins tethered to land-based casinos, tribes, professional sports franchises and arenas and horse racing tracks to access a number of markets through a skin. The company’s licenses in the U.S. states are generally granted for a predetermined period (typically ranging from one to four years) or require documents to be supplied on a regular basis to maintain them.
The market access partnership agreements that the company enters with each of its partners provides the company with a skin that allows it to offer its online sports betting and iGaming products in the state or province where such partner is licensed. The company’s market access partners include Boyd Gaming Corporation, one of the largest and most experienced gaming companies in the United States. The company’s partnership with Boyd Gaming Corporation brings together two of the largest and most geographically diversified companies in the U.S. gaming industry and provides it with first skin access (i.e., access to the online sports betting and iGaming market of a given state or province through the use of the first skin granted by a state to a land-based gaming entity with an existing license) for online sports betting in all jurisdictions where Boyd Gaming Corporation holds gaming licenses, with the exception of Nevada and California.
Sportsbook and iGaming
The company operates FanDuel retail sportsbook locations in states that has authorized retail sports wagering in licensed brick-and-mortar facilities and offers its FanDuel iGaming and sportsbook products in states which has authorized iGaming or online sportsbook products, respectively. In both cases, the company has obtained and maintain the requisite licenses. The company’s FanDuel sportsbook operates in Arizona, Colorado (online only), Connecticut, Illinois, Indiana, Iowa, Kansas, Kentucky (online only), Louisiana, Maryland, Massachusetts (online only), Michigan, Mississippi (retail only), New Jersey, New York, North Carolina (online only), Ohio, Pennsylvania, Tennessee (online only), Vermont (online only), Virginia (online only), Washington (retail only), Washington D.C., West Virginia and Wyoming (online only). The company operates FanDuel iGaming in Connecticut, New Jersey, Pennsylvania, Michigan, West Virginia and Ontario in Canada. The company’s PokerStars iGaming product operates in Michigan, New Jersey, Pennsylvania and Ontario in Canada. The company complies with each state’s requirements for offering its products, including utilizing appropriate procedures and technology to ensure that wagering on the company’s PokerStars iGaming, FanDuel iGaming and FanDuel sportsbook products will only be accessible to eligible persons physically present in a state in which the company or one of its subsidiaries is licensed to offer online sportsbook products.
Online Horse Racing Wagering
The company also operates TVG, which operates two nationally distributed television networks, FanDuel TV and FanDuel Racing, the latter of which is devoted to the sport of horse racing. TVG also operates a state licensed and regulated pari-mutuel advance deposit wagering service under both the TVG and FanDuel Racing brands that facilitates pari-mutuel wagers on horse races from residents of 32 states.
Daily Fantasy Sports
The company’s FanDuel DFS product offers paid-entry contests in 44 states and the District of Columbia (and free-to-play contests in all 50 U.S. states and the District of Columbia) based on the laws governing fantasy sports in those individual jurisdictions. These laws fall into two categories: (i) jurisdictions that has enacted explicit laws that declare fantasy sports contests lawful games of skill (and in many cases regulate the operation of fantasy sports businesses) and (ii) jurisdictions in which the existing jurisdictional laws are interpreted in a manner to permit fantasy sports contests as lawful games of skill.
United Kingdom and Ireland
United Kingdom
The company holds online and retail betting and online gaming operating licenses, as well as remote gambling supplier licenses, issued by the UKGC and the services that it offers to the company’s customers in Great Britain are offered pursuant to these licenses.
International
Italy
The company is active in the Italian online and retail betting, lotteries and iGaming market through its brands Betfair, PokerStars, tombola and Sisal, which, in each case, all hold concessions issued by the Italian Customs and Monopolies Agency.
Spain
In Spain, the company’s PokerStars, Betfair and tombola brands are licensed by the Dirección General de Ordenación del Juego (DGOJ), enabling it to offer a number of betting and iGaming products locally.
India
In India, the company’s Junglee Games brand operates games, such as Howzat, Junglee Rummy, Junglee Poker, PokerStars India and Junglee Ludo which come within the ambit of the Rules.
Georgia
In Georgia, the company’s Adjarabet brand is licensed by the Revenue Service of Georgia (LEPL), enabling it to offer betting and iGaming products in Georgia.
