# Flutter Entertainment plc

Summary updated: 2026-10-04T09:34:32.752173Z
Canonical: https://finbar.com/research/companies/flutter-entertainment

## Overview

Flutter Entertainment plc is a global sports betting and online gaming company. Its sportsbook and iGaming brands include FanDuel, Paddy Power, Betfair, Sky Betting & Gaming, Sportsbet and PokerStars; its two reportable segments are U.S. and International. Its major markets include the U.S., the UK and Ireland, and Southern Europe and Africa, with operations also spanning Asia Pacific and other regions.[1](https://flutter.com/media/le5b5mp4/2025-annual-report-and-accounts.pdf)[2](https://flutter.com/media/tq3poiv3/flut-20251231-10k.pdf)

Flutter describes its mission as “to change the game.” In FY2025, it reported revenue of $16.383 billion and average monthly players of 15.911 million.[3](https://flutter.com/)[4](https://flutter.com/media/hdshhrmb/q4-2025-earnings-release.pdf)
[1](https://flutter.com/media/le5b5mp4/2025-annual-report-and-accounts.pdf)[2](https://flutter.com/media/tq3poiv3/flut-20251231-10k.pdf)[3](https://flutter.com/)[4](https://flutter.com/media/hdshhrmb/q4-2025-earnings-release.pdf)

## Products & services

Flutter Entertainment’s products span online sportsbook, iGaming, daily fantasy sports, horse-racing wagering, poker, bingo, exchange betting, lottery, prediction markets and free-to-play games. In the U.S., its FanDuel and TVG offerings include sportsbook, casino, paid daily fantasy sports, horse-racing wagering and free-to-play products. As of June 30, 2026, FanDuel sportsbook was available in 26 states or territories, online casino in 5 states, paid daily fantasy sports in 43 states, horse-racing wagering through FanDuel or TVG in 32 states, and free-to-play products nationwide. FanDuel Predicts offers contracts tied to financial, economic and commodities outcomes. [5](https://app.finbar.com/go?id=P146255736)

International products include sportsbook, casino, games, poker, bingo, exchange betting and lottery. The company offers these through brands including Sky Betting & Gaming, Paddy Power, Betfair, tombola, Sisal, Snai, PokerStars, Sportsbet, MaxBet, Adjarabet and Betnacional; Sportsbet also offers betting on horse racing, entertainment and major events. MaxBet operates retail shops alongside online sportsbook and iGaming. [6](https://app.finbar.com/go?id=P121782030)[7](https://app.finbar.com/go?id=P109836944)

Product features include FanDuel quick bets and same-game parlays, including drive and futures variants; its product development also includes pricing and trading tools, lower latency, and expanded late-game odds availability. In Italy, Sisal launched MyCombo, a same-game-parlay product, and migrated Poker and Bingo to Flutter platforms. Sky Bet introduced SuperSub and Squad Bet, with Squad Bet using next-generation pricing. [8](https://app.finbar.com/go?id=P83269515)

For the six months ended June 30, 2026, reported revenue by product category was $2,183 million sportsbook, $1,141 million iGaming and $122 million other in the U.S.; International revenue was $2,267 million sportsbook, $2,744 million iGaming and $173 million other. The reported figures are category revenue amounts rather than product-mix percentages. [9](https://app.finbar.com/go?id=T16737312)
[5](https://app.finbar.com/go?id=P146255736)[6](https://app.finbar.com/go?id=P121782030)[7](https://app.finbar.com/go?id=P109836944)[8](https://app.finbar.com/go?id=P83269515)[9](https://app.finbar.com/go?id=T16737312)

## Geographic presence

Flutter Entertainment operates across the United States and international markets. Its International business spans approximately 100 markets and is organized into UK & Ireland; Southern Europe & Africa, including Italy, Türkiye and Morocco; Asia Pacific, including Australia; Central & Eastern Europe, including Georgia, Armenia, Serbia, Bosnia and Herzegovina, North Macedonia and Montenegro; Brazil; and other regions. Its brands include FanDuel in the U.S., Sky Bet, Paddy Power, Betfair and tombola in the UK and Ireland, Sportsbet in Australia, and Betfair and Betnacional in Brazil. [6](https://app.finbar.com/go?id=P121782030)[10](https://app.finbar.com/go?id=P96212771)[2](https://flutter.com/media/tq3poiv3/flut-20251231-10k.pdf) The company reported that Junglee’s India operations ceased on 22 August 2025. [2](https://flutter.com/media/tq3poiv3/flut-20251231-10k.pdf)

