Flutter – Bookielink

LatAm Q3 results round-up: Brazil betting launch dominates discussions

With the majority of the gambling industry having published their Q3 results, iGB looks at how operators fared in the region and their plans for the future there.

Brazil will launch its legal betting market on 1 January 2025 and one operator that is hoping to make a real dent in the market is the giant Flutter Entertainment.

Back in September, Flutter announced it had agreed to acquire an initial 56% stake in NSX Group, which operates the Brazil-facing Betnacional brand. The deal is worth $350 million (£266.5 million/€316.0 million).

For the nine months ending 30 September, Flutter reported year-on-year revenue growth in Brazil of 4%. In its earnings call following the Q3 results release, CFO Rob Coldrake spoke of the operator’s excitement for the market opening.

“We’re very confident about our approach in Brazil,” Coldrake told reporters. “We’ve grown with our brands that we’ve got there already. We’re very excited about the NSX acquisition.”

The NSX acquisition will create a new..

September 26, 2024

Flutter claims 11% Brazil market share following NSX acquisition

Flutter is among the top three betting companies in Brazil with an 11% market share, thanks to its acquisition of a 56% stake in Betnacional parent NSX Group. Its position in Brazil was outlined in some detail during the group's Capital Markets Day presentation.
Flutter said the NSX Group acquisition would provide the group with necessary local expertise in the Brazilian market. The deal is expected to close by Q2 2025 and will help establish a new ‘Flutter Brazil’ business, which will include its existing Betfair brand. NSX Group’s Pagbet, MrJack.bet and Betpix brands will also fall under the new business arm.

According to Regulus Partners and internal estimates, NSX holds 9% of the total online market in Brazil. It estimates Brazil’s net gaming revenue (NGR) for 2023 was $2.8bn. Of that figure, Flutter claims its Betfair brands, alongside those it acquired in the NSX deal, came third in revenue terms with over a tenth of the market.

Flutter’s revenue from Betfair and NSX comb..

September 26, 2024

Flutter touts global success and future growth at annual investor conference

Wednesday (25 September) was a tour de force for global wagering giant Flutter, as the company's executives touted its worldwide success to investors and detailed plans for future growth.
The company held its annual investor day presentation in New York on Wednesday. Several executives presented details in an extensive breakdown about Flutter’s tentacles around the globe. Investors heard from group CEO Peter Jackson, FanDuel CEO Amy Howe, Flutter’s UK & Ireland and international CEOs Ian Brown and Dan Taylor and more.

Overall, the executives heralded the “Flutter Edge”. This, they said, is the formula that has vaulted the company into “gold-medal positions” in several large markets, such as the US, UK, Italy and Australia. It consists of four main tenets: product, technology, expertise and scale.

This quartet was referenced ubiquitously as the key driver for the company’s success. Throughout the presentation, the company’s widespread dominance of odds pricing and parlay produ..

August 16, 2024

State of the Union: DraftKings’ missteps, Missouri ballot measure

Welcome to iGB's State of the Union, a look at the biggest North American sports betting stories we've covered over the week and briefs on others we found interesting.
DraftKings has “no excuse” to consider surcharge “cash grab”
Less than an hour after Flutter’s second-quarter earnings call ended on Tuesday, DraftKings announced that, after hearing customer feedback, it will back off plans to impose a winners’ surcharge. The company announced the idea in early August, only to get swift and negative feedback.

Wall Street reacted positively on Wednesday. DraftKings’ shares were up as high as $33.50 per share before they settled at $32.06, up nearly 2%. While Rush Street Interactive and Penn Entertainment previously said they would not follow DraftKings’ lead, the company was clearly waiting to see how FanDuel would react.

“We have no plans to introduce a surcharge to winners,” CEO Peter Jackson said during the Q&A portion of the call. He then declined to entertain the issue..

August 13, 2024

Flutter beats street and won’t tax winners in the US; DraftKings backs off plan

Flutter CEO Peter Jackson said on Tuesday (13 August) that his company has no plans to follow DraftKings' lead with a winners' surcharge. The company, the market-share leader in the US, reported second-quarter results that exceeded analyst expectations and raised earnings guidance for FY2024.
DraftKings in early August announced that it will introduce a winners’ surcharge in four high-tax states beginning 1 January 2025. Industry watchers have since been waiting to see if other companies, and Flutter in particular, would follow suit.

“We have no plans to introduce a surcharge to winners,” Jackson said during the Q&A portion of the call. He then declined to entertain the issue further when others asked.

Less than an hour after the Flutter call ended, DraftKings released an announcement saying it would not move forward with the idea.

DraftKings Statement on Gaming Tax Surcharge pic.twitter.com/cucbsQJIVD
— DraftKings News (@DraftKingsNews) August 13, 2024

Other companie..

July 5, 2024

Report: Flutter may join Boyd in bid for Penn Interactive assets, including ESPN Bet

As activist investors are pushing Penn Entertainment to divest its digital gaming arm, The Deal is reporting Flutter and Boyd Gaming may partner on an agreement. Boyd has a 5% ownership stake in Flutter, and partners with Flutter's FanDuel in the US for retail and digital sports betting.

Penn stock was up 4.22% at midday on Friday on receiving the news, while Flutter stock was essentially flat after a morning uptick. Boyd Gaming stock was also relatively flat after an early rise reacting to the news.

“Adding Flutter into the equation with Boyd of a potential Penn acquisition makes it more than interesting,” gaming consultant Brendan Bussmann told iGB. “It’s a back door into the ESPN brand for online, but would also give a brick-and-mortar presence to Flutter.”

On Friday (5 July) Seeking Alpha wrote “Flutter (FLUT) may want to partner with Boyd Gaming (BYD) as the owner of FanDuel is interested in Penn’s interactive assets, according to a report from TheDeal.com on Friday, whi..

