Flutter Entertainment

September 12, 2024

Flutter’s Olympics betting handle increased threefold at Paris 2024

Flutter Entertainment has revealed its global handle for the Paris 2024 summer Olympic Games more than tripled from the last edition of the Games.
The group did not disclose exactly how much its customers around the world bet on Paris 2024 in its report.

The increase in handle, Flutter said, was due to growth within new markets. It highlighted the US, with 23 states now offering legal sports betting, compared to 10 at the Tokyo Games. However, it also noted the value of bets placed through its FanDuel brand in those 10 states more than doubled.

Flutter said Paris 2024 also benefit from more favourable viewing times for its customers in both Europe and the US. In addition, it noted an “abundance” of dramatic storylines that captured the attention of bettors.

“Many people who aren’t typical sports fans are Olympics fans,” FanDuel sports trader Eric Gerson said. “It’s a unique chance to branch out to new audiences we wouldn’t normally reach.”

Popularity of parlay bets rockets for Flu..

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..

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..

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..

September 27, 2023

Flutter acquires majority stake in Serbia’s MaxBet for €141m

Flutter Entertainment has acquired an initial 51% stake in Serbian omnichannel sports betting and gaming operator for €141.0m (£122.6m/$149.0m) in cash.

The deal, Flutter says, provides the group with access to the regulated Serbian market and supports its ongoing expansion plans, including within the wider Balkans region.

The agreement also states that Flutter has the opportunity to acquire the remaining 49% in MaxBet in 2029.

Ranked among the leading operators in Serbia with an approximate 20% online share, MaxBet employs more than 2,400 staff. In the 12 months to June 2023, it posted €145.0m in regulated revenue and €32.0m worth of adjusted EBITDA.

The transaction remains subject to customary regulatory clearances but is due to close in the first quarter of 2024.

“I am excited to announce the addition of MaxBet to the Flutter portfolio,” Flutter chief executive Peter Jackson said. “This acquisition continues our progress against the strategic priorities we have set for our inte..

August 9, 2023

Jackson highlights scale, product as profit drivers for Flutter

Peter Jackson, CEO of leading online gaming conglomerate Flutter Entertainment, highlighted the business’ scale and subsequent ability to invest in its products as being behind its crossing of the profitability threshold.

In H1 2023, the Flutter reported profitability on both a US and group-wide basis. In the company’s earnings call, Jackson highlighted the business had previously expected 2023 to be the year in which the threshold was met.

“I think it’s important we remember the context a few years ago,” Jackson said. “We knew this year would be the tipping point, we reached that milestone earlier because the business is bigger than we anticipated.

“We knew this year would be profitable, we’ve proved the model works, we will continue to acquire and invest in as many companies as we possibly can.”

Jackson emphasises the importance of scale

The executive emphasised Flutter’s size, revenue and market share as the business retained its title as the largest online gaming business in t..

August 9, 2023

Flutter’s US business reaches “profitability inflection point” in H1

Flutter Entertainment has revealed its US business reached a “profitability inflection point” during the first half, with CEO Peter Jackson describing the period as “pivotal”.

Group revenue was up 41.9% in the six months to 30 June, while net loss also flipped to a profit. Much of this, Flutter said, was down to the performance of its US segment, namely the FanDuel Group brand.

Since taking ownership of FanDuel in May 2018, the brand has gone from strength to strength. FanDuel has moved far from an initial daily fantasy sports offering to now deliver sports betting and online casino in states across the US.

FanDuel investment coming in H2

US is Flutter’s star performer in H1

A strong six months for European operations

Australia disappoints

Working down the balance sheet

FanDuel US listing nears

Flutter CEO: Profits will fuel H2 investment for FanDuel

With CEO Jackson revealing that the US business took on more than two million new players in the first half, there is little ch..

July 31, 2023

Fox Bet to close by 31 August

Flutter Entertainment and Fox Corporation have announced that their Fox Bet sports betting joint venture will close next month.

A phased closure of the Fox Bet operations will take place from today (31 July) until 31 August.

Flutter has been operating the brand as part of The Stars Group US, along with the US-facing operations of the PokerStars business.

It was confirmed that Flutter will retain ownership of both PokerStars and FanDuel Group. However, Fox will retain future use of the Fox and Fox Bet brands. These include the Fox Bet Super 6 prediction game, with a revamped version of this still due to go live this summer.

In addition, Fox, which holds a 2.5% stake in Flutter, will retain its option to acquire 18.6% of FanDuel.

Fox Bet’s short history

Fox Bet was born in May 2019 when Fox linked up with The Stars Group to launch a new sports betting service in the US. This was prior to Flutter acquiring The Stars Group in May of the following year.

At the time, it was planned fo..

May 23, 2023

Inspired extends virtual sports deal with Paddy Power

Inspired has signed an agreement to extend its existing virtual sports provider contract with Flutter-owned Paddy Power.

The extension will allow Inspired to continue providing Paddy Power’s retail venues across the UK and Ireland with its products.

“We are thrilled to extend our partnership with Paddy Power in supporting their retail venues across the UK and Ireland, as we have done for the past 12 years,” said Brooks Pierce, president and chief executive officer of Inspired. “We will continue to provide Paddy Power with our latest products and technology giving them the advantage of our leading content for their virtual sports offerings.”

Vince Bateson, head of retail gaming at Paddy Power, said the deal would allow Paddy Power to continue offering quality virtual sports products.

“We are pleased to extend our relationship with Inspired for virtual sports products in all our retail betting shops in the UK and Ireland,” said Bateson. “Our customers enjoy virtual products and our o..

November 9, 2022

Flutter CEO: Gambling Act white paper likely pushed back to 2023

Flutter chief executive Peter Jackson said that he thinks that the Gambling Act white paper is most likely to be delayed until next year, as he suspects new ministers will wish to “make their mark” on the document.

Speaking at Flutter’s Q3 earnings call, Jackson said he could not predict the the Gambling Act white paper timeline with any confidence, given that its release had repeatedly been pushed back by personnel changes in government and at the Gambling Commission. However, he said he would think its release was more likely to be in 2023 than this year.

“I don’t know if I can really comment on timing because I’ve tried to comment for the last two years and keep getting it wrong, so I might have lost some credibility there,” he said. “But I suspect it’ll end up coming out after Christmas as there isn’t much time now before Christmas.

“The new ministers I think will want to make their mark on it.”

Gambling Act review delays

The white paper is the next phase in the Gambling Act r..

November 9, 2022

Flutter revenue up 31% in Q3 as US becomes largest market

Flutter Entertainment forecast a 31% year-on-year increase in revenue for the third quarter of its 2022 financial year, primarily due to growth within its US and international businesses.

In a trading update, Flutter said that revenue for the three months to the end of September is expected to amount to £1.89bn (€2.17bn/$2.18bn), which would be a significant increase from £1.44bn in the corresponding period last year.

On a constant currency basis, revenue is forecast to increase by 82%.

Flutter said it expects this to be driven by growth within the US, where its revenue is forecast to rise 114% year-on-year, or 82% on a constant currency basis, to $598m, making it Flutter’s largest market.

This, the group said, was down to a 106% rise in sports revenue – comprising sportsbook, exchange, daily fantasy sports, advance deposit wagering and B2B product verticals – driven by customer acquisition across existing states as the new NFL season began.

US igaming revenue is also expected t..

September 2024
Mon	Tue	Wed	Thu	Fri	Sat	Sun
						1
2	3	4	5	6	7	8
9	10	11	12	13	14	15
16	17	18	19	20	21	22
23	24	25	26	27	28	29
30

Tag: Flutter Entertainment