In FY2025, International segment revenue was $9.416 billion: UK & Ireland $3.547 billion, Southern Europe & Africa $2.746 billion, Asia Pacific $1.428 billion, Central & Eastern Europe $604 million, Brazil $227 million and other regions $864 million. [11](https://app.finbar.com/go?id=T4897107) The 2025 annual report’s rounded breakdown of total Group revenue was U.S. 42%, UK & Ireland 22%, Southern Europe & Africa 17%, Asia Pacific 9%, Central & Eastern Europe 4%, Brazil 1% and other regions 5%. [1](https://flutter.com/media/le5b5mp4/2025-annual-report-and-accounts.pdf) For the six months ended 30 June 2026, disclosed revenue by customer location was U.S. $3.280 billion (38.0%), UK $1.686 billion (19.5%), Italy $1.624 billion (18.8%), Australia $705 million (8.2%), Ireland $158 million (1.8%) and rest of world $1.177 billion (13.6%), out of $8.630 billion total; percentages are calculated from the reported figures. [12](https://app.finbar.com/go?id=T16737314)

Flutter’s 2025 Group Tax Strategy reported more than 27,000 employees, over 80 office locations and 1,150 retail sites, without a geographic breakdown of employees. [13](https://flutter.com/media/pdcegwrl/flutter-entertainment-plc-uk-tax-strategy-2025.pdf) The company reported that its Hyderabad Global Capability Centre exceeded 1,000 employees in April 2025. [14](https://flutter.com/news-and-insights/press-releases/flutter-s-hyderabad-global-capability-centre-surpasses-1-000-employees/) In October 2025, Flutter said more than 7,000 technologists worked across 23 locations and nine time zones. [15](https://flutter.com/news-and-insights/insights/the-7-000-technologists-powering-flutter-s-edge/) It lists New York as its operational headquarters and Dublin as its registered office. [16](https://flutter.com/contact-us/)
[6](https://app.finbar.com/go?id=P121782030)[10](https://app.finbar.com/go?id=P96212771)[11](https://app.finbar.com/go?id=T4897107)[12](https://app.finbar.com/go?id=T16737314)[2](https://flutter.com/media/tq3poiv3/flut-20251231-10k.pdf)[1](https://flutter.com/media/le5b5mp4/2025-annual-report-and-accounts.pdf)[13](https://flutter.com/media/pdcegwrl/flutter-entertainment-plc-uk-tax-strategy-2025.pdf)[14](https://flutter.com/news-and-insights/press-releases/flutter-s-hyderabad-global-capability-centre-surpasses-1-000-employees/)[15](https://flutter.com/news-and-insights/insights/the-7-000-technologists-powering-flutter-s-edge/)[16](https://flutter.com/contact-us/)

## Business segments

Flutter reports two operating segments under the structure adopted in Q1 2025: **U.S.** and **International** [17](https://app.finbar.com/go?id=P23170351). The U.S. segment covers sports betting, casino, daily fantasy sports, horse-racing wagering and prediction-market products, primarily online, through brands including FanDuel and TVG [18](https://app.finbar.com/go?id=P43988370). International covers sports betting, casino, poker and lottery across around 100 markets, primarily online. Its regional businesses include the UK and Ireland, Southern Europe and Africa, Australia, Central and Eastern Europe, and Brazil; these are areas within the International segment, not separately reported segments [6](https://app.finbar.com/go?id=P121782030).

Based on reported segment revenue, the U.S. contributed approximately **42.5%** and International **57.5%** of combined segment revenue in FY2025 ($6,967 million and $9,416 million, respectively) [19](https://app.finbar.com/go?id=T3199849). For the six months ended 30 June 2026, the shares were approximately **39.9%** U.S. and **60.1%** International ($3,446 million and $5,184 million, respectively) [9](https://app.finbar.com/go?id=T16737312). Percentages are calculated from reported segment revenue.
[17](https://app.finbar.com/go?id=P23170351)[18](https://app.finbar.com/go?id=P43988370)[6](https://app.finbar.com/go?id=P121782030)[19](https://app.finbar.com/go?id=T3199849)[9](https://app.finbar.com/go?id=T16737312)

## Company history

Flutter Entertainment’s corporate history traces to Corcoran’s Management Limited, incorporated in Ireland in 1958. In 1988, it merged with two other independent bookmakers to form the business that became Paddy Power, which listed in Dublin and London in 2000. Paddy Power expanded internationally, including through its 2009 acquisition of a majority stake in Australian bookmaker Sportsbet. [20](https://app.finbar.com/go?id=P7500986)[21](https://flutter.com/media/goqchlvz/ppb-plc-sportsbet-briefing-aug-2017.pdf)

