Flutter Entertainment plc
- Open
- 109.69
- Day high
- 112.07
- Day low
- 107.01
- Prev close
- 112.40
- Volume
- 1.5M
- Mkt cap
- $18.8B
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 2.1
- P/S
- 1.1
- Yield
- —
- Per share
- —
- ▲Insiders net buying $455K over the last 3 months (37 open-market buys, 12 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions reducing (13F)
Flutter Entertainment plc (FLUT) is a Consumer Cyclical company listed on NYSE. The stock is down 62% over the past year. Over the trailing 3 months, insiders filed 37 open-market buys and 12 sales (SEC Form 4).
Flutter Entertainment plc (FLUT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 12 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FLUT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.09 | $1.22 | +11.9% | $4.3B | +1.6% |
| Nov 12, 2025 | $0.61 | $1.64 | +169.7% | $3.8B | -0.8% |
| Aug 7, 2025 | $2.24 | $2.95 | +31.7% | $4.2B | +1.4% |
| Mar 4, 2025 | $1.96 | $2.94 | +50.0% | $3.8B | +1.2% |
| Aug 12, 2022 | $1.23 | $1.18 | -4.1% | $4.1B | +4.4% |
| Mar 1, 2022 | $1.38 | $1.08 | -21.7% | $4.0B | -2.2% |
| Aug 10, 2021 | $2.25 | $2.37 | +5.3% | $4.2B | +6.9% |
| Mar 2, 2021 | $2.24 | $2.56 | +14.3% | $4.0B | +12.7% |
| Aug 27, 2020 | $2.50 | $2.28 | -8.8% | $3.0B | +7.3% |
FLUT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 30, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 35,891 | — |
| Jun 29, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 430,612 | — |
| Jun 26, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 302,400 | — |
| Jun 25, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 350,000 | — |
| Jun 24, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 350,000 | — |
| Jun 23, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 9,426 | — |
| Jun 9, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 50,000 | — |
| Jun 5, 2026 | DART KENNETH BRYAN10 percent owner | Buy | 94,616 | — |
| Jun 3, 2026 | Taylor Daniel Markofficer: President FLUT; CEO FLUT Intl | Grant | 6,604 | — |
| Jun 3, 2026 | Bomhard Stefan Andreasdirector | Grant | 2,071 | — |
| Jun 3, 2026 | SUSMAN SALLYdirector | Grant | 2,071 | — |
| Jun 3, 2026 | McCarthy Christine Mdirector | Grant | 2,071 | — |
| Jun 3, 2026 | KOEPPEL HOLLY Kdirector | Grant | 2,071 | — |
| Jun 3, 2026 | BRYANT JOHN Adirector | Grant | 3,284 | — |
| Jun 3, 2026 | Lennon Carolandirector | Grant | 2,071 | — |
Source: FLUT SEC Form 4 filings, latest Jun 30, 2026. For informational purposes only — not investment advice.
See the full FLUT insider & 13F page →Flutter Entertainment plc company profile
Overview
Flutter Entertainment plc (NYSE:FLUT) is a Dublin-based multinational sports betting and gaming company that has emerged as one of the world's largest online gambling operators. Originally incorporated in 1958 and formerly known as Paddy Power Betfair plc until 2019, Flutter has grown through strategic acquisitions and organic expansion to become a dominant force in the global online betting industry. The company operates across multiple continents through well-known brands including FanDuel in the United States, Paddy Power and Betfair in the UK and Ireland, Sportsbet in Australia, and PokerStars internationally. Flutter has established itself as the market leader in several key jurisdictions and continues to expand its footprint in emerging regulated markets worldwide.
