Core Insights - Flutter Entertainment is acquiring Snaitech, a major online gambling company in Italy, for 2.3 billion euros ($2.56 billion) [1][3][4] - The acquisition will enhance Flutter's presence in Italy, which is Europe's largest gambling market with a gross revenue of 21 billion euros in 2023 [3] - The deal is expected to close in the second quarter of next year and will provide Flutter with an estimated 30% share of Italy's online gaming market [3][4] Strategic and Financial Implications - Flutter's CEO described the acquisition as strategically and financially compelling, aligning with the company's value-creating M&A strategy [4] - The acquisition is anticipated to accelerate Snaitech's growth by leveraging Flutter's market-leading products and capabilities [4] - Following the deal, Snaitech's parent company, Playtech, plans to return 1.7 billion to 1.8 billion euros to shareholders through a special dividend [4] Market Performance - Flutter's shares have increased by 25% this year, reflecting positive market sentiment following the announcement of the acquisition [5]

NEW YORK, Sept. 16, 2024 /PRNewswire/ -- FanDuel, North America's premier online gaming company, announced it has appointed Caralyn Cooley as the company's new Chief People Officer (CPO). Cooley will join FanDuel's Executive Leadership Team (ELT) reporting to CEO Amy Howe. In her role as CPO, Cooley will be responsible for the continued acceleration of FanDuel's people strategy reflecting the company's extraordinary growth trajectory. Cooley joins FanDuel as a seasoned multi-time CPO, with deep experience s ...

Core Insights - Flutter Entertainment and DraftKings dominate the US sports betting market, controlling between 68% and 72% of the sector, with FanDuel leading at 35% market share and DraftKings at 32% [4][6][5] - The sports betting industry is characterized by low margins and high competition, leading to significant promotional spending, but efforts to reduce these costs are underway to improve profitability [5][6] - Flutter Entertainment has turned profitable in 2023, moving from a loss of $711 million to a profit of at least $85 million, while DraftKings is also expected to achieve profitability [6][5] Market Dynamics - The total revenue for the US sports betting sector is projected to reach $11.4 billion in 2023, with Flutter and DraftKings expected to generate approximately $3.85 billion to $4 billion combined [6][5] - The average daily users for the two leading companies are estimated to be between 1.8 million to 2 million, with expectations to double by 2029 [6][5] - The NFL season is anticipated to drive significant revenue growth, with heightened interest in matchups and player storylines expected to increase betting volumes [10][11] Financial Performance - Flutter's stock price has seen significant fluctuations, starting the year at $164 and reaching $218, with a low of $88 due to market concerns over tax increases in Illinois [8][12] - The intrinsic value of DraftKings is estimated at $40, indicating it is roughly 13% undervalued, while Flutter is favored for its stability and global presence despite a higher trading price [6][5] - FanDuel's performance has been a major contributor to Flutter's revenue gains, accounting for 37% of the parent company's revenue [6]

FanDuel Casino makes one lucky player a millionaire through FanDuel Casino's $1M Jackpot Summer Sweepstakes. NEW YORK, Sept. 9, 2024 /PRNewswire/ -- Today, FanDuel Casino, announced that it has officially made one lucky player a millionaire through FanDuel Casino's $1M Jackpot Summer Sweepstakes. Agostino Limongelli, 62 years old, is officially a millionaire, after winning FanDuel Casino's $1M Jackpot Summer Sweepstakes. Agostino will be awarded the $1,000,000 grand prize from FanDuel Casino. "With over 100 ...

Featuring former NBA Star Randy Livingston – who experienced problem gambling - and his wife Anita Smith, the newest members of FanDuel's RG Ambassador Program Program provides educational resources, including a video series on the risks of underage gambling, the importance of proactive, informed conversations and where to seek help or learn more NEW YORK, Sept. 4, 2024 /PRNewswire/ -- September marks Responsible Gaming Education Month, and today FanDuel, the premier online gaming company in North America, ...

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today: Flutter Entertainment PLC (FLUT) : This company which is an online sports betting and iGaming operator, has seen the Zacks Consensus Estimate for its current year earnings increasing 41% over the last 60 days. Genesco (GCO) : This specialty retail and branded company which sells footwear and accessories in retail stores throughout the U.S., Canada, the United Kingdom and the Republic of Ireland, has seen the Zacks Consensus Estimate fo ...

