Flutter Entertainment (FLUT) - Company Research

Last Updated: 9 August 2026

Flutter Entertainment is the world's largest online gambling group by revenue, built around FanDuel in the United States and a portfolio of established local brands elsewhere — Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sisal and Snai in Italy, Sportsbet in Australia, PokerStars internationally and Betnacional in Brazil. It is incorporated in Ireland, headquartered operationally in New York, reports in US dollars under US GAAP, and since 3 August 2026 trades on a single exchange: the New York Stock Exchange. The last twelve months have been unkind. FY2025 revenue grew 17% to $16.4bn and adjusted EBITDA rose 21%, but 2026 has brought two consecutive guidance cuts, a 45% fall in second-quarter adjusted EBITDA, a step-change in gambling taxes across the UK, the US and Brazil, the loss of India, and the announced departure of the chief executive who ran the company for nearly nine years. The shares closed at $94.74 on 7 August 2026, roughly 69% below their 52-week high. This report sets out what the filings actually say.

1. Company Snapshot

Field	Value
Ticker / exchange	FLUT (New York Stock Exchange) — sole listing since the LSE secondary listing was cancelled on 3 August 2026
Sector	Consumer discretionary — online sports betting, iGaming and lottery
Incorporation / operational HQ	Ireland (Dublin registered office); global operational headquarters at One Madison Avenue, New York
CEO / Leadership	Peter Jackson, Group CEO (steps down 30 September 2026); Dan Taylor becomes Group CEO on 1 October 2026; Rob Coldrake, CFO
Employees	28,518 as at 31 December 2025, across 27 countries (FY2025 Form 10-K, Human Capital Management)
Revenue (FY2025)	$16,383m, up 16.6% year on year
Adjusted EBITDA (FY2025)	$2,845m, a 17.4% margin
Net loss (FY2025)	$(407)m group; $(310)m attributable to Flutter shareholders
Market cap	~$16.4bn, based on 173.5m shares and the $94.74 close on 7 August 2026
Reporting currency / year end	US dollars; 31 December
Dividend	None. Capital is returned through a $5bn multi-year buyback programme authorised in September 2024
Filer status	US domestic filer (Forms 10-K and 10-Q), SEC CIK 0001635327

2. Bull and Bear Case

Bull Case

• Number one position in the largest market: FanDuel held roughly 39% of US online sportsbook gross gaming revenue and about 27% of iGaming in the second quarter of 2026 in the states where it operates, and Flutter estimates FanDuel captures around 70% of total US market EBITDA across the whole competitive set.
• Genuine diversification outside the US: International generated $9,416m of FY2025 revenue, 57% of the group, spread across the UK and Ireland, Italy, Australia, central and eastern Europe and Brazil. Italy in particular is a licensed, taxed, concession-based market where Sisal holds the leading online position.
• Cost programme is being extended, not abandoned: alongside the second-quarter results Flutter announced a phase two programme targeting a further $500m of gross operating cost and capital expenditure savings by 2029, on top of a phase one $300m target that management says is running ahead of plan.
• Capital still being returned while the multiple compresses: $1.37bn has been returned since the buyback programme began, the 2026 commitment of roughly $250m was completed in May, and the shares now trade at about 0.96 times trailing revenue and roughly 11.9 times FY2025 adjusted earnings per share.

