Flutter Entertainment
{{short description|Gambling business}}
{{Use British English|date=August 2011}}
{{Use dmy dates|date=September 2020}}
{{Infobox company
| name = Flutter Entertainment plc
| logo = Flutter Entertainment logo.svg
| type = Public
| traded_as = {{Unbulleted list | {{NYSE|FLUT}} | {{LSE|FLTR}} }}
| ISIN = IE00BWT6H894
| foundation = {{Start date and age|2016}}
| company_slogan =
| location = {{Plainlist|
- Dublin, Ireland (registered){{cite web|url=https://www.flutter.com/news-and-insights/press-release/flutter-opens-global-headquarters-in-dublin-following-an-investment-of-more-than-15-5m/|title=Flutter opens global headquarters in Dublin following an investment of more than €15.5m | publisher=Flutter Entertainment plc|access-date=20 July 2024}}{{Cite web|url=https://www.flutter.com/about-us/|title=About us|website=Flutter Entertainment}}
- New York City, US (operational){{Cite web|url=https://www.businesspost.ie/article/flutter-committed-to-ireland-as-it-moves-operational-hq-to-new-york/|title=Flutter 'committed to Ireland' as it moves operational HQ to New York|website=www.businesspost.ie}} }}
| key_people = {{ubl|
|John A. Bryant (chairman)
|Peter Jackson (CEO)
}}
| industry = Gambling
| brands = {{hlist | Betfair| FanDuel| Paddy Power| PokerStars| Sky Betting & Gaming| Sportsbet}}
| revenue = {{nowrap| {{increase}} {{£|14,048|link=yes}} million (2024)}}
| operating_income = {{increase}} £869 million (2024)
| net_income = {{increase}} £162 million (2024)
| assets = {{decrease}} £24,508 million (2024)
| equity = {{decrease}} £9,459 million (2024)
| num_employees = 27,345 (2024){{cite web|url=https://www.sec.gov/ix?doc=/Archives/edgar/data/0001635327/000162828025009852/flut-20241231.htm|title=2024 Annual Report (Form 20-F)|date=4 March 2025|publisher=US Securities and Exchange Commission|access-date=5 March 2025}}
| subsid =
| homepage = {{URL|https://www.flutter.com|flutter.com}}
| footnotes =
}}
Flutter Entertainment plc is an Irish-American multinational sports betting and gambling company. It is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange.{{cite news|url=https://www.theguardian.com/business/2024/may/01/flutter-shareholders-vote-to-move-listing-from-london-to-new-york|title=Flutter shareholders vote to move listing from London to New York|newspaper=The Guardian|date=1 May 2024|access-date=31 May 2024}} It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet. Flutter is the world's largest online betting company.{{cite news|url=https://www.reuters.com/technology/flutter-sees-profits-doubling-by-2027-authorises-5-bln-share-buyback-2024-09-25/ |title=Flutter forecasts profits to double by 2027, unveils $5 billion share buyback |newspaper=Reuters|date=25 September 2024|access-date=11 October 2024}}
History
Paddy Power and British rival Betfair agreed terms for a merger on 8 September 2015. The business is owned 52% by the former Paddy Power shareholders and 48% by the former Betfair shareholders.{{cite news|url=https://www.theguardian.com/business/2015/sep/08/paddy-power-and-betfair-merger-agreed|title=Paddy Power and Betfair merger agreed|newspaper=The Guardian|access-date=29 January 2016}} The merger was completed on 2 February 2016.{{cite news|url=https://www.independent.ie/business/paddy-power-betfair-begins-trading-after-8bn-merger-is-completed-34416034.html|title=Paddy Power Betfair begins trading after €8bn merger is completed|newspaper=Irish Independent|date=2 February 2016|author=Michael Cogley|access-date=21 September 2018}} On 5 April 2016, it was announced that 650 jobs in the United Kingdom and Ireland would be lost at the company.{{cite web|url=https://www.bbc.co.uk/news/business-35969077|title=Paddy Power Betfair to cut 650 jobs in UK and Ireland|website=BBC News Online|date=5 April 2016|author=Bill Wilson|access-date=2016-04-05}}
