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TIME: Flutter Entertainment: 2024 TIME100 Most Influential Companies
May 30, 2024
Flutter Entertainment has earned a spot on TIME100’s list of the most influential companies in 2024. The article acknowledges Flutter as the world’s largest betting company and emphasizes key achievements. Notably, Flutter stands out as the sole gambling company featured on this year’s list.
Until 2018, sports betting was illegal in every state but Nevada. Now, some 40% of Americans say they wager on everything from which team will win the Super Bowl to which player will be crowned baseball’s rookie of the year. But how did sports betting take the us by storm?
Peter Jackson joined The Economist's “Money Talks” podcast to discuss the legalization of sports betting in the US, and how it has taken the country by storm ever since. The podcast is supplemented by an article which covers the growth and history of betting in the US, the rise of technology and how it has propelled the industry forward and created ever-improving sports betting experiences, what the future holds and where the growth lies, and safer gambling.
Listen to the podcast.
Flutter has once again topped the EGR Power 50, with its sustained US and global growth, strong momentum in the UK and Ireland, and well-executed M&A seeing Flutter hold on to the number one spot.
Read the article.
Bloomberg reported that Flutter's Q3 results were strong, with revenue up 27% to $3.25 billion, surpassing analysts' expectations of $3.03 billion. Despite a challenging start to the fourth quarter due to unfavorable betting outcomes, particularly in the NFL and parlay bets, Flutter raised its guidance, reflecting stronger-than-expected performance outside the U.S. The publication also noted that Flutter is capitalising on the booming U.S. sports betting market, having authorized a $5 billion share buyback program and significantly raised its U.S. gambling market outlook.
Read the article.
Key media coverage
The Racing Post reports that Flutter has outlined plans to help drive the growth and popularity of women's sport, citing its new "Betting on Equality" article. Flutter said that operators had "an immense opportunity to enable the growing wave of women's sports fans to engage with their favourite teams, participate on game days and build community". It also highlighted Flutter increasing its partnerships with women's sport and engaging to a greater extent on social media, given this is a key area where fans interact and follow sporting athletes and teams.
Flutter expects to more than double its core profit by 2027, as the FanDuel and Paddy Power owner bets that most Americans will eventually engage in sports betting as more states liberalise the sector. Flutter reported that it now expected its adjusted core profit to hit “over $5bn” in 2027, compared with this year’s estimate of $2.5bn. The US will account for nearly half, generating approximately $2.4bn of adjusted core profit that year. Flutter also predicts that the size of the US sports and online casino market will reach $63bn by 2030, up more than 50 per cent from its previous forecast in 2022, fuelled by rapid growth of sports betting.
Read the article.
Flutter Entertainment announced plans to repurchase up to $5 billion of its shares in response to the growing US sports betting market, which the company predicts will reach $63 billion at maturity. Flutter's revenue is expected to increase 14% annually, and the company has been expanding its business through acquisitions and internal growth. With its focus on the US market, Flutter is optimistic about its future prospects.
Read the article.
Flutter Entertainment is acquiring Italian gambling company Snaitech from Playtech for $2.56 billion in a cash deal. The acquisition aligns with Flutter's strategy to expand in international markets and is expected to boost earnings per share upon completion by the second quarter of next year. Flutter CEO Peter Jackson highlighted the strategic and financial benefits, including accelerating Snaitech’s growth by leveraging Flutter's products and global capabilities. Playtech, confirming the sale, plans to return €1.7 to €1.8 billion to shareholders through a special dividend after the deal closes.
Flutter Entertainment has agreed to acquire a 56% stake in Brazil's NSX Group for $350 million, as part of its strategy to expand internationally by investing in leading gaming companies. The deal includes Flutter contributing its Betfair Brazil business, with the option to increase its stake in NSX after five and ten years. NSX is the fourth-largest online gaming operator in Brazil, holding 12% of the sports betting market. The acquisition, pending regulatory approval, is expected to close in mid-2025.
Flutter Entertainment is set to become Italy’s biggest gambling operator”, reported the Daily Mail following Flutter’s recent €2.3billion takeover of Playtech's Snaitech. Snaitech – “one of Italy’s biggest sports betting companies” – boasts 291,000 average monthly players across 2,000 locations, and the author noted comments from CEO Peter Jackson, who said the deal was “compelling strategically and financially”. It also added that Snaitech’s growth could be accelerated by access to Flutter’s “market leading products and capabilities both in the US and globally”.
August 13, 2024
The Financial Times reported on Flutter’s Q2’s 2024 earnings, highlighting the company's dominant 51% market share in the US through its FanDuel platform. Despite rising tax costs, Jackson confirmed that Flutter won’t increase prices for customers, leveraging its strong market position to outpace competitors. With $3.6 billion in revenue last quarter, far exceeding Wall Street expectations, and a 17% increase in monthly users, Flutter continues to solidify its status as a leader in the global betting industry.