Core Insights - Flutter Entertainment reported adjusted earnings per share of $2.61, exceeding Wall Street's expectation of $1.42, marking a 56% year-over-year increase from $1.67 [1] - The company's revenue reached $3.61 billion, surpassing analysts' estimates of $2.65 billion for the quarter, and reflecting a 20% increase from $3 billion in the same period last year [2] Performance Highlights - The CEO highlighted strong U.S. performance in both new and existing states, attributing success to a disciplined customer acquisition strategy and a competitive product offering [3] - The proportion of live betting handle increased by over 400 basis points during the NBA playoffs compared to the previous year, alongside an increase in MLB parlay penetration [3] Future Guidance - Flutter Entertainment updated its guidance, projecting U.S. revenue to grow by 3% to $6.2 billion for 2024, with overall group revenue expected to jump by 20% compared to 2023 [4] - Following the earnings announcement and guidance update, FLUT stock rose by 8.2%, with trading volume reaching 3.6 million shares compared to a daily average of about 1.3 million shares [4]

Key Takeaways Shares of FanDuel parent Flutter Entertainment jumped Wednesday, a day after it reported better-thanexpected second-quarter earnings and lifted its full-year revenue outlook. Revenue and net income rose year-over-year, leading Flutter to also lift its outlook for its U.S. and nonU.S. revenue for the full year. The company also tightened its focus on the U.S. in the quarter, shifting its headquarters and primary stock listing to New York. Shares of FanDuel parent Flutter Entertainment (FLUT) su ...

Financial Data and Key Metrics Changes - The company reported a revenue growth of 20% and adjusted EBITDA growth of 17% to $738 million in Q2 2024, with net income of $297 million [9][10] - Diluted earnings per share increased by 290%, while adjusted earnings per share rose by 56% [9] - Free cash flow improved to $171 million compared to a cash outflow of $95 million in the prior year [9] - The leverage ratio decreased to 2.6x from 3.1x at the end of December 2023, nearing the medium-term target range of 2x to 2.5x [10] Business Line Data and Key Metrics Changes - In the U.S., revenue grew by 39% and adjusted EBITDA increased by 51%, with sportsbook revenue up 41% and iGaming revenue up 47% [10][11] - Outside the U.S., revenue increased by 10%, with UK&I and international segments driving growth [11] - The UK&I segment saw revenue and adjusted EBITDA rise by 18%, benefiting from favorable sports results during the European Football Championships [11] Market Data and Key Metrics Changes - In the U.S., FanDuel captured nearly 40% market share in sports betting and iGaming, with AMPs and new players increasing by over 30% [5][6] - In North Carolina, the company achieved a 59% market share with a 20% growth in new players from pre-2022 states [6] - Sisal in Italy accounted for nearly 20% stakes on euros, contributing to a record market share performance [7] Company Strategy and Development Direction - The company aims to strengthen its leadership position in the U.S. while maintaining momentum in diversified international markets [8] - Continued investment in customer acquisition is prioritized, with a focus on maintaining a payback period of less than two years [16] - The company is enhancing its product capabilities, particularly in live betting and same game parlays, to maintain competitive advantages [43][52] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance in Q2 as an indicator of future growth, despite potential headwinds from tax changes in Illinois [16][20] - The company anticipates a small EBITDA loss in Q3 but expects significant earnings in Q4, with an overall positive outlook for 2024 [12][13] - Management emphasized the importance of a balanced tax approach to maximize market growth and customer experience [20][55] Other Important Information - The company completed the migration of FanDuel Casino onto proprietary technology, unlocking benefits such as access to in-house content and promotional capabilities [6] - The updated guidance for 2024 includes a midpoint revenue guidance of $6.2 billion in the U.S. and $8 billion ex-U.S., reflecting strong momentum [12][13] Q&A Session Summary Question: U.S. performance and guidance - Management highlighted strong Q2 performance driven by positive sports results and customer acquisition efforts, with a focus on maintaining a payback period of less than two years [15][16] Question: Impact of Illinois tax changes - Management discussed strategies to mitigate the $40 million net headwind from Illinois, emphasizing the importance of a balanced tax approach [15][20] Question: Customer acquisition costs - Management noted a slight decrease in customer acquisition costs year-over-year, maintaining a consistent posture in acquiring business while meeting return criteria [22][23] Question: Competitive dynamics in poker - Management expressed confidence in maintaining a strong position in the poker market, leveraging local brands and ongoing transformation initiatives for PokerStars [31][32] Question: Australia market trends - Management reported resilient performance in Australia, particularly in sports engagement, despite regulatory challenges [34] Question: M&A strategy - Management indicated a willingness to pursue M&A opportunities if they align with strategic goals, while maintaining a focus on deleveraging [38][39] Question: Product development for NFL season - Management highlighted ongoing investments in live betting and product enhancements to support the upcoming NFL season [64]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------|--------------------------------------------------------|-------|--------|--------------------------|---- ...