Flutter Entertainment PLC

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Flutter Entertainment Plc engages in the business of online betting and gaming. It operates through the following segments: UK and Ireland, Australia, International, and US. The UK and Ireland segment includes the operations of Sky Betting and Gaming, Paddy Power, Betfair, and tombola. The Australia segment focuses on sports betting services provided to Australian customers online. The International segment relates to poker, casino, rummy, lottery, and sports betting. The US segment includes sports betting, daily fantasy sports, and gaming services. The company was founded in 1988 and is headquartered in New York, NY.

Flutter Entertainment PLC's (LSE:FLTR) recent share price dip is unjustified, according to analysts at investment bank Berenberg. After hitting a peak of £175 earlier in the year, the price is now £148.40, though the shares are now traded in the US primarily as today completed its move from London to the New York stock exchange.

Flutter has lots of appeal despite shift to US, says Berenberg

DUBLIN, IRELAND / ACCESSWIRE / May 31, 2024 / Flutter's primary listing now on the New York Stock Exchange. Flutter Entertainment plc ("Flutter" or the "Company") (NYSE:FLUT)(LSE:FLTR) announced today that its primary listing is now on the New York Stock Exchange ("NYSE").

Flutter Entertainment PLC Announces Transition to US Primary Listing Complete

Paddy Power owner Flutter Entertainment PLC (LSE:FLTR) has officially switched its primary listing from the London Stock Exchange to the New York Stock Exchange, effective today. It marks an “important milestone in the evolution of Flutter”, said chief executive Peter Jackson.

FanDuel owner Flutter officially shifts listing to US, new finance chief in tow

Flutter , the world's largest online betting firm, named Rob Coldrake as its new group CFO on Friday and said current group finance head Paul Edgecliffe-Johnson would be stepping down from his role as group CFO and executive director.

Online betting firm Flutter names Rob Coldrake as new group CFO

DraftKings

Sports-betting stocks like DraftKings (DKNG) and FanDuel parent Flutter Entertainment (FLUT) are sliding Tuesday following the Illinois Senate passage of a new state budget that includes a new progressive tax rate on such firms.

Sports-Betting Stocks Drop as Illinois Senate Passes Budget Raising Tax Scale

Flutter Entertainment PLC (LSE:FLTR) shareholders were dealt offsuits on Monday when the betting big cap's shares were sent 5% lower in opening exchanges. The Paddy Power and FanDuel owner, which is in the process of switching its primary listing stateside, is responding to a bill passed in the Illinois Senate to impose a 40% maximum tax on betting revenue.

Flutter shareholders dealt a blow following Illinois sports betting bill

DraftKings stock and FanDuel-parent Flutter Entertainment both fell after the Illinois Senate advanced a budget that would more than double online sports betting taxes.

DraftKings, FanDuel Stocks Blitzed By 140%+ Illinois Tax Hike

This new move would make Illinois the second most expensive state for online sports gambling companies to operate in.

DraftKings and FanDuel Stocks Drop on Sports Betting Tax Hike

Shares of DraftKings and FanDuel owner Flutter Entertainment traded lower on Tuesday after the Illinois Senate passed a bill that includes a sports-betting tax hike.

DraftKings and FanDuel parent hit by Illinois sports-tax legislation

Sky Bet owner Flutter Entertainment PLC (LSE:FLTR) has undergone a mixed week following the release of its first-quarter results on Tuesday. Shares initially tumbled 3% after it reported net losses widening to $177 million from $111 million and a 16% revenue lift.

Flutter sales dented by March Madness, says broker

Flutter Entertainment plc (NYSE:FLUT ) Q1 2024 Earnings Conference Call May 14, 2024 6:30 AM ET Company Participants Paul Tymms – Investor Relations Peter Jackson – Chief Executive Officer Paul Edgecliffe-Johnson – Chief Financial Officer Conference Call Participants Ed Young – Morgan Stanley Jordan Bender – Citizens JMP Monique Pollard – Citi Clark Lempen – BTIG Ryan Sigdahl – Craig-Hallum Capital Group Joe Stauff – Susquehanna Robert Fishman – MoffettNathanson Dan Politzer – Wells Fargo Paul Ruddy – Davy Simon Davies – Deutsche Bank Ben Shelley – UBS James Rowland Clark – Barclays Andrew Tam – Redburn Atlantic Joe Thomas – HSBC Operator Good morning, and welcome to the Flutter First Quarter 2024 Earnings Call hosted by CEO, Peter Jackson; and CFO, Paul Edgecliffe-Johnson. Please note, this conference is being recorded and for the duration of the call your lines will be in listen-only.

