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Company Overview – The World’s Largest Online Betting Operator

Flutter Entertainment plc is the world‘s leading online sports betting and iGaming operator. It owns some of the most recognisable brands in gambling, including FanDuel, Sportsbet, Paddy Power, Betfair, PokerStars, Sky Betting & Gaming and Sisal. The company is dual‑listed on the New York Stock Exchange (NYSE: FLUT) and the London Stock Exchange (LSE: FLTR), and is a constituent of the FTSE 100 Index.

Flutter’s business is organised into four geographic segments: US, UK & Ireland, Australia, and International. In 2024, the US segment accounted for 41% of group revenue, UK & Ireland 26%, International 23%, and Australia 10%. The company employs approximately 28,500 people worldwide and offers products in over 100 countries, serving nearly 14 million average monthly players.

Official website: https://www.flutter.com/

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The Merger That Created a Giant – Paddy Power + Betfair

Flutter’s origin traces back to February 2016, when Irish bookmaker Paddy Power merged with UK betting exchange Betfair. The all‑share deal created Paddy Power Betfair plc, combining two highly complementary businesses into one of the world‘s largest online betting and gaming operators by revenue. Paddy Power was founded in 1988 by three Irish bookmakers and had grown into a 500‑shop retail chain with a strong online presence. Betfair pioneered the betting exchange model, allowing users to bet against each other rather than against a bookmaker.

In May 2019, the company rebranded to Flutter Entertainment plc, a name chosen to reflect its diversified global portfolio. Shortly after, Flutter executed a mega‑merger with The Stars Group, the parent company of PokerStars, further cementing its position as the world‘s largest online gambling operator. The 2016 merger was structured as a 52%‑48% split, with former Paddy Power shareholders holding the majority stake.

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Financial Performance – $18B Revenue and 17% Growth in 2026

Flutter delivered strong financial results in the first quarter of 2026. Group revenue reached **$4.30 billion**, a 17% increase year‑on‑year, driven by international expansion, recent acquisitions (Snai and Betnacional), and a positive swing in sports results. The company‘s revenue beat Wall Street estimates by nearly 5% and exceeded the $3.67 billion reported in Q1 2025. Net income was $209 million, down from $335 million in the prior year, reflecting higher interest, depreciation and amortisation costs from acquisitions. Adjusted EBITDA rose 2% to $631 million.

For the full year 2026, Flutter expects $18.3 billion in revenue** (12% year‑on‑year growth) and **$2.87 billion in adjusted EBITDA (1% year‑on‑year growth), with the majority of profit expected in the second half of the year. Over the past five years, the company has grown its sales at an impressive 24.5% annual rate, though recent demand has shown signs of slowing.

Flutter Entertainment Financial Highlights (Q1 2026)

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Global Brand Portfolio – FanDuel, Paddy Power, PokerStars and Beyond

Flutter’s brand portfolio is unmatched in scale and diversity, spanning every major gambling vertical: sports betting, exchange betting, online casino, poker, bingo and daily fantasy sports.

US (FanDuel) – Flutter‘s largest and fastest‑growing segment. FanDuel holds the #1 market position in US online sports betting with 39% gross gaming revenue (GGR) market share, and #1 in iGaming with 27% GGR share. The brand is live in over 20 US states and continues to expand as more states legalise.

UK & Ireland – This segment includes Paddy Power, Betfair, Sky Betting & Gaming and tombola. Paddy Power and Betfair are legacy brands from the 2016 merger, with Paddy Power maintaining a significant retail presence of over 560 betting shops across the UK and Ireland. Sky Betting & Gaming is a leading digital operator in the UK market.

International – This division spans Europe, Asia and Latin America. Flagship brands include Sisal (Italy‘s largest online gaming operator by revenue), PokerStars (the world’s biggest online poker room), Adjarabet (market leader in Georgia), Jungle Games and MaxBet.

Australia (Sportsbet) – Flutter‘s Australian arm is covered in detail below.

Flutter‘s Major Brands by Region

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Sportsbet Australia – The Market Leader Down Under

Sportsbet is Australia‘s largest online bookmaker, holding a dominant ~42% market share. The brand was founded in Darwin, Northern Territory, and was acquired by Paddy Power in December 2010. Since 2 February 2016, it has been part of the Flutter Entertainment group. Sportsbet pioneered innovations that reshaped Australian betting, including same‑game multis, cash‑out and the “Bet with Mates“ social feature.

In 2026, Flutter’s Australian operations face a challenging environment. The Australian wagering market is mature and highly competitive, with rivals including TAB (Tabcorp) and Bet365. Flutter’s Australian revenue accounts for approximately 10% of group revenue. Recent reports indicate that both Flutter (owner of Sportsbet) and Entain (owner of Ladbrokes) are experiencing declining net gaming revenue in the region, reflecting tough operating conditions in Australia.

In June 2026, Flutter expanded its Australian footprint into the non‑gambling sector with the launch of Sportsdream Rewards, a membership‑based rewards club offering prize draws and lifestyle discounts. Operating under trade promotion laws rather than gambling regulations, the move has drawn criticism from anti‑gambling advocates, who express concern about the close ties between a major gambling company and the loosely regulated giveaway sector.

Official website: https://www.sportsbet.com.au/

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Flutter Entertainment has grown from a 2016 merger between Paddy Power and Betfair into the world‘s largest online betting operator. With $4.3 billion in Q1 2026 revenue, an expected $18.3 billion for the full year, and a portfolio spanning FanDuel, Sportsbet, PokerStars and Paddy Power, the company dominates the global gambling landscape. In Australia, its Sportsbet brand leads the market despite challenging operating conditions, while recent ventures into rewards clubs signal Flutter’s ambition to extend its reach beyond traditional gambling.

Official resources:

• Flutter Entertainment: https://www.flutter.com/
• Flutter investor relations: https://www.flutter.com/investors

Sources: Flutter annual report, SEC filings, ABC News, Barron‘s, Barchart, Yahoo Finance, Quartr, Morningstar, Wikipedia

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