Group 1 - Flutter Entertainment has extended its long-term strategic partnership with Boyd Gaming Corporation to 2038 and has completed the buyout of Boyd's 5% stake in FanDuel Group [1] - The market access savings from this transaction will be effective from July 1, 2025 [1] - Flutter is recognized as the leading online sports betting and iGaming operator globally, with a strong market position in the US [2][3] Group 2 - Flutter operates a diverse portfolio of well-known online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and others [3] - The company aims to leverage its size and challenger mindset to drive long-term growth while promoting sustainability through its Positive Impact Plan [2]

Core Viewpoint - Flutter Entertainment plc has announced the pricing of a significant offering of senior secured notes and a new term loan facility, aimed at funding strategic acquisitions and partnerships in the gaming industry [1][2][3]. Group 1: Offering Details - The offering includes $625 million of 5.875% senior secured notes, €300 million of 4.000% senior secured notes, and £250 million of 6.125% senior secured notes, all due in 2031 [1]. - The notes will be issued at par and are part of a further issuance of previously issued notes from June 4, 2025 [1]. - The settlement for the offering is expected to occur around August 7, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - Proceeds from the offering and the Fourth Incremental TLB Facility will be used to acquire the remaining 5% minority interest in FanDuel and to extend a strategic partnership with Boyd Interactive Gaming Holdings, L.L.C. [3]. - The issuer plans to utilize cash on its balance sheet to cover certain costs, fees, and expenses related to these transactions [3]. Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, holding a strong market position in the US and globally [4]. - The company aims to leverage its scale and innovative approach to drive long-term growth while promoting sustainability through its Positive Impact Plan [4]. - Flutter operates a diverse portfolio of well-known brands, including FanDuel, Sky Betting & Gaming, and PokerStars, among others [5].

Core Viewpoint - Flutter Entertainment is set to release its second quarter 2025 update on August 7, 2025, after market close, with all related materials available on its website [1] Group 1: Financial Update - The second quarter 2025 update will be released at 4:05 p.m. EDT (9:05 p.m. BST) on August 7, 2025 [1] - A conference call will be held on the same day at 4:30 p.m. EDT (9:30 p.m. BST) to review the results and answer questions [2] Group 2: Participation Details - Analysts and investors can participate in the live conference call by dialing specific numbers and using conference ID 20251, with a recommendation to join 10 minutes early [3] Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, with a strong market position in the US and globally [3] - The company aims to leverage its size and innovative mindset to drive long-term growth while promoting sustainability through its Positive Impact Plan [3] Group 4: Brand Portfolio - Flutter operates a diverse portfolio of well-known online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and others [4]

Core Viewpoint - Flutter Entertainment plc is launching an offering of senior secured notes in multiple currencies to fund strategic acquisitions and partnerships, indicating a proactive approach to growth and market positioning [1][3]. Group 1: Offering Details - Flutter is offering USD, EUR, and GBP-denominated senior secured notes due in 2031, which will be a further issuance of previously issued notes [1]. - The total amount intended to be raised through the notes and an incremental debt facility is $1,755 million [3]. Group 2: Purpose of Funds - Proceeds from the offering will be used to acquire a 5% minority interest in FanDuel and to extend a strategic partnership with Boyd Interactive Gaming Holdings, L.L.C. [3]. Group 3: Company Overview - Flutter is recognized as a leading online sports betting and iGaming operator globally, with a strong market presence in the US [4]. - The company operates a diverse portfolio of brands, including FanDuel, Sky Betting & Gaming, and PokerStars, among others [5].

Core Viewpoint - Flutter Entertainment has announced the extension of its strategic partnership with Boyd Gaming Corporation to 2038 and the acquisition of Boyd's 5% stake in FanDuel for approximately $1.755 billion, increasing Flutter's ownership in FanDuel to 100% at an implied valuation of around $31 billion [1][2][3]. Group 1: Strategic Partnership and Acquisition - The acquisition involves a payment of approximately $1.755 billion, which includes $1.55 billion for the stake in FanDuel and $205 million for revised commercial terms [2][12]. - The strategic partnership extension with Boyd will lead to significantly reduced market access costs, expected to save Flutter approximately $65 million annually starting July 1, 2025 [2][6][12]. Group 2: Market Position and Financial Impact - FanDuel holds a 43% market share in sports betting and 27% in iGaming in the US, making it the clear market leader [6][12]. - The transaction is anticipated to enhance Flutter's long-term profitability profile and mitigate potential tax increases, with the expected annual savings contributing to a more favorable adjusted EBITDA margin [6][12]. Group 3: Financial Arrangements - Flutter has entered into a bridge credit agreement for a senior secured first lien term loan of $1.75 billion to finance the acquisition [5][7]. - The leverage ratio is expected to increase initially but is projected to decrease due to visible profitable growth opportunities, with a commitment to maintain a medium-term leverage ratio of 2.0-2.5x [3][6].