Bear Case

• Guidance has been cut twice this year: FY2026 group revenue guidance has fallen from $18.4bn at the February results to $18.305bn in May and $17.91bn in August, with adjusted EBITDA guidance down from $2.97bn to $2.655bn. US adjusted EBITDA guidance alone was cut from $1.05bn to $760m.
• Second-quarter earnings deteriorated sharply: revenue grew only 3% to $4,326m while adjusted EBITDA fell 45% to $508m and US segment adjusted EBITDA fell 70% to $119m, with US sales and marketing spend up 61% year on year.
• Leverage is well above target: net debt was $10,480m at the end of the second quarter of 2026 and the leverage ratio was 4.3 times, against a stated medium-term target range of 2.0 to 2.5 times, after the Snaitech, NSX and Boyd stake acquisitions.
• Tax is rising in every major market at once: UK remote gaming duty rose from 21% to 40% in April 2026, UK general betting duty is legislated to rise from 15% to 25% in April 2027, Brazil's federal gross gaming revenue tax rose to 13% in January 2026 on a path to 15% by 2028, and the US federal deduction for gambling losses was capped at 90% of winnings from the 2026 tax year.
• Prediction markets are taking share from the outside: CFTC-regulated venues such as Kalshi and Polymarket operate without state gaming licences or state betting taxes, and Flutter's own FanDuel Predicts joint venture with CME Group was restructured on 5 and 6 August 2026 to route sports contracts away from CME's venue after disappointing growth.

3. Revenue Segments

Flutter has two formal US GAAP reportable segments, U.S. and International, restructured with effect from the first quarter of 2025. International is disclosed at regional level rather than as separate reportable segments. Percentages below are of FY2025 group revenue of $16,383m.

Segment / region	% of revenue	What it is
U.S. ($6,967m)	42.5%	FanDuel and TVG — sportsbook, iGaming, daily fantasy sports, horse-race wagering and, since December 2025, prediction markets, across US states plus Ontario and Alberta in Canada.
UKI ($3,547m)	21.7%	Sky Betting & Gaming, Paddy Power, Betfair and tombola in the UK and Ireland, including 506 Paddy Power retail betting shops.
Southern Europe & Africa ($2,746m)	16.8%	Sisal, Snai and PokerStars Italy — Italian sports betting, iGaming and lottery concessions, plus Morocco and Türkiye.
APAC ($1,428m)	8.7%	Sportsbet in Australia, predominantly online sports and racing betting, plus Junglee in India until its forced closure in August 2025.
Other ($864m)	5.3%	PokerStars international poker outside Italy and Betfair exchange activity outside Brazil.
CEE ($604m)	3.7%	Adjarabet and MaxBet in Georgia, Armenia, Serbia and neighbouring markets.
Brazil ($227m)	1.4%	Betfair and Betnacional (NSX Group, 56% owned) — sports betting, iGaming and exchange betting in a newly regulated market.

4. Business Model and Moat

How it makes money. Flutter takes the spread between amounts staked by customers and amounts paid out, which is gross gaming revenue, then deducts promotional spend to reach net revenue. The FY2025 product mix was 53% sportsbook, 44% iGaming and 3% other, and 88% of group revenue was online. Net revenue margin in the second quarter of 2026 was 8.7% in the US and 13.2% internationally, a blend of structural margin from product mix such as parlay penetration and the quarter-to-quarter variance of actual sports results against expected outcomes.

Where the moat is. The clearest asset is scale in a business where pricing accuracy, risk management and product velocity compound. Flutter calls the shared layer the Flutter Edge: a common technology, pricing and risk framework that FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Sisal, Snai, Betfair and Betnacional all draw on while keeping local brands. FY2025 technology research and development spend was $991m, supported by roughly 7,500 technologists including about 3,500 software engineers across five in-house gaming studios.

What licences buy. Regulation is a barrier as much as a burden. The 10-K documents a jurisdiction-by-jurisdiction licensing footprint covering the US state skins system, UK Gambling Commission licences, Italian concessions renewed for nine-year terms from November 2025, a 20-year Australian Northern Territory bookmaker licence renewed in 2025, and Brazilian licences valid to December 2029. That compliance estate is expensive to build and effectively closed to unlicensed operators — though, as section 10 sets out, it is precisely the barrier that CFTC-regulated prediction markets currently sidestep.

Charts for FLUT and its listed peers can be compared on ChartsView Live Charts.