July 22, 2024
In an opinion article in the Racing Post, Ian Brown writes that based on the huge amount of customer and racing data that Flutter has as a betting operator, it is apparent that racing is facing the challenge of an ageing core audience that is not being replaced by a younger cohort. Although more funding may help in the short term, Ian urges industry players and other racing stakeholders to come together to work on "real strategic change" to resolve structural problems.
1st April 2024
The Financial Times explores how Flutter plans to try and turn its fast-growing US customer base into potential shareholders as it prepares to move its primary listing to the New York Stock Exchange. The article notes how the move to a primary listing will allow the company to meet a key criterion for potential index inclusion in the S&P 500.
January 29, 2024
This article highlights Flutter’s opportunity to gain market share and expand in the U.S. It emphasizes that Flutter already outperforms most of its competitors; however, there is a remaining opportunity to attract a greater audience as the company continues to establish its presence in the U.S.
9th November 2023
In this article, Business Insider explores how FanDuel “nabbed an early market-share lead” in US sports betting. The author focusses on the importance of the “same-game parlay” and speaks to the Flutter team leader who built the revolutionary product in response to customer engagement.
26th March 2024
The FT’s influential investment column, Lex, analyses Flutter’s financial performance in FY23, suggesting its “confidence is not misplaced”, before going on to discuss the Group’s strong growth prospects in the US market and ability to far outpace both its London-listed and US rivals.
15th January 2024
The Daily Mail picks up on Prime Minister Rishi Sunak’s praise for Paddy Power following its Prostate Cancer campaign at the World Darts Championship. The initiative saw Paddy Power donate £1 million to Prostate Cancer UK, having committed £1,000 for every 180 landed during the tournament.
8th November 2023
Last year, Sky Bet partnered with the EFL to help community organisations benefit from £6 million of funding from their “Building Foundations Fund”. You can read more about how club community organisations used the funding below.
28th September 2023
Last year, Flutter Entertainment entered the Serbian market when it acquired MaxBet in September, hoping to turn a podium position into a “gold medal position”. Read more about why this move was branded an “excellent opportunity” and welcomed by sector analysts in The Times.
30th September 2023
Steve Birch, Chief Commercial Officer of Sky Betting and Gaming, writes in an op-ed for the Yorkshire Post how Sky Bet’s partnership with the EFL is changing to continually meet the Group’s goals when it comes to promoting safer gambling and protecting vulnerable individuals from gambling harm.
28th July 2023
In this interview, CEO Peter Jackson speaks about the company’s increasing focus on the US market, and his hope that a US listing would give Flutter access to greater liquidity pools, more retail investors and a growing market. The piece notes the market leading position in the US and the importance of Flutter employees’ “technical know-how” to its success.
9th August 2023
Analysing Flutter’s H1 results, this article emphasises the jump in earnings on the back of soaring revenues in the H1. It notes that Flutter’s US business is at an inflection point regarding profitability. It flags the fact that the planned US listing would give the group access to a huge pool of US investors.
24th June 2023
While initially focusing on the potential impact of the UK government reforms, the thrust of the article is on US prospects, noting that FY23 would deliver EBITDA, marking a pivotal point for its investment.
19th February 2023
Following the US listing announcement in 2023, this article provides background on the rationale for companies choosing to list in the US. It also highlights FanDuel, in the form of analyst notes, noting that it is becoming the largest revenue contributor to the Flutter group. The piece concludes with positive commentary around shareholder value and the increased share price in the past year.
29th October 2023
Following an interview with Flutter UK&I Chief Executive Ian Brown, this article provides a constructive view on the Irish Gambling Bill, highlighting how the industry, particularly horse racing, would be affected if the Bill was passed in its form at the time of writing. The piece highlights Flutter’s already-established safer gambling measures, noting it has invested over €60 million in the UK and Ireland over the last two years. The piece includes key messages regarding the potential impact on licensed operators should the Bill be passed in its current form.
11th January 2024
An article ahead of Flutter’s trading update in January 2023 provides commentary on a submission made by Flutter to Minister James Browne regarding the gambling bill. The piece constructively analyses five key areas Flutter highlighted in a submission that it felt, where new laws were implemented, may lead to unintended consequences. The article notes Flutter’s concerns and indicates reasons as to why some areas of Bill may be unworkable from a regulation perspective.
November 10, 2023
Angela Palumbo explores Flutter’s strategic move from London to the New York Stock Exchange. She underscores the company’s potential to capture market share with its U.S.-based online sports betting giant, FanDuel, upstaging competitor DraftKings.
Flutter Entertainment, the parent company of FanDuel, announced plans to repurchase up to $5 billion of its shares in response to the growing US sports betting market, which the company predicts will reach $63 billion at maturity. Flutter's revenue is expected to increase 14% annually, and the company has been expanding its business through acquisitions and internal growth. With its focus on the US market, Flutter is optimistic about its future prospects.
Read article here.
January 1, 2024
Katherine Sayre delves into the parallels between sports-trading desks and financial-trading desks while exploring the strategic considerations in sports betting by betting companies. Her main insight centers around the delicate balance these companies must strike between profitability and pricing decisions.
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