Flutter

What Flutter does

Flutter Entertainment plc (NYSE: FLUT) is the world's largest online sports betting and iGaming operator, operating through a federated portfolio of market-leading brands including FanDuel (US, #1 with 47% sportsbook market share), Paddy Power and Sky Bet (UK & Ireland, #1), Sportsbet (Australia, #1), and Sisal (Italy, #1). The company serves 35 million customers across 87+ locations, processing 4+ billion bets annually and handling peak loads of 100,000 bets per minute with 1.5 billion daily price changes during major events like the 2026 World Cup. Core product lines span online sports betting, iGaming/casino, poker (PokerStars), bingo (Tombola), and prediction markets (FanDuel Predicts, launched in partnership with CME Group under CFTC oversight in December 2025).

The company's technology platform, branded as the Flutter Edge, shares pricing infrastructure, risk management, and product capabilities across brands while preserving local market autonomy. Differentiated technical assets include in-house large language model products (AceAI for customer-facing bet research and building, Flutter Assistant for internal operations), anomaly-detection systems for responsible gaming (Real Time Check-In, Sisal's Anti-Dependence Algorithm), and proprietary features like Same Game Parlay pricing (20%+ hold vs 4-6% on traditional bets), Bet Protect+ injury protection, and BeyondPlay jackpot technology (150,000+ jackpot wins since launch). The platform handled the World Cup with 1.5 billion daily price changes, reflecting substantial real-time trading infrastructure.

Flutter generates revenue primarily through transactional take-rates on customer wagers, with $16.38B in 2025 revenue (up 17% YoY) and 2026 guidance of $18.4B. Revenue is diversified across sports betting, iGaming (32% YoY active player growth, FanDuel Casino is #1 in the US), B2B sportsbook solutions (Airton Risk Management, exchange partnerships), and emerging prediction market revenue. Geographic mix is anchored in the US but increasingly diversified via acquisitions of Snaitech ($2.56B, Italy) and NSX Group (Brazil). Customer acquisition is direct-to-consumer through mobile apps and web, supplemented by sports league partnerships (NFL, NBA via Amazon Prime Video, EFL), influencer deals, and heavy event-driven promotional spending around major sporting events. The company invests ~$100-139M annually in responsible gaming, including a $300M commitment to prediction market buildout in 2025-2026.

Name

Flutter

Legal name

Flutter Entertainment plc

Website

https://flutter.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

11–50 employees

Short description

Flutter Entertainment plc (NYSE: FLUT) is the world's largest online sports betting and iGaming operator, serving 35 million customers across the US, UK & Ireland, Italy, Australia, and Brazil through a federated brand portfolio led by FanDuel. The company generates revenue via transactional take-rates on sports betting, iGaming, and emerging prediction markets.

Ownership category

akta.pro rank

Product category

Online Sports Betting and iGaming

NAICS

Gambling Industries (7132), Other Gambling Industries (713290)

SIC

Services-Miscellaneous Amusement & Recreation (7990)

akta.pro primary industry

iGaming Platform Providers (Turnkey/Casino & Sportsbook Platforms) (MPAEAKAA)

Keywords

• Online sports betting
• Online casino gaming
• Sports wagering platform
• Prediction markets
• Online poker bingo

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices11 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Technology or R&D, Marketing or Sales, Personnel, Others

Revenue model

1. Sports Betting Handle: Flutter generates revenue from the total amount wagered by customers on sports betting across its global portfolio of brands (FanDuel, Paddy Power, Sportsbet, Sky Bet, Betfair, etc.). The company takes a margin (hold) on each wager, with Same Game Parlays typically generating 20%+ hold compared to 4-6% on traditional head-to-head bets.
2. iGaming/Casino: Revenue from online casino products including slots, roulette, blackjack, and live dealer games. FanDuel Casino has become the #1 iGaming brand in the US. The US online casino market generated $8.41 billion in revenue in 2024 with 28.7% YoY growth.
3. Prediction Markets: FanDuel Predicts generates revenue from event contracts on sports, financial benchmarks, cryptocurrencies, and economic indicators. Contracts regulated federally by CFTC rather than state gambling taxes, allowing Flutter to capture trading revenue and expand into new markets.
4. Same Game Parlays (SGPs): Flutter's SGP product combines multiple outcomes within a single match at compounding odds, delivering substantially higher margins for operators. SGP holds typically exceed 20% compared to 4-6% on traditional head-to-head bets. In the US, parlays now account for over 25% of total handle and more than 50% of revenue.
5. B2B Sportsbook Solutions: Flutter provides B2B sportsbook solutions, data services, exchange partnerships, and risk management services to other operators through its subsidiary offerings including Airton Risk Management.
6. Sponsorships and Naming Rights: Revenue from partnerships including naming rights (e.g., FanDuel branding with Diamond Sports Group) and league/team sponsorship deals.