On 18 October 2016, the company paid out $1.1M to those who bet on Hillary Clinton in the presidential election in the United States, citing a certainty of Clinton's victory. Trump won.{{cite news|url=https://money.cnn.com/2016/10/18/news/paddypower-pays-hillary-clinton-bettors/|title=Betting website pays out $1 million because it's certain Clinton beats Trump|publisher=CNN|date=18 October 2016|access-date=9 November 2016}} In May 2017, it acquired daily fantasy sports operator Draft.{{cite news|url=https://www.telegraph.co.uk/business/2017/05/10/paddy-power-betfair-enters-fantasy-land-back-us-sports-acquisition/|title=Paddy Power Betfair enters fantasy land on back of US sports acquisition|newspaper=The Daily Telegraph|date=10 May 2017|author=Bradley Gerrard|access-date=17 June 2017}} In August 2017, it was announced that Peter Jackson, CEO of Worldpay UK, would succeed Breon Corcoran as CEO of Paddy Power Betfair.{{cite news|url=https://www.telegraph.co.uk/business/2017/08/07/paddy-power-betfair-takes-punt-worldpay-boss-new-ceo/|title=Paddy Power Betfair takes a punt on Worldpay boss as new CEO|newspaper=The Daily Telegraph|date=7 August 2017|author1=Jon Yeomans|author2=Bradley Gerrard|access-date=7 August 2017}}
In March 2018, the company announced that it would be implementing an electronic self exclusion process through its in-shop app. The new system will replace the current paper based process, and will be implemented across the United Kingdom.{{cite news|url=https://www.gamblinginsider.com/news/5055/paddy-power-launches-electronic-self-exclusion-process-for-all-uk-shops|title=Paddy Power launches electronic self-exclusion process for all UK shops|website=Gambling Insider|date=26 March 2018|author=Caroline Watson|access-date=28 March 2018}}
In May 2018, Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading daily fantasy sports operators in the United States. The deal was part of an effort to bolster the company's assets in the United States, following the overturning of a federal prohibition on sports betting.{{cite web|url=https://www.bbc.co.uk/news/business-44227222|title=Paddy Power Betfair buys fantasy sports site Fan Duel|publisher=BBC|date=23 May 2018|access-date=3 December 2018}} As part of the acquisition, the company paid $158 million and merged its existing operations in the United States into FanDuel to form FanDuel Group.{{cite web|url=https://variety.com/2018/digital/news/fanduel-paddy-power-betfair-acquisition-1202819754/|title=FanDuel Acquired by Paddy Power Betfair|date=23 May 2018|publisher=Variety|access-date=21 October 2019}} It holds a 61% controlling stake, with the option to increase its stake to 80% after three years and 100% after five.{{cite news|url=https://variety.com/2018/digital/news/fanduel-paddy-power-betfair-acquisition-1202819754/|title=FanDuel Acquired by Paddy Power Betfair|publisher=Variety|date=23 May 2018|author=Janko Roettgers|access-date=9 July 2018}}{{cite news|url=http://www.nydailynews.com/sports/more-sports/ny-sports-fanduel-draftkings-sports-betting-20180628-story.html|title=How FanDuel and DraftKings are taking aim at the world of sports gambling: 'The whole marketplace is going to evolve'|newspaper=New York Daily News|author=Evan Grossman|access-date=9 July 2018|language=en-US}}
In October 2018, Paddy Power Betfair was fined £2.2 million by the Gambling Commission for failing to protect customers showing signs of problem gambling, and for failing to carry out adequate anti money-laundering checks.{{cite news |author=A. Monaghan |title= Paddy Power Betfair fined £2.2m for failing to stop bets with stolen money|url= https://www.theguardian.com/business/2018/oct/16/paddy-power-betfair-fined-stolen-money|work=The Guardian |date= 2018-10-16|access-date= 2018-10-17}}