Paddy Power merged with betting-exchange operator Betfair in 2016, forming Paddy Power Betfair. In 2018, the group combined its U.S. business with FanDuel, and in May 2019 it adopted the name Flutter Entertainment. Its 2020 combination with The Stars Group added brands including PokerStars and Sky Betting & Gaming. Later expansion included acquisitions of Tombola and Sisal in 2022, MaxBet in 2023, and Snaitech, completed in 2025. [20](https://app.finbar.com/go?id=P7500986)[22](https://flutter.com/media/0fjgb1dr/announcement-of-completion-of-merger.pdf)[23](https://flutter.com/media/sxqpg5aq/combination-of-betfair-us-with-fanduel.pdf)[24](https://flutter.com/news-and-insights/press-releases/completion-of-combination-with-the-stars-group-inc/)[25](https://flutter.com/news-and-insights/press-releases/acquisition-of-tombola-the-uk-s-most-recreational-online-bingo-operator/)[26](https://flutter.com/news-and-insights/press-releases/acquisition-of-sisal-italy-s-leading-online-gaming-operator/)[27](https://flutter.com/news-and-insights/press-releases/flutter-acquires-maxbet/)[28](https://flutter.com/news-and-insights/press-releases/addition-of-snai-enhances-flutter-s-gold-medal-position-in-attractive-italian-market/)
[20](https://app.finbar.com/go?id=P7500986)[21](https://flutter.com/media/goqchlvz/ppb-plc-sportsbet-briefing-aug-2017.pdf)[22](https://flutter.com/media/0fjgb1dr/announcement-of-completion-of-merger.pdf)[23](https://flutter.com/media/sxqpg5aq/combination-of-betfair-us-with-fanduel.pdf)[24](https://flutter.com/news-and-insights/press-releases/completion-of-combination-with-the-stars-group-inc/)[25](https://flutter.com/news-and-insights/press-releases/acquisition-of-tombola-the-uk-s-most-recreational-online-bingo-operator/)[26](https://flutter.com/news-and-insights/press-releases/acquisition-of-sisal-italy-s-leading-online-gaming-operator/)[27](https://flutter.com/news-and-insights/press-releases/flutter-acquires-maxbet/)[28](https://flutter.com/news-and-insights/press-releases/addition-of-snai-enhances-flutter-s-gold-medal-position-in-attractive-italian-market/)

## Sources

1. [flutter.com](https://flutter.com/media/le5b5mp4/2025-annual-report-and-accounts.pdf)
2. [flutter.com](https://flutter.com/media/tq3poiv3/flut-20251231-10k.pdf)
3. [flutter.com](https://flutter.com/)
4. [flutter.com](https://flutter.com/media/hdshhrmb/q4-2025-earnings-release.pdf)
5. [Flutter Entertainment plc — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=P146255736)
6. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P121782030)
7. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P109836944)
8. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P83269515)
9. [Flutter Entertainment plc — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16737312)
10. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P96212771)
11. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=T4897107)
12. [Flutter Entertainment plc — Full financial report (2026 Q 2)](https://app.finbar.com/go?id=T16737314)
13. [flutter.com](https://flutter.com/media/pdcegwrl/flutter-entertainment-plc-uk-tax-strategy-2025.pdf)
14. [flutter.com](https://flutter.com/news-and-insights/press-releases/flutter-s-hyderabad-global-capability-centre-surpasses-1-000-employees/)
15. [flutter.com](https://flutter.com/news-and-insights/insights/the-7-000-technologists-powering-flutter-s-edge/)
16. [flutter.com](https://flutter.com/contact-us/)
17. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P23170351)
18. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P43988370)
19. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=T3199849)
20. [Flutter Entertainment plc — Full financial report (2025 Y)](https://app.finbar.com/go?id=P7500986)
21. [flutter.com](https://flutter.com/media/goqchlvz/ppb-plc-sportsbet-briefing-aug-2017.pdf)
22. [flutter.com](https://flutter.com/media/0fjgb1dr/announcement-of-completion-of-merger.pdf)
23. [flutter.com](https://flutter.com/media/sxqpg5aq/combination-of-betfair-us-with-fanduel.pdf)
24. [flutter.com](https://flutter.com/news-and-insights/press-releases/completion-of-combination-with-the-stars-group-inc/)
25. [flutter.com](https://flutter.com/news-and-insights/press-releases/acquisition-of-tombola-the-uk-s-most-recreational-online-bingo-operator/)
26. [flutter.com](https://flutter.com/news-and-insights/press-releases/acquisition-of-sisal-italy-s-leading-online-gaming-operator/)
27. [flutter.com](https://flutter.com/news-and-insights/press-releases/flutter-acquires-maxbet/)
28. [flutter.com](https://flutter.com/news-and-insights/press-releases/addition-of-snai-enhances-flutter-s-gold-medal-position-in-attractive-italian-market/)

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