Welcome to our dedicated page for Flutter Entertainment plc news (Ticker: FLUT), a resource for investors and traders seeking the latest updates and insights on Flutter Entertainment plc stock.
Flutter Entertainment plc (symbol: FLUT) is a leading global online sports betting and iGaming company. Based in Dublin, Ireland, Flutter operates a diverse portfolio of some of the world's most renowned brands in the online sports betting and gaming sector. The company's key brands include FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Junglee Games, and Adjarabet.
Flutter Entertainment is divided into several segments based on geography:
- UK & Ireland: This segment offers sports betting, iGaming products including games, casino, bingo, and poker.
- Australia: Through the Sportsbet brand, Flutter provides online sports betting products.
- U.S.: The U.S. market offers sports betting, casino, daily fantasy sports (DFS), and horse racing wagering products primarily through the FanDuel brand.
- International: This segment focuses on sports betting, casino, poker, rummy, and lottery, primarily online.
In recent developments, Flutter Entertainment marked a significant milestone with the listing of its ordinary shares on the New York Stock Exchange (NYSE) under the ticker symbol 'FLUT' as of January 29, 2024. The company also maintains a premium listing on the London Stock Exchange (LSE) under the ticker 'FLTR'. This strategic move, endorsed by shareholders, is expected to unlock long-term strategic and capital market benefits, making Flutter more accessible to U.S.-based investors.
Financially, Flutter has shown strong performance and resilience. For the fiscal year 2023, the company reported revenue growth of 24.6% year-on-year, reaching $11,790 million. The U.S. market, particularly through FanDuel, has played a pivotal role in this growth, contributing significantly to the company's earnings profile. FanDuel achieved a positive full-year adjusted EBITDA in 2023 for the first time, reinforcing its position as America's number one online sportsbook.
Flutter's commitment to sustainability is evident through its 'Positive Impact Plan', which focuses on promoting responsible gambling and long-term growth. The company has invested over $100 million in global safer gambling initiatives, including significant marketing campaigns in the U.S. with FanDuel ambassadors promoting responsible play.
Looking ahead, Flutter continues to expand its presence and enhance its product offerings. The company has launched new products such as the 'Acca Freeze' on Sky Bet and innovative features in iGaming like exclusive access to popular game titles. The acquisition of MaxBet in January 2024 further strengthens Flutter's foothold in the European market.
Overall, Flutter Entertainment plc remains a dominant force in the global online sports betting and iGaming industry, leveraging its substantial scale and innovative mindset to drive growth and create a sustainable future for its stakeholders.
Flutter Entertainment has announced the acquisition of a 56% stake in NSX Group, a leading Brazilian operator of the Betnacional brand, for approximately $350 million. This strategic move aligns with Flutter's goal to secure leadership positions in international markets, particularly in the fast-growing Brazilian market. NSX, currently the fourth-largest operator in Brazil, is expected to generate revenue of about $256 million and Adjusted EBITDA of $34 million in 2024.
The deal combines NSX with Flutter's existing Betfair Brazil business, creating a strong competitive position in the soon-to-be-regulated Brazilian market. Flutter sees this as a compelling opportunity to drive synergies through its proprietary technologies and expertise, potentially leading to significant market share growth and future profitability.
FanDuel Casino, a subsidiary of Flutter Entertainment plc (NYSE: FLUT), has announced the winner of its $1M Jackpot Summer Sweepstakes. Agostino Limongelli, 62, was crowned the millionaire winner among over 100,000 eligible customers. The promotion, which ran from July 1 to September 1, required players to bet $50+ on selected slot games to earn an entry. Eligible states included New Jersey, Pennsylvania, Michigan, West Virginia, and Connecticut.
FanDuel Group, the premier mobile gaming company in the United States, operates FanDuel Sportsbook, FanDuel Casino, FanDuel Racing, and FanDuel TV. With approximately 17 million customers and 25 retail locations across all 50 states, FanDuel Group continues to expand its presence in the gaming industry.
FanDuel, North America's leading online gaming company, has launched 'Trusted Voices: Conversations About Betting' in partnership with former NBA player Randy Livingston and his wife Anita Smith. This program aims to provide resources for adults to discuss gambling with young people, focusing on risks, warning signs, and support options. The initiative features a video series detailing Livingston's personal struggle with problem gambling and recovery.
Key aspects of the program include:
- Educational resources available at ConversationsAboutBetting.com
- Emphasis on responsible betting and preventing underage access to sports betting platforms
- Collaboration with EPIC Global Solutions for gambling harm prevention
Additionally, FanDuel is expanding its partnership with Kindbridge Behavioral Health nationwide, offering mental health assessments and support services to individuals who self-exclude from the FanDuel platform.
On August 20, 2024, the Court of First Instance in Georgia ruled in favor of Aviator in a copyright and trademark infringement case against Spribe OÜ and Adjarabet, owned by Flutter Entertainment Plc (NYSE: FLUT). The court awarded Aviator $330 million in damages, invalidated Spribe OÜ's trademark registrations, and ordered Adjarabet to cease using the 'Aviator' name for its flagship game.
The lawsuit claimed that Spribe OÜ registered 'Aviator' trademarks in bad faith and infringed on Aviator 's copyright. The court agreed, invalidating Spribe OÜ's registrations and ruling against Adjarabet for illegal use of the Aviator brand and image.
Flutter Entertainment plc (NYSE:FLUT)(LSE:FLTR), a leading online sports betting and iGaming operator, has announced the release date for its second quarter 2024 financial results. The company will publish its earnings report on August 13, 2024, after market close at 16:05 ET (21:05 BST). Following the release, Flutter management will host a conference call at 16:30 ET (21:30 BST) to review the results and answer questions.
Investors and analysts can access the call via webcast or telephone. A public audio webcast will be available through registration or via the company's website. For those unable to attend live, a replay will be provided approximately one hour after the call concludes. Participants wishing to join the live conference call should dial in using the provided numbers and conference ID 20251.
Flutter Entertainment (NYSE: FLUT, LSE: FLTR), the global leader in online sports betting and iGaming, has announced the appointment of Christine M. McCarthy and Robert R. Bennett to its Board of Directors, effective July 30, 2024. McCarthy, formerly a top executive at The Walt Disney Company, will join the Audit Committee, while Bennett, with a background in media and investment, will serve on the Risk and Sustainability Committee. These appointments are expected to bring valuable entertainment industry insights to Flutter, enhancing its market position.
Flutter Entertainment PLC (NYSE:FLUT) has completed the transition of its primary listing to the New York Stock Exchange (NYSE) as of May 31, 2024.
The company's shares remain eligible for trading on the London Stock Exchange (LSE) under the Standard Listing segment. This transition follows shareholder approval at the Annual General Meeting on May 1, 2024.
CEO Peter Jackson highlighted that the move, along with the recent relocation of operational headquarters to New York, underscores the growing importance of the US sports betting and iGaming market for Flutter. FanDuel, a Flutter brand, is the leading operator in the US market.
Flutter Entertainment (NYSE: FLUT) reported its Q1 2024 financial results, showing significant growth in revenue and adjusted EBITDA, despite a rise in net loss. Key highlights include a revenue increase of 16% to $3.4 billion, adjusted EBITDA up by 46% to $514 million, and average monthly players (AMPs) rising by 11% to 13,722.
However, the net loss widened by 59% to $177 million primarily due to non-cash charges. FanDuel continued to lead the US market in sports betting and iGaming, with a 32% revenue increase in the US. Ex-US, the acquisition of MaxBet bolstered revenue. Despite unfavorable sports results, Flutter remains confident in its 2024 financial guidance.
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