Flutter Entertainment plc (NYSE: FLUT)

$104.49 ▲ +7.51 (+7.74%)

As of Jun 01, 2026 04:00 PM

Sector: Consumer Cyclical Industry: Gambling CIK: 0001635327

Market Cap 18.39 Bn

P/E -49.52

P/S 1.08

Div. Yield 0.00

ROIC (Qtr) 0.00

Total Debt (Qtr) 11.97 Bn

Revenue Growth (1y) (Qtr) 17.44

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About

Flutter Entertainment plc is a global online sports betting and iGaming operator that offers a broad portfolio of brands providing sportsbook, iGaming and other products such as daily fantasy sports, prediction markets and exchange betting. The company owns and operates well known brands including FanDuel, Sportsbet, PokerStars, Paddy Power, Betfair, Sisal and Snai among others. It delivers its services through a combination of digital platforms and a limited network of retail shops located primarily in the United Kingdom Ireland Italy and Serbia....

Flutter Entertainment plc is a global online sports betting and iGaming operator that offers a broad portfolio of brands providing sportsbook, iGaming and other products such as daily fantasy sports, prediction markets and exchange betting. The company owns and operates well known brands including FanDuel, Sportsbet, PokerStars, Paddy Power, Betfair, Sisal and Snai among others. It delivers its services through a combination of digital platforms and a limited network of retail shops located primarily in the United Kingdom Ireland Italy and Serbia. Flutter’s strategy centers on leveraging its scale and technology to provide a differentiated customer experience across multiple jurisdictions.

We generate revenue primarily from three product categories: sportsbook, iGaming and other products which include exchange betting, pari mutuel wagering, daily fantasy sports and prediction markets. In fiscal 2025 sportsbook accounted for 53% of total revenue, iGaming for 44% and other products for 3%. Approximately 88% of group revenue came from online operations while the remaining 12% was derived from retail outlets mainly in the United Kingdom Ireland Italy and Serbia. The company reported total revenue of $16,383 million for fiscal 2025 with 15.9 million average monthly players. Revenue is driven by the volume of bets placed, the margin retained on winning outcomes and fees charged for services such as deposit processing, cash out options and tournament entry.

The company operates through the following segments: U. S. and International.

• U. S.: This segment offers sports betting, casino games, daily fantasy sports, horse racing wagering and prediction markets to players across various states in the United States mainly online with a small number of retail outlets and includes the FanDuel and TVG brands. As of December 2025 FanDuel’s online sportsbook was available in 25 states or territories, its online casino in five states, its paid daily fantasy sports offering in 43 states and its horse racing wagering product in 32 states. The segment generated $6,967 million or 43% of total revenue in fiscal 2025 and contributed to the company’s approximately 41% share of the online sports betting market and 27% share of the iGaming market in states where FanDuel products were live.

• International: This segment comprises operations in approximately 100 global markets offering sportsbook, iGaming, poker and lottery products through brands such as Sportsbet, PokerStars, Paddy Power, Betfair, Sisal, Snai, Adjarabet, MaxBet, Tombola and others. The segment is divided into regional groupings including the United Kingdom and Ireland, Southern Europe and Africa, Asia Pacific, Central and Eastern Europe, Brazil and other territories. In fiscal 2025 the International segment produced $9,416 million or 57% of total revenue. Key contributors were the United Kingdom and Ireland region with $3,547 million, Southern Europe and Africa with $2,746 million, Asia Pacific with $1,428 million, Central and Eastern Europe with $604 million, Brazil with $227 million and other regions with $864 million.

Flutter Entertainment plc holds a leading position in the global online sports betting and iGaming industry as measured by revenue and average monthly players. The company reports the highest revenue among pure play online betting operators and a player base of 15.9 million average monthly users. Its competitive advantages stem from a diversified portfolio of well known brands, a proprietary technology platform known as the Flutter Edge, and significant scale that enables data driven marketing and product development. Additionally the company emphasizes sustainability through its Positive Impact Plan and responsible gaming framework Play Well which help differentiate it from rivals and support long term growth.

The company serves individual players who place wagers on sports events, play casino games, participate in poker tournaments, purchase lottery tickets and engage in daily fantasy sports and prediction markets. These customers range from casual bettors to frequent participants who use multiple products across the Flutter portfolio. In addition it provides business to business pricing and risk management services to other operators in the betting and iGaming industry. The firm also maintains relationships with sports leagues, media companies and technology partners that assist in customer acquisition and engagement through co branded promotions and integrated offerings.

