FLUT 8-K
Flutter Entertainment plc (FLUT)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 7.01 | Regulation FD Disclosure. |
As previously disclosed, Flutter Entertainment plc (the “Company”) has realigned its internal structure. As a result of this realignment, the Company has transitioned from four reportable segments to two reportable segments to better reflect the way the Company now manages operations and allocates resources.
Effective from the first quarter of 2025, the Company reports two segments:
| • | U.S., which is unchanged from the U.S. segment previously reported; and |
| • | Flutter International, which combines the UKI, Australia and International segments previously reported. Flutter International will exclude unallocated corporate overhead. |
On March 24, 2025, the Company issued a press release to provide investors with supplemental financial information on a basis consistent with its new reporting structure. The press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated herein by reference. This recast financial information is being provided to aid in comparability, has no impact on previously reported consolidated financial statements for any period and does not represent a restatement of previously issued financial statements.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press Release, dated March 24, 2025. | |
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Flutter Entertainment plc | ||||||
| (Registrant) | ||||||
| Date: March 24, 2025 | By: | /s/ Fiona Gildea | ||||
| Name: | Fiona Gildea | |||||
| Title: | Deputy Company Secretary and Head of Governance | |||||
Exhibit 99.1
Flutter Entertainment publishes historical financial data to reflect 2025 segment reporting changes
Monday March 24, 2025
Flutter Entertainment (“Flutter”) (NYSE:FLUT, LSE:FLTR), the leading online sports betting and iGaming operator, announced on March 4, 2025 that it is updating its reportable segments to reflect the way the company now manages operations and allocates resources. These changes have no impact on Flutter’s historical consolidated financial position or results.
Effective from the first quarter of 2025, Flutter will report two segments:
| • | US: comprising the FanDuel brand and unchanged from the US segment as reported in 2024 |
| • | Flutter International: comprising all other Flutter brands. This will align with previously reported UK & Ireland, Australia and International segments combined. Flutter International will exclude unallocated corporate overhead. |
To provide investors with historical information on a basis consistent with its new reporting structure, Flutter sets out recast financial information for 2024, reflecting the new reportable segments and the new regional revenue breakdown for Flutter International in Appendix 1. Recast financial information including quarterly data for all periods from 2021-2024 is also available on the Flutter website at www.flutter.com/investors/results-reports-and-presentations/year/2025. This document can be found under “Q4 KPI pack new segments” with the updated information provided in tabs two and nine. The recast financial information does not represent a restatement of previously issued financial statements.
About Flutter Entertainment plc
Flutter is the world’s leading online sports betting and iGaming operator, with leading positions in markets across the world, including the US. Our ambition is to leverage our significant scale and our challenger mindset to change our industry for the better. By Changing the Game, we believe we can deliver long-term growth while promoting a positive, sustainable future for all our stakeholders. We are well-placed to do so through the distinctive, global competitive advantages of the Flutter Edge, which gives our brands access to group-wide benefits to stay ahead of the competition, as well as our clear vision for sustainability through our Positive Impact Plan.
Flutter operates a diverse portfolio of leading online sports betting and iGaming brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Tombola, Betfair, MaxBet, Junglee Games and Adjarabet.
To learn more about Flutter, please visit our website at www.flutter.com.
Enquiries
Investor Relations: [email protected]
Media Relations: [email protected]
Appendix 1
The following table presents Flutter’s recast segment revenue information. Additional KPIs including average monthly players, handle and sportsbook net revenue margin continue to be available for the segments in our quarterly KPI pack on the Flutter website at www.flutter.com/investors/results-reports-and-presentations/year/2025 under “Q4 KPI pack new segments”:
| ($ in millions) | Year ended December 31, 2024 |
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| U.S. |
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| Sportsbook |
4,013 | |||
| iGaming |
1,524 | |||
| Other |
261 | |||
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| U.S. segment revenue |
5,798 | |||
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| International |
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| Sportsbook |
3,816 | |||
| iGaming |
4,130 | |||
| Other |
304 | |||
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| International segment revenue |
8,250 | |||
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| Total reportable segment revenue |
14,048 | |||
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The following table presents the International segment revenue by region:
| ($ in millions) | Year ended December 31, 2024 |
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| UK & Ireland1 |
3,599 | |||
| Southern Europe and Africa2 |
1,593 | |||
| Asia Pacific3 |
1,547 | |||
| Central and Eastern Europe4 |
531 | |||
| Brazil5 |
69 | |||
| Other regions6 |
911 | |||
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| Total International segment revenue |
8,250 | |||
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| 1. | UK & Ireland (“UKI”): remaining unchanged from the segment previously disclosed. This represents Sky Bet, Paddy Power and Betfair UK and Ireland operations as well as the tombola brand |
| 2. | Southern Europe and Africa (“SEA”): comprising the Italian operations of our Sisal and PokerStars brands as well as Sisal’s business in Turkey and Morrocco. On completion, Snai revenue will be reported here |
| 3. | Asia-Pacific (“APAC”): including our Sportsbet business in Australia and Junglee in India |
| 4. | Central and Eastern Europe (“CEE”): comprising Adjarabet in Georgia and Armenia together with MaxBet in Serbia, Bosnia Herzegovina, North Macedonia and Montenegro |
| 5. | Brazil: reflecting our Betfair operations in the region. On completion, NSX revenue will be reported here |
| 6. | Other regions: comprising PokerStars’ non-Italian operations and Betfair’s non-Brazilian business |
The following table shows the significant segment expense categories included in segment profit and loss together with adjusted EBITDA by segment. As noted above, the changes to our segment reporting above have no impact on Flutter’s historical consolidated financial position and therefore have no impact on Flutter’s Group adjusted EBITDA or its reconciliation to net income (loss), the most comparable GAAP financial measure.
| ($ in millions) | Year ended December 31, 2024 |
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| U.S. |
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| Revenue |
5,798 | |||
| Cost of sales1 |
3,353 | |||
| Technology, research and development expenses2 |
270 | |||
| Sales & marketing expenses3 |
1,278 | |||
| General and administrative expenses4 |
390 | |||
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| Total U.S. adjusted EBITDA |
507 | |||
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| International |
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| Revenue |
8,250 | |||
| Cost of sales1 |
3,571 | |||
| Technology, research and development expenses2 |
403 | |||
| Sales & marketing expenses3 |
1,394 | |||
| General and administrative expenses4 |
817 | |||
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| Total International adjusted EBITDA |
2,065 | |||
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| 1. | Reportable segment cost of sales excludes amortization of certain capitalized development costs, share-based compensation of revenue-associated personnel and restructuring and integration cost directly associated with revenue-generating activities. |
| 2. | Reportable segment technology, research and development expenses excludes share-based compensation for technology developers and product management employees, depreciation and amortization related to computer equipment and software not directly associated with revenue earning activities and restructuring and integration costs. |
| 3. | Reportable segment sales and marketing expenses exclude amortization of trademarks and customer relations, share-based compensation expenses of sales and marketing personnel and restructuring and integration costs. |
| 4. | Reportable segment general and administrative expenses exclude share-based compensation for executive management, finance administration, legal and compliance, and human resources, depreciation and amortization, transaction fees and associated costs and restructuring and integration costs. |