In February 2019, the company announced the acquisition of a 51% controlling stake in adjarabet, a business operating in the Georgian gambling industry with an option to acquire the remaining 49% after three years.{{cite news |title=Paddy Power Betfair buys €116m stake in Georgian company|url=https://www.irishtimes.com/business/retail-and-services/paddy-power-betfair-buys-116m-stake-in-georgian-company-1.3778656|newspaper=The Irish Times|date=1 February 2019 |access-date=26 February 2019}}
On 6 March 2019, Paddy Power Betfair announced that it would rebrand as Flutter Entertainment, pending shareholder approval at the company's annual general meeting in May. Flutter was originally the name of a betting exchange acquired by Betfair in December 2001. The company argued that the changing in name was meant to reflect the growing number of consumer brands in its portfolio.{{cite web |last1=Barber |first1=Bill |title=Paddy Power Betfair group to change name to Flutter Entertainment {{!}} Horse Racing News {{!}} Racing Post |work=Racing Post |url=https://www.racingpost.com/news/jackson-happy-with-performance-as-paddy-power-betfair-announce-name-change-plan/369398 |access-date=6 March 2019}}
On 2 October 2019, Flutter Entertainment announced its acquisition of Canadian gambling operator The Stars Group for US$6.95 billion, creating the world's largest online gambling company based on revenues. As part of the purchase, media company Fox Corporation (who held a minority stake in The Stars Group after partnering with the company on Fox Bet—a bookmaker co-branded with its Fox Sports division) took a 2.6% minority stake in Flutter Entertainment, and will have the option to acquire an 18.5% stake in FanDuel Group in July 2021.{{Cite web|url=https://www.cnn.com/2019/10/02/business/flutter-entertainment-the-stars-group-merger/index.html|title=Online betting merger brings Paddy Power and PokerStars together|last=Ziady|first=Hanna|website=CNN|date=2 October 2019|access-date=2019-10-02}}{{Cite news|url=https://www.wsj.com/articles/u-k-betting-firm-flutter-strikes-merger-with-canadas-stars-11570009165|title=FanDuel Owner Buys PokerStars in $6 Billion Deal|last=Walker|first=Katherine Sayre and Ian|website=The Wall Street Journal|date=2 October 2019|language=en-US|access-date=2019-10-02}}{{Cite web|last=Duprey|first=Rich|date=2020-12-03|title=Flutter Entertainment Ups Stake in FanDuel to 95%|url=https://www.fool.com/investing/2020/12/03/flutter-entertainment-ups-stake-in-fanduel-to-95/|access-date=2020-12-10|website=The Motley Fool|language=en}} On 3 December 2020, Flutter announced that it would purchase an additional stake in FanDuel Group from Fastball Holdings for $4.1 billion in a cash-and-stock deal, increasing its stake to 95%.{{Cite web|last=Goldstein|first=Steve|title=Flutter Entertainment strikes $4.2 billion deal to control most of FanDuel|url=https://www.marketwatch.com/story/flutter-strikes-4-2-billion-deal-to-control-most-of-fanduel-11607002566|access-date=2020-12-10|website=MarketWatch|date=8 December 2020 |language=en-US}}
In January 2021 Flutter acquired a majority 50.1% stake of Indian Rummy provider Junglee Games for $67 million.{{Cite web |last=Rakheja |first=Harshit |date=2021-03-03 |title=PokerStars Owner Flutter Entertainment Grabs Majority Stake In Junglee Rummy |url=https://inc42.com/buzz/pokerstars-owner-flutter-grabs-majority-stake-in-junglee-rummy/ |access-date=2024-07-26 |website=Inc42 Media |language=en}}