Flutter Entertainment plc (FLUT) Q1 2024 Earnings Call Transcript

Britain should stop taxing people for trading shares if it wants to help reignite its stock market, the chief executive of Sky Bet owner Flutter Entertainment PLC (LSE:FLTR) said. Peter Jackson, the CEO of Flutter, argued the removal of the 0.5% stamp duty tethered on when buying shares could help the LSE grow, having recently faced an exodus of companies either being taken private or moving countries.

UK should scrap stamp duty for stocks, says Flutter boss

The justification for betting giant Flutter Entertainment PLC (LSE:FLTR)'s primary listing to the US was writ large in today's first-quarter results. US revenues, which largely comprise its subsidiary FanDuel, grew 32% and turned an adjusted profit of $26 million compared to a loss of $53 million in the previous year.

Flutter's losses widen, but US sales soar as listing looms

​Flutter Entertainment Releases First Quarter 2024 Financial Results DUBLIN, IRELAND & TORONTO, ONTARIO / ACCESSWIRE / May 14, 2024 / Flutter Entertainment (NYSE:FLUT)(LSE:FLTR), the world's leading online sports betting and iGaming operator, today announced results for Q1 20241. Key financial highlights: Three months ended March 31 In $ millions except percentages and average monthly players 2024 2023 YOY Average monthly players (AMPs) ('000s)2 13,722 12,349 +11 % Revenue 3,397 2,918 +16 % Net loss (177 ) (111 ) (59 %) Adjusted EBITDA3,4 514 352 +46 % Adjusted EBITDA Margin 3 15.1 % 12.1 % +310bps Net loss per share($) (1.10 ) (0.58 ) (92 %) Adjusted earnings per share ($)3 0.10 0.69 (85 %) Net cash provided by/(used in) operating activities 337 (49 ) Adjusted Free Cash Flow 3 157 (50 ) Leverage ratio (December 2023 3.1x)3,4 2.8 x Group strategy delivering continued strong growth with revenue +16% US produced another excellent quarter; AMPs2 +15% and revenue +32%, despite unfavorable sports results in the second half of March: FanDuel #1 brand in both sportsbook (net gaming revenue (NGR) share 52%; gross gaming revenue (GGR) share 46%) and iGaming (record GGR share of 27%) in Q1 20245 Very successful launch in North Carolina with 5.3% adult population signed up to FanDuel in first 45 days; new player acquisition in pre-2022 states +12%; projected payback in line with historic trends6 Product enhancements driving iGaming player (AMPs2 +34%) and revenue (+49%) growth FanDuel a founding member of the Responsible Online Gaming Association (ROGA) Group Ex-US AMPs2 +10% and revenue +8% benefitting from strong performance in iGaming (revenue +15%) and the acquisition of MaxBet in January: Improved iGaming cross-sell rates in UKI driven by product improvements In International, Sisal delivered market share gains in Italy, with iGaming performance mitigating the impact of unfavorable sports results US primary listing expected to become effective on May 31, 2024 Q1 2024 financial overview Net loss of $177m, $66m higher year on year, after non-cash charges of $356m due to (i) $172m acquired intangibles amortization; and (ii) $184m (Q1 2023 $64m) fair value change in Fox Option liability Group AdjustedEBITDA3 of $514m, +46%: US Adjusted EBITDA3 of $26m (Q1 2023 -$53m), driven by strong revenue growth and significant operating leverage; Adjusted EBITDA margin3 +680bps, despite continued disciplined US player acquisition investment Group Ex-US Adjusted EBITDA3 of $488m +20%, reflecting increased revenue and Adjusted EBITDA margin3 expansion of 260bps, primarily driven by sales and marketing leverage and a one-offcredit from the settlement of historic litigation Group's financial growth algorithm driving Adjusted EBITDA Margin3 accretion, +310bps to 15.1% Net loss per share and adjusted earnings per share decreases of $0.52 and $0.59 primarily due to the Fox Option charge (-$1.04), offsetting improved financial performance Net cash provided by operating activities increased $386m to $337m primarily driven by the strong operational performance converting into cash and year on year movement in US player deposits Adjusted Free Cash Flow3 of $157m (Q1 2023 -$50m) and leverage ratio3,4 of 2.8x at March 31, 2024 based on last 12 months Adjusted EBITDA3 (December 31, 2023 3.1x), both benefitting from improved financial performance year on year 2024 Outlook Remain confident in financial year 2024 guidance7 provided at financial year 2023 results announcement on March 26, 2024, despite unfavorable US sports results in the last two weeks of March Peter Jackson, CEO, commented: "We have had an excellent start to the year.

Flutter Entertainment PLC Announces Q1 2024 Financial Results

Flutter Entertainment PLC (LSE:FLTR), the owner of Paddy Power and Sky Bet, will be providing one of its last quarterly updates on the London Stock Exchange on Tuesday 14 May. Shareholders voted last month in favour of moving its primary listing over to the US, following the success of its sportsbook FanDuel and the growing divide in valuations overseas.