Armenia
In Armenia, the company’s Adjarabet brand holds respective licenses issued by the MoF, enabling it to offer betting and iGaming products locally.
Multi-jurisdictional Licenses
Through certain of the company’s subsidiaries, it holds gambling licenses in Malta and Alderney, which are often referred to as ‘multi-jurisdictional’ or ‘point-of-supply’ licenses (as opposed to the local, territory-specific or ‘point-of-consumption’ licenses). These multi-jurisdictional licenses are used by the company’s various subsidiaries to supply its online gambling products to persons located in jurisdictions where the company does not possess a local, territory-specific or point-of-consumption gambling licenses.
Accordingly, the company relies on the fact that its supply of online gambling product offerings is lawfully licensed or approved within the jurisdiction of origin (i.e., Malta or Alderney in this case) as the rationale for its lawful offer of gambling product offerings to other jurisdictions where either: (i) such other jurisdictions has not established a regulatory and licensing framework for online gambling; (ii) the availability to citizens of online gambling hosted outside their jurisdictional boundaries is not clearly prohibited by the law of the jurisdiction; or (iii) the local laws of such other jurisdiction lack extra-territorial effect, including where local law is contrary to any supra-national law from which the company benefits.
Alderney
Sky Bet holds Category 1 and Category 2 eGambling licenses, which permits the company to host remote gambling equipment in Guernsey and to offer sports betting, virtual sports, bingo, casino games and poker to its online customers based in the Isle of Man, the Channel Islands and, the Republic of Ireland in respect of bingo, casino games and poker.
Malta
In addition to renewable business-to-business licenses, the company also holds renewable business-to-consumer licenses covering sports betting, peer to peer betting exchanges, games of skill (including poker), casino and games.
Under the Maltese Gaming Act, the company is required to make monthly compliance contributions that are payable in Malta and are calculated based on its revenue from online betting and iGaming offered through the company’s Maltese gaming licenses. With respect to online betting and iGaming offered under the company’s Maltese gaming licenses to customers in certain other jurisdictions, it also pays applicable gaming duty or VAT in those jurisdictions on some or all the online betting and iGaming offerings in those jurisdictions.
Other Licenses
The company received a provisional license from the Ministry of Finance, Brazil on December 31, 2024, and launched Betfair in Brazil on January 1, 2025. On February 7, 2025, the company received a full license from the Ministry of Finance, Brazil.
Australia
The company’s Australian division holds a renewable sports bookmaker license to conduct sports betting, as issued to Sportsbet Pty Ltd by the NTRWC under the Racing and Wagering Act. The company’s real-money iGaming product offerings are not offered to persons physically located in Australia.
Fox Option on Interest in FanDuel Group Parent LLC
In connection with its acquisition of The Stars Group (‘TSG’), the company and FSG Services LLC (‘Fox’) entered into a legally binding term sheet (the ‘Fox Option Term Sheet’) that, among other things, granted Fox a call option (the ‘Fox Option’) to acquire from it 18.6% of the then-outstanding investor units (the ‘Fastball Units’) in FanDuel Group Parent LLC (‘FanDuel Parent’ and, together with its consolidated subsidiaries, ‘FanDuel’) that were the subject of a put and call option between the company and Fastball Holdings LLC (‘Fastball’).
Intellectual Property
The company’s key trademarks and domain names include, among others:
Group: ‘FLUTTER ENTERTAINMENT’;
U.S. division: ‘FanDuel,’ ‘FanDuel Sportsbook,’ ‘www.fanduel.com’ and ‘www.tvg.com’;
UKI division: ‘PADDY POWER,’ ‘PADDY POWER BETFAIR,’ ‘www.betfair.com,’ ‘www.paddypower.com’ and ‘www.paddypower.ie’;
Australia division: ‘SPORTSBET’ and ‘www.sportsbet.com.au’; and
International division: ‘FLUTTER INTERNATIONAL,’ ‘JUNGLEE GAMES,’ ‘POKERSTARS,’ ‘BETFAIR,’ ‘SISAL,’ ‘ADJARABET,’ ‘MAXBET SLOT CLUB,’ ‘www.pokerstars.com,’ ‘www.betfair.com,’ ‘www.sisal.it,’ ‘www.jungleegames.com,’ ‘www.maxbet.rs’ and www.adjarabet.com.
History
Flutter Entertainment plc was incorporated in 1958.