In April 2021, amid discussion of a FanDuel Group initial public offering, Fox sued Flutter over its option to acquire a stake in FanDuel, stating that Fox's purchase price should be at a $11.2 billion valuation, the same as Flutter's purchase price of FanDuel in December 2020, rather than based on Flutter's valuation of fair market value as of July 2021.{{Cite web|last=Sherman|first=Alex|date=2021-04-06|title=Fox files lawsuit against Flutter over FanDuel ownership stake as IPO looms|url=https://www.cnbc.com/2021/04/06/fox-files-lawsuit-against-flutter-over-fanduel-ownership-stake.html|access-date=2021-09-05|website=CNBC|language=en}}
In July 2021, Flutter offloaded the odds comparison website Oddschecker to Bruin Capital for £155m.{{cite web |title=Flutter Offloads Oddschecker For £155m |url=https://www.egr.global/intel/news/flutter-offloads-oddschecker-to-bruin-capital-in-155m-deal/ |website=EGR Global|access-date=2024-02-05 |language=en |date=2022-01-11}}
In December 2021, Flutter Entertainment announced it would be acquiring the Italian online games provider Sisal Gaming, for €1.913bn/£1.62bn. The transaction was expected to complete during the second quarter of 2022.{{cite press release|date=23 December 2021|url=https://www.cvc.com/media/press-releases/2021/flutter-entertainment-to-acquire-sisal-gaming|title=Flutter Entertainment to acquire Sisal Gaming|journal=CVC|access-date=23 March 2022}}{{Dead link|date=April 2024 |bot=InternetArchiveBot |fix-attempted=yes }}
In January 2022, Flutter acquired the online bingo company Tombola.{{cite web |title=Flutter completes Tombola acquisition |url=https://www.intergameonline.com/igaming/news/flutter-completes-tombola-acquisition |website=InterGame|access-date=2022-01-11 |language=en |date=2022-01-11}}
In November 2022, an arbitrator ruled that Fox Corporation had an option to acquire an 18.6% stake in FanDuel for $3.7 billion, based on a valuation of $20 billion, with the price increasing by 5% for each year of the 10-year option.{{Cite news |date=2022-11-06 |title=Arbitrator affirms Fox holds 10-year option to buy stake in FanDuel, but must pay full price |language=en |work=Reuters |url=https://www.reuters.com/legal/fox-says-arbitration-court-affirms-its-option-acquire-stake-fanduel-2022-11-04/ |access-date=2022-11-08}}{{Cite web |last=Thomas |first=Ian |title=Fox wins right to buy a stake in FanDuel, but not at the price it wanted |url=https://www.cnbc.com/2022/11/05/fox-loses-legal-battle-to-buy-fanduel-stake-from-flutter-at-lower-valuation.html |access-date=2022-11-08 |website=CNBC |date=5 November 2022 |language=en}}
In July 2023, the company announced that Fox Bet will shut down by the end of August 2023.{{cite news|url=https://www.hollywoodreporter.com/business/business-news/fox-bet-gambling-business-shutter-1235547172/|title=Fox to Shutter Fox Bet Gambling Business|date=31 July 2023|newspaper=Hollywood Reporter|access-date=31 July 2023}}
In September 2023, it was announced Flutter had acquired an initial 51% stake in Novi Sad-headquartered omni-channel sports betting and gaming operator, MaxBet for €141 million in cash.{{Cite news |date=2023-09-27 |title=Flutter eyes Balkan expansion with acquisition of Serbia's MaxBet |language=en |work=Reuters |url=https://www.reuters.com/markets/deals/flutter-eyes-balkan-expansion-with-acquisition-serbias-maxbet-2023-09-27/ |access-date=2023-09-27}}
In May 2024, Flutter moved its primary stock listing from the London Stock Exchange to the New York Stock Exchange with London becoming its secondary listing.{{cite press release| language=en |url=https://finance.yahoo.com/news/flutter-entertainment-plc-announces-transition-141500450.html|title=Flutter Entertainment PLC Announces Transition to US Primary Listing Complete|date=31 May 2024|newspaper=Accesswire|access-date=2 July 2024}}