Flutter to prep for US switch in upcoming results, says analyst

Flutter Entertainment plc is focusing on the revival of horse racing as a valuable business for sports betting.

Flutter: Nurturing The Kentucky Derby, A Possible One Event Betting Phenomenon

FanDuel is reportedly preparing to switch its public listing to the U.S. markets. Shareholders in Flutter Entertainment, FanDuel's Ireland-based owner, have voted to move the online betting group's listing from London to the New York Stock Exchange, Bloomberg News reported Wednesday (May 1).

FanDuel Picks NY Over London for Primary Listing

Another high-profile UK technology business is to pack its bags and head for the US after gaming giant Flutter shareholders approved a shift of primary listing to New York. A resounding 98% of owners voted for the move with the Flutter likely to complete the journey across the Atlantic by the end of the month.

Flutter shareholders vote overwhelmingly to shift listing to US

Flutter Entertainment to Report First Quarter 2024 Financial Results and Host a Conference Call on May 14, 2024 DUBLIN, IRELAND AND TORONTO, ON / ACCESSWIRE / April 23, 2024 / Flutter Entertainment plc ("Flutter") (LSE:FLTR)(NYSE:FLUT), the leading online sports betting and iGaming operator, today announced that it will release its first quarter 2024 financial results on Tuesday, May 14, 2024 at 7:00 a.m. BST (2:00 a.m.

Flutter Entertainment PLC Announces Notice of Q1 Results

As an official partner of Churchill Downs Inc., FanDuel will bring fans unparalleled access all Derby Week with unique betting options, live FanDuel TV coverage and exclusive events NEW YORK , April 22, 2024 /PRNewswire/ -- FanDuel, North America's premier online gaming company, and the only sportsbook app where fans can place a bet on the Kentucky Derby, is sprinting out of the starting gate to help make the 150th "Run for the Roses" the most memorable yet. Through a combination of offers, activations, and industry-leading coverage, FanDuel will provide fans with unparalleled access for the race, on the ground and beyond.

CELEBRATE THE 150TH KENTUCKY DERBY WITH FANDUEL, THE ONLY SPORTSBOOK APP WHERE YOU CAN BET ON THE RACE

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO Flutter announces the pricing of $525 million aggregate principal amount of 6.375% Senior Secured Notes due 2029 and €500 million aggregate principal amount of 5.000% Senior Secured Notes due 2029 DUBLIN, IRELAND and TORONTO, ON / ACCESSWIRE / April 17, 2024 / Flutter Entertainment plc ("Flutter") (LSE:FLTR)(NYSE:FLUT), today announced the pricing of an offering (the "Offering") of $525 million aggregate principal amount of USD-denominated 6.375% senior secured notes due 2029 (the "USD Notes") and €500 million aggregate principal amount of EUR-denominated 5.000% senior secured notes due 2029 (the "EUR Notes" and, together with the USD Notes, the "Notes"), each issued at 100% of their nominal value, by its subsidiary Flutter Treasury DAC (the "Issuer"). An application will be made for the Notes to be admitted to trading on The International Stock Exchange Authority Limited.

Flutter Entertainment PLC Announces Pricing of Senior Secured Notes

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN ANY JURISDICTION WHERE IT IS UNLAWFUL TO DO SO Flutter announces launch of offering of $1,050 million equivalent aggregate principal amount of Senior Secured Notes due 2029 DUBLIN, IRELAND and TORONTO, ON / ACCESSWIRE / April 16, 2024 / Flutter Entertainment plc ("Flutter") (LSE:FLTR)(NYSE:FLUT), today announced the launch of an offering (the "Offering") of $1,050 million equivalent aggregate principal amount of USD-denominated senior secured notes due 2029 (the "USD Notes") and EUR-denominated senior secured notes due 2029 (the "EUR Notes" and, together with the USD Notes, the "Notes") by its subsidiary Flutter Treasury DAC (the "Issuer"). An application will be made for the Notes to be admitted to trading on The International Stock Exchange Authority Limited.

Flutter Entertainment PLC Announces Launch of Offering of Senior Secured Notes

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Rolls-Royce Holdings PLC

Rolls-Royce, Glencore and Tesco were highlighted among several “whatever the weather” winners that are seen as enjoying multi-year sustainable advantages over rivals and upside to their shares, according to investment bank Jefferies. Drawing insights across all sector analysts, a list was drawn up of over European stocks that “can generate superior risk-adjusted returns”, with an average 19% upside in 12-month targets and 48% upside in long-view upside cases.

Rolls-Royce, ASML, Flutter, Beazley tipped among 'whatever weather winners'

Penn Entertainment

Most states have now legalized sports betting to some degree, But the industry is far from having reached its eventual potential size. Helping drive the industry's growth is the tax revenue that the states receive.

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