Core Viewpoint - Flutter Entertainment, a leading online sports betting and iGaming operator, is responding to the Illinois State legislature's decision to introduce a betting transaction fee for licensed operators starting July 1, 2025, which will impact the cost structure for operators in the state [1][2]. Group 1: Company Response - FanDuel, Flutter's US market-leading brand, will implement a $0.50 transaction fee on each bet placed on its platform in Illinois starting September 1, 2025, due to increased operational costs from the new Illinois Transaction Fee [2]. - The introduction of the transaction fee follows a significant increase in the betting tax rate in Illinois in 2024, which FanDuel had previously attempted to absorb without passing costs to customers [2]. Group 2: Industry Impact - Flutter's CEO, Peter Jackson, expressed concerns that the Illinois Transaction Fee will disproportionately affect lower wagering recreational customers and may drive some customers to unregulated operators, which do not contribute tax revenue or provide the same level of customer protection [4]. - The company emphasizes the importance of optimal gaming tax rates for maximizing market growth and revenue for states over time [4]. Group 3: Financial Performance - Flutter reported global revenue of $14,048 million for fiscal 2024, representing a 19% year-over-year increase, and $3,665 million for the quarter ended March 31, 2025 [6].

Group 1 - Flutter Entertainment plc has announced the pricing of a total of $1,000 million of 5.875% Senior Secured Notes due 2031, €550 million of 4.000% Senior Secured Notes due 2031, and £450 million of 6.125% Senior Secured Notes due 2031, all issued at par by its subsidiary Flutter Treasury DAC [1] - The proceeds from the offering and a new U.S. dollar-denominated term loan B facility are intended to repay amounts due under a bridge facility used for the acquisition of Snaitech S.p.A., for general corporate purposes, and to cover related costs and expenses [2] - Flutter operates a diverse portfolio of leading online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and others, positioning itself as a market leader in the industry [4] Group 2 - Flutter aims to leverage its significant scale and challenger mindset to drive long-term growth while promoting a positive and sustainable future for stakeholders through its Positive Impact Plan [3] - The company is well-placed to maintain its competitive edge through the global advantages of the Flutter Edge, which provides access to group-wide benefits [3]

Core Viewpoint - Flutter Entertainment plc is launching an offering of senior secured notes in multiple currencies to raise a total of $2,800 million, primarily to repay existing debt and cover acquisition-related costs [1][3]. Group 1: Offering Details - The offering includes USD-denominated, EUR-denominated, and GBP-denominated senior secured notes, all due in 2031 [1]. - Flutter is also raising incremental debt under its existing U.S. dollar-denominated term loan B facility [2]. - The total amount targeted for the offering and the incremental facility is $2,800 million [3]. Group 2: Use of Proceeds - Proceeds from the offering will be used to repay all amounts due under a bridge facility, which was partially utilized for the acquisition of Snaitech S.p.A. [3]. - Additional funds will cover certain costs, fees, and expenses related to these transactions [3]. Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, holding a significant market position in the US and globally [4]. - The company aims to leverage its scale and competitive advantages to foster long-term growth and promote sustainability through its Positive Impact Plan [4]. - Flutter operates a diverse portfolio of brands, including FanDuel, Sky Betting & Gaming, and PokerStars, among others [5].

Core Viewpoint - Flutter Entertainment has acquired a 56% stake in NSX Group, a Brazilian operator, for approximately $350 million, aligning with its strategy to invest in leading positions in attractive international markets [1][2][3] Group 1: Acquisition Details - The acquisition involves a cash payment of about $350 million and the contribution of Flutter's existing Betfair Brazil business [3] - The deal is expected to generate an additional $220 million in revenue and an adjusted EBITDA loss of $70 million in 2025 [2][4] - Flutter has established mechanisms for increasing its shareholding in NSX through reciprocal put/call arrangements in the fifth and tenth years post-completion [3] Group 2: Market Position and Strategy - The Brazilian online sports betting and iGaming market is characterized by a population exceeding 200 million, with a strong cultural affinity for sports, particularly soccer [6] - NSX has rapidly grown to become the fourth-largest operator in Brazil since its market entry in 2021, capturing a 9% market share by the end of 2023 [6][12] - The acquisition is expected to enhance Flutter's competitive position in Brazil and leverage its proprietary pricing and risk management capabilities to improve NSX's sportsbook offerings [6] Group 3: Financial Outlook - Flutter anticipates an increase in leverage due to the acquisition, but expects it to decrease over time as profitable growth opportunities materialize [4] - The company remains committed to maintaining a medium-term leverage ratio of 2.0-2.5x [4]

Core Viewpoint - Flutter Entertainment plc has announced the launch of a third tranche of its share repurchase program, with a maximum consideration of up to $225 million on the New York Stock Exchange [1][2]. Group 1: Share Repurchase Program - The Buyback will commence on July 1, 2025, and conclude no later than September 30, 2025, aimed at reducing Flutter's share capital [2]. - This Buyback is part of a multi-year share repurchase program totaling up to $5 billion, initially announced on September 25, 2024, with an expected return of approximately $1 billion to shareholders in 2025 [2]. - Davy Securities Unlimited Company will conduct the Buyback independently, with a maximum of 17,739,905 ordinary shares to be acquired, adjusted for shares bought in previous tranches [3]. Group 2: Regulatory Compliance - The Buyback will adhere to U.S. Securities Exchange Act rules and EU Market Abuse Regulation, ensuring compliance with legal standards [4]. - Repurchased shares will be cancelled following the Buyback [4]. Group 3: Future Considerations - Future buyback decisions will depend on ongoing assessments of the company's capital needs and general market conditions [5]. Group 4: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, with a diverse portfolio of brands including FanDuel, PokerStars, and Paddy Power [7][8]. - The company aims to leverage its scale and competitive advantages to foster long-term growth and sustainability [7].