In September 2024, Flutter announced its acquisition of Snaitech, one of Italy's leading gambling operators, in a €2.3 billion deal.{{Cite web |title=Flutter Entertainment Acquires Snaitech in €2.3 Billion Deal |url=https://www.casin.com/news/202409/flutter-entertainment-acquires-snaitech-in-e2-3-billion-deal |website=Casin.com |date=September 17, 2024}}
Operations
The business operates across four divisions; United States; International; UK & Ireland and Australia.{{cite web|url=https://www.flutter.com/about-us/at-a-glance/|title=At a glance|publisher=Flutter Entertainment|access-date=2 July 2024}}
The United States division includes FanDuel and TVG, a pari-mutuel online betting network, which is active in thirty five states. In New Jersey, the company has an online casino and a horse racing betting exchange.{{cite news|url=https://www.irishtimes.com/business/retail-and-services/paddy-power-betfair-to-launch-in-us-with-betting-exchange-1.2564517|title=Paddy Power Betfair to launch in US with betting exchange|newspaper=The Irish Times|date=8 March 2016|author=Barry O'Halloran|access-date=17 June 2017}} In the U.S., FanDuel operates FanDuel TV, formerly known as TVG Network, which focuses on coverage of horse racing, and studio coverage of mainstream sports from the perspective of betting.{{cite web |url=https://variety.com/2022/tv/news/fanduel-tv-network-launch-sports-betting-1235350293/|title=FanDuel Readies Launch of Cable Network Focused on Sports Betting|last=Steinberg|first=Brian|date=25 August 2022|publisher=Variety|access-date=26 August 2022}}
The UK & Ireland division comprises the Paddy Power, Betfair, Tombola and Sky Betting and Gaming brands in the United Kingdom and Ireland. Betfair also operates an online betting exchange.{{cite news|url=https://www.telegraph.co.uk/business/2016/05/04/paddy-powers-betfair-merger-pays-off-with-11m-profit-boost/|title=Paddy Power's Betfair merger pays off with £11m profit boost|newspaper=The Daily Telegraph|date=4 May 2016|author=Kate Palmer|access-date=12 June 2017}} The division operates over six hundred betting shops in the United Kingdom and Ireland.{{cite news |url=http://www.rte.ie/news/business/2016/0301/771810-paddy-power-shop|title=Paddy Power opens its 600th outlet|publisher=RTÉ News|date=1 March 2016|access-date=10 June 2016}} The Sky Betting and Gaming, Paddy Power and Betfair are regulated in the United Kingdom by the Gambling Commission.{{cite web|url=https://secure.gamblingcommission.gov.uk/PublicRegister/Search?Search=betfair|title=Find licensees|website=Gambling Commission|access-date=24 February 2018|archive-date=21 September 2018|archive-url=https://web.archive.org/web/20180921190914/https://secure.gamblingcommission.gov.uk/PublicRegister/Search?Search=betfair|url-status=dead}}
In Australia, they own Sportsbet.{{cite news|url=https://www.racing.com/news/2016-03-09/huge-sportsbet-result-for-paddy-power|title=Huge Sportsbet result for Paddy Power|website=RACING.COM|author=Shane Anderson|access-date=17 June 2017}}
The Board is chaired by John A. Bryant.{{Cite web|title=Board of Directors|url=https://www.flutter.com/investor-relations/board-of-directors|access-date=2024-02-07|website=Flutter|language=en}}
References
{{reflist|30em}}
External links
- [https://www.flutter.com Official site]
{{authority control|state=expanded}}
Category:Companies based in Dublin (city)
Category:Companies based in Manhattan
Category:Companies formerly listed on Euronext Dublin
Category:Companies listed on the London Stock Exchange
Category:Companies listed on the New York Stock Exchange
Category:Entertainment companies based in New York City
Category:Entertainment companies established in 2016
Category:Gambling companies established in the 21st century
Category:Gambling companies of Ireland
Category:Holding companies based in New York City
Category:Holding companies established in 2016