5. Financial Health

All figures below are taken from Flutter's own earnings releases and its Form 10-K for the year ended 31 December 2025, with balance sheet and cash flow items independently re-derived from the SEC XBRL company facts filing for CIK 0001635327.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022	9,463	n/a†	$(2.44)	$2.79	Nil	$6,750m‡
FY2023	11,790	+24.6%	$(6.89)	$3.51	Nil	$7,005m
FY2024	14,048	+19.1%	$0.24	$7.27	Nil	$6,683m
FY2025	16,383	+16.6%	$(1.75)	$7.94	Nil	$12,157m

† Flutter reported in sterling under IFRS for FY2021 and has not restated that year into US dollars under US GAAP, so no like-for-like FY2022 growth rate exists. FY2021 revenue as originally reported was £6,036m. ‡ The FY2022 figure is total borrowings as disclosed in the FY2023 earnings release; the FY2023 to FY2025 figures are non-current long-term debt from the balance sheet. Adding the current portion gives total debt of $7,056m, $6,736m and $12,266m respectively. Flutter has never paid an ordinary dividend.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	$4,326m	$0.49	$(1.57)
Q1 2026	$4,304m	$1.22	$1.23
Q4 2025	$4,737m	$1.74	$(0.05)
Q3 2025	$3,794m	$1.64	$(3.91)
Q2 2025	$4,187m	$2.95	$0.59
Q1 2025	$3,665m	$1.59	$1.57
FY2025 total	$16,383m	$7.94	$(1.75)

Three quarters carry large one-off items that make the GAAP line misleading on its own. Q3 2025 includes a $556m non-cash impairment following India's ban on real-money gaming and a $205m payment to Boyd Gaming for revised US market-access terms. Q4 2025 includes a $342m year-on-year increase in income tax expense. Q2 2026 includes $95m of legal loss contingencies, being a $62m Indian goods and services tax provision after a Supreme Court of India judgment and a $33m US sales and use tax accrual, plus a $52m year-on-year increase in net interest expense from acquisition financing.

Cash generation is the weak point of the FY2025 accounts. Operating cash flow was $1,184m against $1,602m in FY2024, while capital expenditure rose to $777m — $105m of property and equipment, $162m of intangible assets and $510m of capitalised software. Depreciation and amortisation was $1,517m, of which $1,388m was amortisation of intangibles, most of it acquisition-related. Statutory operating income was just $36m after a $517m goodwill impairment.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$16.4bn (173,539,102 shares outstanding at the $94.74 close on 7 August 2026)
Enterprise value	~$26.9bn (market cap ~$16.4bn + total debt $12,266m − cash and cash equivalents $1,828m per the FY2025 balance sheet; Flutter holds no separately disclosed marketable securities)
Trailing P/E (GAAP)	Not meaningful — FY2025 diluted EPS was $(1.75) and trailing-twelve-month GAAP EPS is also negative at $(4.26). On FY2025 adjusted EPS of $7.94 the multiple is ~11.9x
P/E (forward)	~11.9x on consensus FY2026 adjusted EPS of approximately $7.97. This is a consensus analyst estimate, not company guidance, and has been revised down twice since February
P/S (TTM)	~0.96x (market cap ~$16.4bn / trailing-twelve-month revenue of ~$17.16bn)
EV/EBITDA (TTM)	~17.3x on GAAP EBITDA of $1,553m (FY2025 operating income $36m + depreciation and amortisation $1,517m from the cash flow statement). This is heavily distorted by the $517m goodwill impairment; on company-reported adjusted EBITDA of $2,845m the multiple is ~9.4x
P/FCF	~40x (market cap ~$16.4bn / free cash flow ~$407m; FCF = operating cash flow $1,184m − capital expenditure $777m per the FY2025 cash flow statement, where capex is $105m property and equipment plus $162m intangibles plus $510m capitalised software)
52-week high	$309.41
52-week low	$89.71
Short interest (% of float)	~10.1% — 14.16m shares short against a float of about 129m, on a mid-July 2026 settlement date, up from a much lower level earlier in the year
Days to cover	~5.3