Pricing tiers

Go-to-market motion4 records

Distribution channels6 records

Marketing channels7 records

Core offering

Flutter Entertainment plc operates a global portfolio of online sports betting and iGaming brands, including FanDuel, Paddy Power, Betfair, Sky Bet, Sportsbet, PokerStars, Sisal, and tombola, generating revenue by taking a margin on customer wagers across sports betting, casino, poker, bingo, lottery, and prediction markets. The company runs a federated model (the Flutter Edge) that shares technology, AI systems, and risk/pricing infrastructure across brands while maintaining local market autonomy, serving 35 million customers across the US, UK & Ireland, Italy, Australia, Brazil, and other markets.

Product overview

Flutter Entertainment is the world's #1 online sports betting and iGaming operator, structured across two divisions: FanDuel in the US (covering North America) and Flutter International covering the rest of the world. The company operates a portfolio of market-leading brands including FanDuel, Paddy Power, Betfair, Sky Bet, Sportsbet, PokerStars, tombola, Sisal, Maxbet, Adjarabet, Snai, Bet Nacional, and Junglee Games. Products span online sports betting, iGaming (casino), poker, bingo, lottery, and prediction markets. The Flutter Edge platform enables sharing of technology, expertise, and innovations across brands—for example, AceAI (conversational AI) developed by FanDuel is shared with Sportsbet's Apollo equivalent, and features like Super Sub pioneered by Sisal are adapted for FanDuel's US customers. FanDuel holds #1 positions in both US online sports betting and US iGaming, while Flutter International holds #1 positions in UK & Ireland, Italy, and Australia.

Differentiator

Problem solved

Functional benefit

Brands

• FanDuel Sportsbook: America's #1 sportsbook and mobile gaming platform
• FanDuel Casino
• FanDuel Predicts
• Play With a Plan
• AceAI
• The Flutter Edge
• Positive Impact Plan

Products and services

• FanDuel America's #1 online sportsbook and iGaming brand, offering mobile sports betting, casino games, and prediction markets across 25+ U.S. states and territories. Operates FanDuel Sportsbook, FanDuel Casino, and FanDuel Predicts sub-products.
• Paddy Power UK and Ireland betting brand and Official Sportsbook Partner of the NFL in UK & Ireland, offering retail and online sports betting.
• Betfair Exchange-based betting platform allowing customers to bet against each other, along with sportsbook offerings.
• Sky Bet UK market-leading sports betting brand with #1 position in UK & Ireland, offering online and mobile betting. Has industry-leading responsible gaming partnership with EFL.
• Sportsbet Australia's #1 online betting brand, offering sports betting and iGaming. Pioneered Real Time Check-In responsible gaming technology.
• PokerStars Leading online poker brand and online gaming platform offering poker, casino, and sports betting across multiple markets.
• tombola UK online bingo brand offering digital bingo games, now expanding internationally through platform partnerships with other Flutter brands including Sisal.
• Sisal Italian market-leading sports betting and gaming brand with #1 position in Italy, offering sports betting, casino, bingo, and lottery products.
• Snai Italian sports betting and gaming brand offering sports betting, casino, and lottery products.
• Maxbet Serbian sports betting and gaming brand offering online and retail betting products.
• Adjarabet Georgian online betting and gaming brand serving the Georgian and surrounding markets.
• Bet Nacional
• Junglee Games Indian real-money gaming brand offering skill-based games, though Flutter has suspended real-money gaming operations in India following regulatory changes.
• Sky Gaming UK online gaming brand offering casino and slot games, part of Sky Betting & Gaming portfolio.
• AceAI Customer-facing conversational AI assistant within the FanDuel Sportsbook that allows customers to research player and team stats, validate betting picks, and build complex bets like parlays through natural in-app conversation.
• FanDuel Predicts Standalone prediction market app offering event contracts on sports, financial benchmarks, cryptocurrencies, and economic indicators. Regulated federally by the CFTC rather than state gambling laws, available in 16+ US states where traditional sportsbooks may be unavailable.
• Play with a Plan FanDuel's responsible gaming platform featuring tools including My Spend, Loss Limits, and Deposit Alerts that allow customers to set deposit, wager, loss, and time limits to support healthier play habits.
• B2B Sportsbook Solutions Flutter's B2B offering providing sportsbook technology, data services, exchange partnerships, and risk management services to other operators through Airton Risk Management and the Alpha Hub startup partnership program.