Investment thesis

Bull case

The launch of FanDuel Predicts in December positions Flutter at the vanguard of a nascent but rapidly scaling prediction‑market segment that could capture a sizeable share of the projected $1–2 trillion trading‑volume pipeline by 2030. By partnering with CME Group and leveraging its deep‑price‑making expertise, Flutter can deploy an exchange‑grade platform that differentiates it from rivals like Kalshi, Polymarket, and Robinhood, thereby creating a new, scalable revenue stream that complements its core sportsbook and iGaming businesses.
Flutter’s strategic investments in exclusive iGaming titles—such as the Huff & Puff series, Wonka, and Samurai—have delivered a 44% year‑over‑year revenue lift in the U.S. and a 30% AMP surge, underscoring its capacity to monetize high‑margin, rapidly deployable content. The proprietary Flutter Studios platform accelerates time‑to‑market and reduces content acquisition costs, enabling Flutter to maintain a competitive edge in a market where exclusivity is a proven driver of customer acquisition and lifetime value.
Internationally, Flutter’s recent acquisitions in Turkey, Italy (CSAIL), and the U.K. (Sky Bet) have already contributed 18 percentage points to revenue growth and expanded its reach into high‑growth jurisdictions with favorable regulatory environments. The migration of Sky Bet onto Flutter’s shared UKI platform has unlocked new product lines (e.g., SuperSub, Squad Bet) and positioned Flutter to benefit from the upcoming U.K. tax changes by increasing operational efficiencies and pricing power.
The company’s disciplined cost‑transformation program—reporting a $300 million target and already achieving significant savings—reinforces its margin protection while freeing capital for future high‑impact initiatives. The $225 million share‑repurchase in Q3 and an additional $245 million in Q4 demonstrate confidence in the equity valuation and provide a cushion for shareholder returns, mitigating downside risk from earnings volatility.
Flutter’s “YourWay” outcome‑based pricing system, rolled out across all U.S. states, has accelerated bet cash‑downs and reduced latency, creating a superior customer experience that can improve conversion rates for both sportsbook and iGaming products. By integrating AI‑driven conversational tools, Flutter is poised to further enhance user engagement, potentially increasing average handle per customer and extending customer tenure across multiple product lines.

The launch of FanDuel Predicts in December positions Flutter at the vanguard of a nascent but rapidly scaling prediction‑market segment that could capture a sizeable share of the projected $1–2 trillion trading‑volume pipeline by 2030. By partnering with CME Group and leveraging its deep‑price‑making expertise, Flutter can deploy an exchange‑grade platform that differentiates it from rivals like Kalshi, Polymarket, and Robinhood, thereby creating a new, scalable revenue stream that complements its core sportsbook and iGaming businesses.
Flutter’s strategic investments in exclusive iGaming titles—such as the Huff & Puff series, Wonka, and Samurai—have delivered a 44% year‑over‑year revenue lift in the U.S. and a 30% AMP surge, underscoring its capacity to monetize high‑margin, rapidly deployable content. The proprietary Flutter Studios platform accelerates time‑to‑market and reduces content acquisition costs, enabling Flutter to maintain a competitive edge in a market where exclusivity is a proven driver of customer acquisition and lifetime value.
Internationally, Flutter’s recent acquisitions in Turkey, Italy (CSAIL), and the U.K. (Sky Bet) have already contributed 18 percentage points to revenue growth and expanded its reach into high‑growth jurisdictions with favorable regulatory environments. The migration of Sky Bet onto Flutter’s shared UKI platform has unlocked new product lines (e.g., SuperSub, Squad Bet) and positioned Flutter to benefit from the upcoming U.K. tax changes by increasing operational efficiencies and pricing power.
The company’s disciplined cost‑transformation program—reporting a $300 million target and already achieving significant savings—reinforces its margin protection while freeing capital for future high‑impact initiatives. The $225 million share‑repurchase in Q3 and an additional $245 million in Q4 demonstrate confidence in the equity valuation and provide a cushion for shareholder returns, mitigating downside risk from earnings volatility.
Flutter’s “YourWay” outcome‑based pricing system, rolled out across all U.S. states, has accelerated bet cash‑downs and reduced latency, creating a superior customer experience that can improve conversion rates for both sportsbook and iGaming products. By integrating AI‑driven conversational tools, Flutter is poised to further enhance user engagement, potentially increasing average handle per customer and extending customer tenure across multiple product lines.