7. What Are They Building

Prediction markets, now being rebuilt. FanDuel Predicts launched in December 2025 in five states through a joint venture with CME Group, which holds 51% of the venture. It expanded to sports event contracts in 18 states and non-sports contracts in all 50 states during the first quarter of 2026, and was integrated into the main FanDuel app. On 5 and 6 August 2026 the structure was reworked: sports event contracts move from CME's venue to the Nadex exchange operated by Crypto.com, with CME retaining its 51% equity stake but processing only non-sports contracts, which management says account for under 1% of app activity. Flutter has separately begun market-making across the wider prediction-market ecosystem, an activity it expects to generate about $50m of revenue in 2026 after $6m in the second quarter.

New markets. Missouri launched around December 2025 with FanDuel taking the leading position on both handle and gross gaming revenue. Arkansas launched early in 2026 ahead of plan. FanDuel launched sportsbook and iGaming in Alberta on 13 July 2026, which management reports has outpaced the earlier Ontario launch.

Integration work. Snaitech's online customer base completed migration onto the Sisal platform in April 2026, unlocking cost synergies. Flutter's pricing and product capability reached what management calls a key milestone on the Betnacional platform in Brazil in May 2026, though it temporarily depressed customer engagement, with Betnacional organic revenue down 14% year on year in the second quarter. PokerStars platform migrations and a unified central and eastern European technology stack continue through 2026.

Cost transformation phase two. Announced on 5 August 2026, targeting an additional $500m of gross operating cost and capital expenditure savings by 2029 to offset inflation and known tax headwinds. Further detail has been promised at the third-quarter results.

8. Competitive Position

Market capitalisations below were taken at the close on 7 August 2026.

Peer	Market cap (August 2026)	Key 2025 metric
DraftKings (DKNG)	$11.9bn	FY2025 revenue $6.05bn, up 27%, with a first full-year GAAP profit of $3.7m against a $507.3m loss in FY2024
MGM Resorts (MGM), 50% owner of BetMGM	$11.2bn	BetMGM FY2025 net revenue $2.8bn, up 33%, with its first full-year EBITDA of $220m
Churchill Downs (CHDN)	$6.1bn	Trailing-twelve-month revenue of approximately $2.99bn from racing, TwinSpires wagering and regional gaming venues
Rush Street Interactive (RSI)	$5.8bn	Trailing-twelve-month revenue of approximately $1.37bn across North and South America
Sportradar (SRAD)	$3.9bn	Trailing-twelve-month revenue of approximately $1.39bn supplying data and content to operators including Flutter
Entain (ENT.L)	£3.5bn	FY2025 group net gaming revenue £6.4bn, up 7%, including its share of BetMGM
Bet365 (private)	Not listed — privately held by the Coates family	Revenue of £4.036bn, up 9%, for the year ended 30 March 2025

The relevant comparison is not simply revenue. FanDuel's share of US online sportsbook gross gaming revenue was roughly 39% in the second quarter of 2026, down from 41% across full-year 2025, with iGaming share at about 27%. Flutter's own disclosure estimates FanDuel captures around 70% of total US market EBITDA. Outside the US, Sportsbet holds roughly 45% to 50% of the Australian online market, UKI online share is around 30%, and Sisal extended its lead to six percentage points in the Italian online market in the fourth quarter of 2025.

9. Insider Activity

Chief executive Peter Jackson — who files under his full legal name Jeremy Peter Jackson — will step down on 30 September 2026 after nearly nine years, remaining an adviser to 31 December 2026. He is succeeded by Dan Taylor, currently President of Flutter and chief executive of Flutter International, on 1 October 2026. Rob Coldrake has been chief financial officer since 31 May 2024. The pattern in the table below is worth reading carefully: almost every disposal is a mechanical sale to fund tax withholding on vested restricted stock, while the discretionary transactions in May 2026 were purchases, made at prices between roughly $92 and $103 that are now above the market.