Quantifiable outcome

• FanDuel captured 47% US market share in sports betting (Q2 2024)
• +6 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability9 records

Feature8 records

Partnerships

18 partnerships are on record, tiered core and minor.

• CME GroupcoreStrategic or Co-development Partner · 22 December 2025FanDuel Predicts prediction market platform was launched in partnership with CME Group, operating under federal CFTC oversight rather than state-level sports betting regulations. This enables FanDuel to reach users in states where its core sportsbook remains unavailable.
• Coalition for Prediction MarketsminorStrategic or Co-development Partner · 11 December 2025Flutter (FanDuel) joined Kalshi, Coinbase, Crypto.com, and Underdog in the Coalition for Prediction Markets lobbying group to push back against state-level enforcement on prediction market operations.
• St. Louis CITY SCminorChannel Partner/ Reseller/ Distributor · 1 December 2025FanDuel announced market access agreement with St. Louis CITY SC ahead of Missouri launch, enabling sports betting operations in the state through the MLS team partnership.
• tombolacoreStrategic or Co-development Partner · 16 July 2025tombola launched its first platform partnership with Sisal in Italy, bringing its proprietary bingo product and deep liquidity pool to Sisal's customers. Games remain Sisal-branded while being powered by tombola's technology.
• AmazoncoreStrategic or Co-development Partner · 1 January 2025FanDuel partnered with Amazon as the exclusive odds provider and official partner of the NBA and WNBA on Prime Video and Amazon MGM Studios. This partnership enhances how FanDuel engages basketball fans and elevates the live sports viewing experience.
• NFLcoreStrategic or Co-development Partner · 1 January 2025Paddy Power (Flutter UK brand) became the Official Sportsbook Partner of the NFL in UK & Ireland. The partnership includes activations across retail and online channels, launch of Paddy Power NFL Showdown game, and fan promotions and experiences.
• EFL (English Football League)coreStrategic or Co-development Partner · 1 January 2025Sky Bet has maintained an industry-leading partnership with the EFL since 2013, centered on responsible gaming and recognized by UK Gambling Act Review as a benchmark for socially responsible sponsorship. Sky Bet invested £70m across first 11 seasons with investment increasing through 2029.
• Guns 'N HosesminorGTM or Marketing Partner · 1 January 2025FanDuel donated $300,000 to Guns 'N Hoses (police/firefighter charity) and Veterans Community Project in Missouri launch celebrations.
• Veterans Community ProjectminorGTM or Marketing Partner · 1 January 2025FanDuel donated $300,000 to Veterans Community Project as part of Missouri sports betting launch community giving program.
• The Comeback with Craig CartonminorGTM or Marketing Partner · 1 January 2025FanDuel partnered with The Comeback (Craig Carton's platform) for responsible gaming initiatives and content creation.
• Major League Partners (various)coreChannel Partner/ Reseller/ Distributor · 1 January 2025FanDuel maintains sweepstakes-style campaigns with major league partners that attracted over 550,000 participants in 2025, driving customer acquisition and engagement.
• Operation HOPEminorGTM or Marketing Partner · 1 January 2025FanDuel partners with Operation HOPE for financial literacy initiatives in the US, supporting the non-profit with $2.5m since 2023. Coaches offer free virtual and in-person financial health sessions.
• Università Cattolica del Sacro Cuore, MilanminorStrategic or Co-development Partner · 1 January 2025Sisal (Italy) partnered with the Department of Psychology and Computational Linguistics at Università Cattolica del Sacro Cuore in Milan to develop an AI-enabled system that analyses chat interactions to identify emerging risk patterns in gambling behavior.
• Alpha Hub StartupsminorChannel Partner/ Reseller/ Distributor · 1 January 2025Flutter's Alpha Hub runs Affiliate Draft 2025 program to identify innovative betting startups focusing on social betting, API integrations, and gamified experiences. Selected startups gain access to pilots and potential partnerships.
• BeyondPlaycoreTechnology or Integration · 1 January 2025FanDuel acquired BeyondPlay to enable site-wide jackpots for FanDuel Casino. BeyondPlay were experts on jackpot functionality and site-wide jackpot concepts.
• Diamond Sports GroupcoreStrategic or Co-development Partner · 18 October 2024FanDuel announced a broad commercial partnership with Diamond Sports Group, the largest regional sports network operator, including naming rights and branding integration. This partnership provides FanDuel with stadium-level visibility and strengthens relationships with sports leagues.
• SnaitechcoreStrategic or Co-development Partner · 1 January 2024Flutter acquired Italian gambling service Snaitech for $2.6 billion (€2.3 billion), expected to close in Q2 2025. Playtech sold its Italian unit Snaitech to Flutter for $2.56 billion.
• NSX Group (Brazil)coreStrategic or Co-development Partner · 1 January 2024Flutter acquired a majority stake in Brazil's NSX Group (Betnacional parent) as part of its expansion into the world's most passionate soccer market. Both deals totaling ~$3 billion expected to close in Q2 2025.