Business
Flutter Entertainment operates in the online sports betting and gaming industry, which encompasses digital platforms where customers can place wagers on sporting events and play casino-style games for real money. The industry has experienced rapid growth as governments worldwide have moved to regulate and legalize online gambling, creating legitimate markets that were previously dominated by offshore operators. The company's core offerings span several categories of online gambling products: 1. Sports Betting (Sportsbooks) - Approximately 60% of revenue: These platforms allow customers to place wagers on the outcomes of sporting events, from traditional fixed-odds betting to more complex proposition bets. Flutter's sportsbooks offer pre-game and live in-play betting across hundreds of sports markets. The company has pioneered innovations like same-game parlays, where customers can combine multiple bets from a single game, and customizable betting through products like "Your Way" that allow personalized odds. 2. Online Casino Gaming (iGaming) - Approximately 25% of revenue: This segment includes digital versions of traditional casino games such as slots, blackjack, roulette, and poker. Flutter operates both third-party games from established providers and proprietary content developed in-house. The company has been migrating its casino operations to proprietary technology platforms to improve customer experience and economics. 3. Betting Exchange - Approximately 10% of revenue: Through the Betfair Exchange, Flutter operates a peer-to-peer betting platform where customers bet against each other rather than against the house. This marketplace model allows customers to both back and lay bets, essentially acting as bookmakers themselves. Flutter earns commission on winning bets rather than taking traditional bookmaker margins. 4. Other Products - Approximately 5% of revenue: This includes daily fantasy sports, lottery products, bingo, poker tournaments, and business-to-business services. Flutter also operates HRTV, a horse racing television network, and provides technology services to other operators. The company operates these products across four main geographic segments: the United States (primarily through FanDuel), UK & Ireland (through Paddy Power, Betfair, and Sky Betting & Gaming), Australia (through Sportsbet), and International markets (through PokerStars, Sisal, and other regional brands).
Revenue model
Flutter Entertainment generates revenue through several distinct business models that vary by product type and market. The company's revenue streams are built on the fundamental principle that gambling operators maintain a mathematical advantage over customers over time, known as the "house edge." Sports Betting Revenue Model: Flutter earns money through the "overround" or "vig" built into betting odds. When setting odds, the company ensures that the implied probabilities of all possible outcomes exceed 100%, creating a margin. For example, if a coin flip were offered at odds implying 52% probability for each side, Flutter would profit regardless of the outcome. The company's gross gaming revenue represents customer losses minus winnings paid out. Sports betting typically generates gross margins of 8-12% of total handle (amount wagered). Casino Gaming Revenue Model: Online casino games have built-in mathematical advantages that ensure the house wins over time. Slot machines might return 94-96% to players, meaning Flutter retains 4-6% of all money wagered. Table games have varying house edges, with blackjack around 1% and roulette around 2.7%. Unlike sports betting, casino gaming provides more predictable revenue streams due to the mathematical certainty of the house edge. Exchange Model: On the Betfair Exchange, Flutter charges commission rates typically between 2-5% on net winnings rather than building margins into odds. This model generates lower margins but attracts professional bettors and creates a unique value proposition for customers seeking better odds. Customer Base: Flutter's customers are primarily recreational bettors and gamers who view gambling as entertainment. The company focuses on customer lifetime value, investing heavily in acquisition while maintaining disciplined payback periods typically under 24 months. Average customer deposits range from hundreds to thousands of dollars annually depending on the market and product. Several factors significantly impact Flutter's profitability margins. Favorable factors include sports results that favor the house, increased parlay betting (which carries higher margins), successful customer acquisition in new markets, regulatory environments that allow competitive tax rates, and the company's scale advantages in technology and content. Unfavorable factors include unexpected sports outcomes, increased competition requiring higher marketing spend, regulatory changes such as higher tax rates or advertising restrictions, economic downturns affecting discretionary spending, and the need for ongoing technology investments to maintain competitive positioning.