Name	Date	Type	Shares	Price	Value	Plan Type
Peter Jackson (CEO)	08 May 2026	Buy	2,400	~$101.94	~$244,656	Open market
Peter Jackson (CEO)	11 May 2026	Sell	3,084	~$98.13	~$302,633	Tax withholding on RSU settlement
Don H. Liu (Chief Legal Officer)	08 May 2026	Buy	1,459	~$102.78	~$150,038	Open market
Dan Taylor (President, incoming CEO)	May 2026 (two transactions)	Buy	2,624	~$95.88 average	~$251,586	Open market
Lennon Carolan (Director)	28 May 2026	Sell	439	$94.63	~$41,543	Tax withholding on RSU settlement
Stefan Bomhard (Director)	May 2026	Sell	177	$94.63	~$16,749	Tax withholding on RSU settlement
Rob Coldrake (CFO)	08 May 2026	Sell	129	~$98.13	~$12,659	Tax withholding on RSU settlement

Sourced from SEC Form 4 filings for CIK 0001635327. Values are approximate where a weighted-average price was reported across multiple executions.

10. Key Risks

• Tax escalation across every major market: UK remote gaming duty rose from 21% to 40% in April 2026, an estimated $320m gross hit to adjusted EBITDA before mitigation and around $235m after first-order mitigation, with UK general betting duty legislated to rise from 15% to 25% in April 2027 for a further gross impact of about $540m. Brazil's federal gross gaming revenue tax rose to 13% in January 2026 and is legislated to reach 15% by 2028.
• Prediction markets bypassing the licensing regime: CFTC-regulated venues including Kalshi and Polymarket operate without state gaming licences or state betting taxes. Industry estimates put combined prediction-market volume at roughly $24bn a month by April 2026 against roughly $14bn a month wagered at legal US sportsbooks in 2025. Flutter's own joint venture response was restructured in August 2026 after disappointing growth.
• Leverage above the stated target range: net debt of $10,480m and leverage of 4.3 times at the end of the second quarter of 2026, against a 2.0 to 2.5 times medium-term target, leaves less headroom for further acquisitions or for absorbing a sustained earnings shortfall, and drove a $52m year-on-year increase in net interest expense in the quarter.
• Regulatory closure of entire markets: India's Promotion and Regulation of Online Gaming Act 2025 forced the complete cessation of Junglee real-money gaming from 22 August 2025, triggering a $556m impairment and a disclosed drag of $250m of revenue and $90m of EBITDA in 2026 alone. A further $62m Indian goods and services tax provision was booked in the second quarter of 2026.
• US federal gambling loss deduction cap: the One Big Beautiful Bill Act limits gambling loss deductibility to 90% of winnings from the 2026 tax year, meaning break-even bettors can owe tax on notional income. Repeal bills have stalled in Congress, and the behavioural effect on high-volume customers will only become visible through the coming American football season.
• Sports results variance and customer concentration: US handle is concentrated in the NFL, NBA and MLB, and Flutter's own disclosures quantify the swing — an unfavourable $33m revenue and $22m adjusted EBITDA impact from sports results in the first quarter of 2026 alone. A one-week delay to the NFL season start is a $75m revenue and $50m EBITDA headwind already built into guidance.
• Fox Option and market-access dependency: Fox Corporation retains an option over 18.6% of FanDuel, exercisable to December 2030 at a base price of $4.8bn as at 31 December 2025 escalating 5% a year, with the pricing mechanism in dispute, and a 2022 arbitration ruling already found Flutter cannot pursue a FanDuel IPO without Fox's consent. Tethered-licence states still depend on skin partners such as Boyd Gaming.
• Leadership transition at the worst possible moment: the chief executive change on 1 October 2026 coincides with a guidance cut, a US sportsbook improvement plan that is mid-execution and a newly announced multi-year cost programme, concentrating execution risk in a single quarter.

