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Flutter Entertainment plc (LSE:FLTR, NYSE:FLUT, TSX:TSGI) is the world's leading online sports betting and iGaming operator. With a presence in key global markets, Flutter's diverse portfolio includes renowned brands such as FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Tombola, Betfair, MaxBet, Junglee Games, and Adjarabet.
The company's core business revolves around offering top-tier sports betting and iGaming services. Flutter has maintained its position as the market leader through strategic acquisitions and innovative product offerings. A notable achievement is the integration of Sisal into its international operations, which exemplifies Flutter's 'local hero' strategy aimed at market dominance and growth.
In 2023, Flutter reported a 24.6% year-on-year revenue growth to $11,790 million, driven by its expanding customer base and market share gains across various regions. The US market, led by FanDuel, saw a 40.7% revenue increase, with FanDuel securing a dominant market share of 53.4% in sports betting by Net Gaming Revenue (NGR) and 25.7% in iGaming.
Outside the US, Flutter experienced robust growth as well, particularly in the UK and Ireland, where it increased its market share by 2 percentage points to 30%. In Australia, Sportsbet retained high levels of customer engagement, contributing to a 1.9% increase in Average Monthly Players (AMPs) to 1.1 million.
Flutter's commitment to sustainability and responsible gambling is evident through its Positive Impact Plan, which includes a $100 million investment in global safer gambling initiatives. This focus on responsible play is integral to Flutter's long-term strategy to promote a positive and sustainable future for all stakeholders.
Financially, Flutter delivered a Further Adjusted EBITDA growth of 45.4% to $1,874 million in 2023, reflecting strong performance and operational efficiencies. The company's net loss for 2023 was $1,211 million, largely due to non-cash expenses like the impairment of PokerStars trademarks and changes in the fair value of liabilities.
Strategically, Flutter continues to innovate with new product features such as the Parlay Hub and live betting enhancements, which have significantly increased player engagement. The company also expanded its iGaming portfolio, introducing more gaming titles and exclusive access to popular games.
Looking ahead, Flutter's 2024 outlook remains positive, with anticipated revenue growth driven by its competitive advantages and strategic initiatives. The company's move to list primarily on the NYSE is expected to unlock long-term strategic and capital market benefits.
Flutter Entertainment has announced the launch of its first share repurchase tranche of up to $350 million on the NYSE, starting November 14, 2024, and ending March 31, 2025. This represents the initial phase of a larger $5 billion share buyback program authorized in September 2024. Goldman Sachs will independently execute the buyback, with a maximum limit of 17,739,905 ordinary shares. The program aims to reduce Flutter's share capital, with all repurchased shares to be cancelled. Future buyback decisions will depend on capital requirements and market conditions.
Flutter Entertainment (NYSE:FLUT)(LSE:FLTR) has agreed to acquire Snaitech S.p.A. (Snai), a leading Italian omni-channel operator, for €2.3 billion. This acquisition aligns with Flutter's strategy to invest in international market leadership positions. The deal is expected to close by Q2 2025 and be immediately accretive to earnings per share. Snai, the number three online operator in Italy with a 9.9% market share, generated €947 million in regulated revenue and €256 million in Adjusted EBITDA in 2023. The acquisition will give Flutter a ~30% online share in Italy when combined with its existing business. The transaction is expected to deliver operating cost synergies of at least €70 million and additional revenue synergies.
Flutter Entertainment (NYSE:FLUT, LSE:FLTR), a leading online sports betting and iGaming operator, has announced an Investor Day event scheduled for September 25, 2024 at 13:00 ET (18:00 BST). The hybrid event will take place at Cipriani, New York, and will be livestreamed for remote attendees.
The event will feature a presentation by management highlighting the Flutter Group's future growth potential and capital allocation opportunities. A Q&A session will follow the presentation. Interested parties can register for the livestream or express interest in attending in person via the company's website, though in-person capacity is
For those unable to attend live, a replay and presentation slides will be made available on Flutter's website after the event.
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.
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.
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