Bear case

The abrupt regulatory change in India that forced Flutter to cease real‑money gaming and transition Zhengli to free‑to‑play exposes the company to significant geopolitical risk. The $556 million impairment charge underscores the potential for similar regulatory shocks in other emerging markets, which could erode international revenues and undermine the projected growth from acquisitions in Turkey and Italy.
The surrender of the Nevada gaming license, a state with the largest U.S. sports‑betting market, indicates potential friction with state regulators over the new prediction‑market product. This action raises concerns that Flutter may face additional licensing challenges in other states, especially as states explore stricter controls on prop bets and other betting mechanisms following recent MLB restrictions.
While the prediction‑market launch promises upside, the market remains nascent and highly uncertain in terms of consumer acceptance, regulatory clarity, and profitability. The company’s guidance to invest $200–$300 million with only limited visibility into LTVs or pricing elasticity signals a lack of proven business model, creating a substantial risk that the new venture could fail to achieve the projected volume or margin targets.
Competition in the prediction‑market space is intensifying, with established operators like Kalshi, Polymarket, Robinhood, and new entrants such as Fanatics Markets entering the arena. These competitors have already captured a sizeable share of the $10 billion trading‑volume pie and possess strong brand recognition, potentially diluting Flutter’s market‑leadership narrative and pressuring its pricing and margin.
The company’s forecasted downward revision of $280 million in adjusted EBITDA for 2025, driven largely by the impact of “customer‑friendly sports results” and the India impairment, signals a short‑term erosion of profitability. This adjustment reflects an underlying volatility in sports‑betting outcomes that may continue to erode margins if the NFL and other sports leagues maintain unpredictable results, especially in high‑stakes events where competitor generosity spikes.

The abrupt regulatory change in India that forced Flutter to cease real‑money gaming and transition Zhengli to free‑to‑play exposes the company to significant geopolitical risk. The $556 million impairment charge underscores the potential for similar regulatory shocks in other emerging markets, which could erode international revenues and undermine the projected growth from acquisitions in Turkey and Italy.
The surrender of the Nevada gaming license, a state with the largest U.S. sports‑betting market, indicates potential friction with state regulators over the new prediction‑market product. This action raises concerns that Flutter may face additional licensing challenges in other states, especially as states explore stricter controls on prop bets and other betting mechanisms following recent MLB restrictions.
While the prediction‑market launch promises upside, the market remains nascent and highly uncertain in terms of consumer acceptance, regulatory clarity, and profitability. The company’s guidance to invest $200–$300 million with only limited visibility into LTVs or pricing elasticity signals a lack of proven business model, creating a substantial risk that the new venture could fail to achieve the projected volume or margin targets.
Competition in the prediction‑market space is intensifying, with established operators like Kalshi, Polymarket, Robinhood, and new entrants such as Fanatics Markets entering the arena. These competitors have already captured a sizeable share of the $10 billion trading‑volume pie and possess strong brand recognition, potentially diluting Flutter’s market‑leadership narrative and pressuring its pricing and margin.
The company’s forecasted downward revision of $280 million in adjusted EBITDA for 2025, driven largely by the impact of “customer‑friendly sports results” and the India impairment, signals a short‑term erosion of profitability. This adjustment reflects an underlying volatility in sports‑betting outcomes that may continue to erode margins if the NFL and other sports leagues maintain unpredictable results, especially in high‑stakes events where competitor generosity spikes.

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Companies in the Gambling

S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	FLUT	Flutter Entertainment plc	18.39 Bn	-49.52	1.08	11.97 Bn
2	DKNG	DraftKings Inc.	13.23 Bn	223.04	2.10	0.58 Bn
3	CHDN	Churchill Downs Inc	6.28 Bn	16.47	2.13	1.85 Bn
4	RSI	Rush Street Interactive, Inc.	2.60 Bn	67.05	2.10	-
5	BRSL	Brightstar Lottery PLC	2.28 Bn	-1,158.00	0.91	4.18 Bn
6	ACEL	Accel Entertainment, Inc.	1.01 Bn	19.33	0.74	0.55 Bn
7	CDRO	Codere Online Luxembourg, S.A.	0.49 Bn	0.00	2.06	0.00 Bn
8	BRAG	Bragg Gaming Group Inc.	0.27 Bn	-0.11	2.90	0.00 Bn

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Flutter Entertainment plc (NYSE: FLUT)

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Investment thesis

Bull case

Bear case

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

Research Tools

Developers

Flutter Entertainment plc (NYSE: FLUT)

About

Investment thesis

Bull case

Bear case

Geographical Breakdown of Revenue (2025)

Segments Breakdown of Revenue (2025)

Peer comparison

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