11. Recent Developments

• 26 Feb 2026 — FY2025 results and initial FY2026 guidance. Revenue rose 16.6% to $16,383m and adjusted EBITDA rose 21% to $2,845m, but the group reported a net loss of $407m after the India impairment. Initial FY2026 guidance was set at group revenue of $18.4bn and adjusted EBITDA of $2.97bn.
• 11 Mar 2026 — fifth buyback tranche launched. Up to $250m of repurchases through Goldman Sachs on the NYSE, running to 21 May 2026, as part of the $5bn programme authorised in September 2024.
• 06 May 2026 — first-quarter results and first guidance cut. Revenue rose 17% to $4,304m and net income was $209m, but FY2026 guidance was trimmed to $18.305bn of revenue and $2.865bn of adjusted EBITDA, citing unfavourable sports results and Arkansas launch costs. Dan Taylor was named President with oversight of FanDuel, Amy Howe departed and a review of the London listing was disclosed.
• 11 May 2026 — buyback tranche completed early. 2.4m shares repurchased, completing the $250m commitment for the first half of 2026 ahead of the 21 May deadline.
• 29 May 2026 — annual general meeting. Held at the Dublin headquarters, with all resolutions passed other than one relating to a preferred-shares amendment.
• 12 Jun 2026 — intention to delist from London announced. Flutter published its notice of intention to cancel the secondary listing on the London Stock Exchange, following the review disclosed at the first-quarter results.
• 13 Jul 2026 — FanDuel launches in Alberta. Online sportsbook and iGaming went live in the Canadian province, with management reporting performance significantly ahead of the earlier Ontario launch.
• 03 Aug 2026 — London listing cancellation completed. The secondary listing was cancelled at 08:00 UK time, with the final day of LSE trading on 31 July 2026. Flutter now trades solely on the NYSE, having already lost its FTSE 100 membership in May 2024.
• 05 Aug 2026 — second-quarter results and second guidance cut. Revenue grew only 3% to $4,326m, adjusted EBITDA fell 45% to $508m and the group reported a $296m net loss. FY2026 guidance was cut again to $17.91bn of revenue and $2.655bn of adjusted EBITDA, with US adjusted EBITDA guidance reduced to $760m. The shares fell about 11.5% to a new 52-week low.
• 05 Aug 2026 — chief executive transition announced. Peter Jackson will step down on 30 September 2026, with Dan Taylor becoming Group CEO on 1 October 2026 and joining the board. A phase two cost programme targeting a further $500m of savings by 2029 was announced the same day.
• 06 Aug 2026 — FanDuel Predicts joint venture restructured. Sports event contracts move from CME Group's exchange to the Nadex venue operated by Crypto.com. CME retains its 51% equity interest but its own venue now handles only non-sports contracts.

12. Key Dates to Watch

• 30 Sep 2026 — Peter Jackson steps down as Group CEO and leaves the board, moving to an advisory role
• 01 Oct 2026 — Dan Taylor becomes Group CEO and joins the board
• Expected Nov 2026 — third-quarter 2026 results, at which management has promised further detail on the phase two cost transformation programme. The 2025 equivalent was published on 12 November
• 31 Dec 2026 — Peter Jackson's employment with Flutter formally ends
• Expected Feb 2027 — fourth-quarter and full-year 2026 results, and initial FY2027 guidance. The FY2025 equivalent was published on 26 February 2026
• Expected Apr 2027 — UK general betting duty on non-horseracing betting rises from 15% to 25%, a gross impact of about $540m before mitigation
• Expected Jan 2028 — new Italian retail gaming concessions for slots, betting, bingo and scratch cards are expected to start, following tenders that could launch in late 2026 or early 2027

Two further items have no fixed date. Flutter has not yet published a confirmed calendar date for its third-quarter 2026 results, and the Fox Option dispute over the pricing mechanism for Fox Corporation's right to acquire 18.6% of FanDuel remains unresolved, with the option exercisable until December 2030. Macro events that move the whole sector are listed on the ChartsView Economic Calendar, and discussion of individual names continues in the ChartsView Forum.

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