Scale indicators26 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Entain: Entain is a global online betting and gaming operator (Bet365, Ladbrokes, Coral, PartyPoker, BetMGM JV) competing with Flutter in UK & Ireland, Australia, and other regulated markets with a comparable multi-brand sportsbook + gaming portfolio and similar product-led, take-rate economics.
• DraftKings: DraftKings is Flutter's primary direct competitor in US online sports betting and iGaming, operating a similar mobile-app sportsbook + casino stack and competing head-to-head with FanDuel across the same 25+ US states and the same NFL, NBA, and parlay-driven product categories.
• BetMGM: BetMGM is a joint venture between MGM Resorts and Entain offering online sports betting and iGaming in the US. It competes directly with FanDuel on sportsbook product, casino, parlays, and state-by-state market access, and is a top-3 US player alongside FanDuel and DraftKings.

Broad incumbents

• Sportradar: Sportradar is a leading sports data, odds, and trading technology provider serving sportsbooks globally. It supplies the kind of feeds and risk/trading infrastructure that underpin Flutter's pricing engine, making it a B2B comparator and data counterpart rather than a consumer-facing competitor.
• Light & Wonder: Light & Wonder is a gaming content and technology provider powering iGaming platforms, slots, and table games used by Flutter brands including FanDuel Casino. It is a B2B supplier/adult-industry incumbent rather than a direct operator, but a key enabler in Flutter's iGaming stack.
• Evolution AB: Evolution is the global leader in live-dealer iGaming content, supplying FanDuel Casino and other Flutter brands. It is a B2B content incumbent serving the same iGaming value chain and exposed to the same live-casino growth tailwinds as Flutter's iGaming segment.
• Caesars Entertainment: Caesars is a major US gaming incumbent operating Caesars Sportsbook plus a large land-based casino footprint. While not a pure-play digital operator like Flutter, it competes directly with FanDuel in online sports betting and iGaming and is exposed to the same US regulatory and promotional dynamics.
• Penn Entertainment: Penn operates ESPN BET in partnership with Disney and a regional casino base. It competes with FanDuel in US online sports betting and shares Flutter's exposure to state-by-state regulation, promotional intensity, and the same sports league partnerships.

Emerging players

• Rush Street Interactive: Rush Street Interactive (BetRivers, PlaySugarHouse) is a US-focused online sportsbook and casino operator. It is a smaller, regionally concentrated peer that overlaps with FanDuel in sportsbook and iGaming product and competes for the same incremental US state licenses and customer base.

Regional players

• Super Group (Betway / Spin): Super Group operates Betway and Spin across multiple international markets. It is a comparable global multi-brand online betting and gaming operator, with particular overlap with Flutter International in Europe, Africa, and the Americas outside the core US/UK.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/FlutterEnt
• Facebookfacebook.com/FlutterEntertainment
• LinkedInlinkedin.com/company/flutter-entertainment-plc
• YouTubeyoutube.com/c/FlutterEntertainment

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries14 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Flutter