May 29, 2024

DraftKings and Flutter stock falls on proposed Illinois tax hike

DraftKings and Flutter Entertainment – owner of FanDuel Group – both saw their stock price decline yesterday (28 May) as the US market reacted negatively to a proposed gambling tax hike in Illinois.

Illinois lawmakers discussed the increase during a 2025 budget meeting over the weekend. While plans are yet to be approved, the potential rise has already hit leading operators including DraftKings and Flutter.

The current proposal on the table is for a graduated wagering tax structure to replace the existing 15% flat rate. This would set rates at between 20% and 40%, depending on each operator’s adjusted gaming revenue (AGR).

Licensed operators with generated AGR of $30m (£23.5m/€27.6m) a year would pay tax at 20%. However, if an operator reports more than $200m, they would face a 40% rate – some 167% more than at present. This would be the second-highest tax rate in the US behind New York at 51%.

Other boundaries include a 25% rate for AGR between $30m and $50m, 30% for AGR ranging ..

May 10, 2024

FanDuel TV launches new streaming channel

FanDuel TV, the television network of operator FanDuel, has announced the launch of FanDuel TV Extra, a new free streaming channel.

FanDuel claims its new free ad-supported streaming television (FAST) channel shows more live sports than any other FAST channel currently out there, making it the “premier destination” for sports fans looking to watch and bet concurrently.

FanDuel TV Extra is currently available through streaming platforms such as Pluto TV and the Roku Channel. It’s also accessible through FanDuel’s over-the-top streaming platform FanDuel TV+.

Bettors can access coverage of international basketball from countries such as China and Turkey, as well as football from the South Korean K-League. Also available will be Professional Darts Corporation and PokerStars events.

Having launched FanDuel TV back in September 2022, executive producer and senior vice-president Kevin Grigsby believes the new channel will help with customer acquisition. Grigsby also revealed that it was l..

March 12, 2024

Waterhouse VC: Spotlight on industry leaders

In his latest column, Tom Waterhouse of Waterhouse VC shines a spotlight on three industry leaders and discusses their paths to success.

In every industry, there are prominent figures who stand out and the wagering industry is no exception.

This month, we shine a spotlight on three distinct leaders in the industry: Tim Heath, a crypto wagering pioneer; Peter Jackson, CEO of Flutter Entertainment; and David Walsh, renowned as one of the world’s largest professional horse racing gamblers.

Over the last decade, the online wagering industry has expanded significantly through the proliferation of mobile-focused platforms. Heath and Jackson lead companies at the forefront of digital innovation in the industry.

YOLO

Originally from Australia, Heath is a serial wagering industry entrepreneur and venture capitalist. After university, he started a software development and ecommerce firm, Heathmont.net.

In 2013, he launched Coingaming Group, a crypto wagering operator and supplier which reb..

February 13, 2024

Flutter pens inaugural external B2B sportsbook deal with PMU

Flutter Entertainment has agreed a deal to provide a multi-channel B2B sportsbook platform to France’s Pari Mutuel Urbain (PMU).

The agreement sees PMU become the first external brand outside the Flutter group to use the B2B sportsbook platform. It extends a partnership between the parties that launched in 2010.

PMU gains access to customer products and associated operational services via the Flutter platform. This is in addition to the continued provision of event management, fixed odds pricing and risk management services.

Flutter said PMU will also benefit from continued investment into the platform. This, it adds, allows for seamless sports betting product rollouts.

“In sports betting, we were looking to simplify our architecture through a turnkey solution and to concentrate our efforts on marketing and CRM,” PMU ecommerce director Emmanuel Vacher said. “Flutter’s offering meets this need. Alongside them, we are now engaged in a multi-year partnership.

“Our common objective ..

January 18, 2024

Flutter earnings call: FanDuel ready to “get ahead” in igaming

Peter Jackson, chief executive of Flutter Entertainment said FanDuel plans to “get ahead” in igaming during a post-close trading update for the company's full-year 2023 results.

Flutter’s Q4 financial results saw growth in the US push revenue 25% to £9.51bn (€11.08bn/$12.07bn). Looking at FanDuel first, Jackson outlined the operator’s three-year strategy for success. He said Flutter plans for FanDuel to complete a race to the finish line in the final year.

“From an igaming perspective, we’re following the strategy we laid out at the capital markets day,” he explained.

FanDuel IS NEARING THE END OF A THREE-YEAR PERFORMANCE STRATEGY, SAID JACKSON

“We said in the first year there were things that were broken that we were going to fix. We said in the second year we’d get to product parity and in the third year we’re going to get ahead of the market.”

Using M&A as a driver for success

The chief executive said that Flutter has been focused on organic growth, “and that’s something..

October 4, 2023

Paddy Power closes 21 shops in Ireland

Flutter UK and Ireland has closed 21 Paddy Power shops in the Republic of Ireland, affecting 78 members of staff.

The list of affected shops includes Dominick Street Galway, Kilkenny, Rathdrum and Templemore. In a statement, Flutter said the decision to close consisted of two main facets – lease expiries and early terminations. It added the decision came after a review into its “high street estate”.

Paddy Power is among Flutter’s biggest brands in the UK and Ireland, alongside Betfair and Sky Bet.

Flutter stated that the closures leave 230 active Paddy Power shops across the Republic of Ireland.

Flutter added that the “majority” of the 78 members of staff would be offered redeployment across Paddy Power’s remaining shops. However, it admitted that the closures would lead to a “small number” of job losses.

“As with all businesses in the retail sector, we regularly review our estate to ensure we are operating efficiently and meeting the evolving needs of our customers,” said David N..

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Tag: Flutter