Flutter Entertainment plc is a leading international sports betting and gaming company that operates through four primary geographic segments: the US, UK & Ireland, Australia, and International. The company generates revenue primarily through sports betting, which accounted for approximately 56% of total revenue in 2023, and online gaming (iGaming), which contributed 39%, with the remainder coming from daily fantasy sports, horse racing, and other services.
In the United States, Flutter operates FanDuel, the market-leading online sportsbook and iGaming platform, alongside horse racing network TVG. The UK & Ireland segment includes well-known brands such as Paddy Power, Betfair, and Sky Betting & Gaming, offering online and retail sports betting, betting exchanges, and casino games. In Australia, the company operates Sportsbet, a leading corporate bookmaker. The International segment encompasses a broad portfolio of brands, including PokerStars (a global online poker room), Sisal (Italy's leading gaming and lottery operator), Adjarabet (Georgia), and MaxBet (Serbia).
Flutter's business model relies on a combination of proprietary technology platforms, sophisticated risk management and pricing algorithms, and extensive marketing to acquire and retain recreational players. The company benefits from structural tailwinds in the legalization and regulation of online sports betting and iGaming, particularly in the United States. By leveraging its global scale, Flutter cross-sells its iGaming products to its sports betting customer base, driving significant cash flow and maintaining its competitive position as the world's largest online betting operator by revenue.