Competitive moat
Flutter Entertainment possesses a moderately strong competitive moat built primarily on scale advantages, brand recognition, and technological capabilities, though the sustainability of this moat faces ongoing challenges from competition and regulation. The company's strongest moat component is its scale advantage, particularly evident in the United States where FanDuel has achieved approximately 40% market share in online sports betting. This scale provides several benefits: superior customer acquisition economics through higher marketing efficiency, better odds compilation through larger betting pools, enhanced product development capabilities, and stronger negotiating power with sports leagues and data providers. Flutter's global presence across multiple markets also provides diversification benefits and cross-pollination of best practices. Brand strength represents another significant moat element. FanDuel has become synonymous with sports betting in many U.S. markets, while Paddy Power and Betfair enjoy strong recognition in the UK and Ireland. These brands carry trust and recognition that are difficult for new entrants to replicate quickly. The company's association with major sports leagues through partnerships and sponsorships further reinforces brand positioning. Technological advantages through "Flutter Edge" provide operational efficiencies in areas like pricing, risk management, and customer experience. The company's proprietary technology platforms, developed through years of investment, create switching costs for customers familiar with the user experience and features. However, Flutter's moat faces significant challenges. The online gambling industry has relatively low barriers to entry from a technology perspective, with numerous software providers offering turnkey solutions. Major competitors like DraftKings, BetMGM, and Caesars possess substantial resources and established customer bases. Regulatory risks represent perhaps the greatest threat, as governments can quickly change tax rates, advertising restrictions, or licensing requirements that affect competitive dynamics. The company's moat is strongest in mature markets where it has established leadership positions, but faces greater vulnerability in emerging markets where competitive dynamics remain fluid. Flutter's ability to maintain its moat depends largely on continued investment in product innovation, customer experience, and strategic market positioning while navigating an evolving regulatory landscape.
Risks & safety
Flutter Entertainment presents a moderate margin of safety with strong liquidity but elevated valuation metrics that suggest limited downside protection at current levels. • Liquidity and Solvency: Strong cash position of $3.3 billion with minimal debt concerns. Current ratio of 0.95 indicates tight but manageable short-term liquidity. Debt-to-equity ratio of 0.75 is reasonable for the industry. Free cash flow generation of $88 million in Q1 2025 demonstrates operational cash generation capability. • Valuation Metrics: EV/EBITDA of 14.4x appears reasonable for a growing company, though P/E ratio of 29.7x suggests premium valuation. Price-to-book ratio of 4.0x indicates significant premium to tangible assets. Graham number of $48.22 versus current price of $242 suggests substantial overvaluation by traditional value metrics. • Other Considerations: Regulatory risks in key markets could quickly impact profitability. Heavy reliance on customer acquisition spending creates earnings volatility. Strong market positions provide some defensive characteristics, but competitive pressures remain intense.
Recent development
Over the past few years, Flutter has executed several key strategic initiatives that have transformed the company's competitive position and growth trajectory. The most significant development has been the company's dominance in the U.S. market through FanDuel, which achieved market leadership in online sports betting and became the number one iGaming brand. The U.S. segment has experienced remarkable growth, with revenue increasing 32% in 2024 and adjusted EBITDA reaching $740 million, representing a dramatic turnaround from losses in previous years. Product innovation has been a central focus, with Flutter launching several breakthrough offerings. The "Your Way" product allows customers to create customized parlay bets with personalized pricing, representing a significant technological advancement that enhances customer engagement. The company has also expanded its same-game parlay offerings and improved live betting capabilities across all markets. In iGaming, Flutter has been migrating its casino operations to proprietary technology platforms, including bringing the FanDuel Casino tech stack in-house to improve customer experience and unit economics. Strategic acquisitions have expanded Flutter's geographic footprint and market positions. The company completed acquisitions of Snai in Italy and NSX in Brazil, strengthening its presence in key international markets. These acquisitions complement Flutter's existing operations and provide opportunities for cross-selling and operational synergies. The company has also implemented a comprehensive cost optimization program targeting $300 million in annualized savings by 2027, focusing on operational efficiencies while maintaining investment in growth areas. Simultaneously, Flutter has initiated significant capital returns to shareholders, including a $5 billion share repurchase program and regular dividend payments. Market expansion continues with successful launches in new U.S. states including North Carolina, where FanDuel achieved 59% market share, and preparations for launches in Missouri and Alberta. The company has also been exploring emerging opportunities such as prediction markets, leveraging its Betfair Exchange expertise to potentially enter new product categories.
FLUT company profile · for informational purposes only — not investment advice.
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