Flutter Entertainment Announces Update to Reportable Segments Effective Q1 2025

Flutter Entertainment updates reportable segments to enhance operational management, impacting no historical financial results.

Quiver AI Summary

Flutter Entertainment announced on March 4, 2025, that it is updating its reportable segments for better alignment with its operational management and resource allocation. Starting in the first quarter of 2025, Flutter will report under two segments: the US, which includes the FanDuel brand, and Flutter International, encompassing all other brands. This restructuring has no impact on Flutter's historical financial position. To assist investors, the company has provided recast financial information for 2024 that corresponds with the new reporting structure, available on their website. Flutter aims to leverage its competitive advantages and enhance sustainability in its operations, maintaining a diverse portfolio of online sports betting and iGaming brands.

Potential Positives

• Flutter Entertainment is updating its reportable segments to better reflect its operational management, which can enhance clarity for investors and stakeholders.
• The company is providing recast financial information for 2024 to align with the new reporting structure, offering more transparency and consistency in financial reporting.
• This reporting update reinforces Flutter’s position as a leading player in the online sports betting and iGaming industry, showcased through the alignment of their operations with recognized brands like FanDuel and others.

Potential Negatives

• Changes to reportable segments may raise concerns among investors about the transparency and comparability of financial information, especially given the exclusions of unallocated corporate overhead and other expenses from the reported segments.
• The press release does not address any potential impacts of these changes on future performance or market expectations, which could leave investors feeling uncertain about the company's trajectory.
• While the press release states that the changes have no impact on historical financial position, it could indicate underlying shifts in operational focus or resource allocation that investors may view as concerning.

FAQ

What are the new reportable segments for Flutter Entertainment?

Effective Q1 2025, Flutter will report two segments: US and Flutter International, aligning with its new operational management structure.

How will the segment changes affect Flutter's financial position?

The changes to reportable segments will have no impact on Flutter's historical consolidated financial position or results.

Where can investors find the recast financial information?

Investors can access recast financial information for 2024 on Flutter’s website under "Q4 KPI pack new segments."

What brands are included in Flutter International?

Flutter International comprises all brands except FanDuel, including Sky Betting & Gaming, PokerStars, Paddy Power, and more.

Is there an impact on adjusted EBITDA due to reporting changes?

No, the changes to segment reporting have no impact on Flutter's Group adjusted EBITDA or its reconciliation to net income.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$FLUT Insider Trading Activity

$FLUT insiders have traded $FLUT stock on the open market 15 times in the past 6 months. Of those trades, 1 have been purchases and 14 have been sales.

Here’s a breakdown of recent trading of $FLUT stock by insiders over the last 6 months:

• JEREMY PETER JACKSON has made 0 purchases and 6 sales selling 28,923 shares for an estimated $7,540,837.
• AMY HOWE (CEO & President - FanDuel) has made 0 purchases and 7 sales selling 14,508 shares for an estimated $3,753,430.
• NANCY DUBUC purchased 387 shares for an estimated $99,846
• ROBERT COLDRAKE (Chief Financial Officer) sold 166 shares for an estimated $42,348

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$FLUT Hedge Fund Activity

We have seen 294 institutional investors add shares of $FLUT stock to their portfolio, and 183 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• HSBC HOLDINGS PLC removed 5,308,229 shares (-96.7%) from their portfolio in Q4 2024, for an estimated $1,371,911,785
• BARCLAYS PLC removed 3,811,414 shares (-78.3%) from their portfolio in Q4 2024, for an estimated $985,059,948
• BANK OF MONTREAL /CAN/ removed 3,165,012 shares (-94.0%) from their portfolio in Q4 2024, for an estimated $817,997,351
• INVESCO LTD. added 2,405,415 shares (+inf%) to their portfolio in Q4 2024, for an estimated $621,679,506
• CITIGROUP INC removed 2,266,751 shares (-89.1%) from their portfolio in Q4 2024, for an estimated $585,841,795
• BLACKROCK, INC. added 1,922,587 shares (+40.8%) to their portfolio in Q4 2024, for an estimated $496,892,610
• LONE PINE CAPITAL LLC added 1,912,519 shares (+inf%) to their portfolio in Q4 2024, for an estimated $494,290,535

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$FLUT Analyst Ratings

Wall Street analysts have issued reports on $FLUT in the last several months. We have seen 11 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

• UBS issued a "Buy" rating on 03/06/2025
• Needham issued a "Buy" rating on 03/05/2025
• Wells Fargo issued a "Overweight" rating on 03/05/2025
• Citigroup issued a "Outperform" rating on 03/05/2025
• BTIG issued a "Buy" rating on 02/03/2025
• Craig-Hallum issued a "Buy" rating on 11/13/2024
• JMP Securities issued a "Outperform" rating on 10/14/2024

To track analyst ratings and price targets for $FLUT, check out Quiver Quantitative's $FLUT forecast page.

$FLUT Price Targets

Multiple analysts have issued price targets for $FLUT recently. We have seen 11 analysts offer price targets for $FLUT in the last 6 months, with a median target of $308.0.

Here are some recent targets:

• An analyst from UBS set a target price of $340.0 on 03/06/2025
• An analyst from Needham set a target price of $310.0 on 03/05/2025
• An analyst from Susquehanna set a target price of $315.0 on 03/05/2025
• An analyst from Barclays set a target price of $308.0 on 03/05/2025
• Clark Lampen from BTIG set a target price of $323.0 on 02/03/2025
• Ryan Sigdahl from Craig-Hallum set a target price of $350.0 on 11/13/2024
• Jordan Bender from JMP Securities set a target price of $287.0 on 10/14/2024

Full Release

DUBLIN and TORONTO, March 24, 2025 (GLOBE NEWSWIRE) -- 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: Investor.relations@flutter.com


Media Relations: corporatecomms@flutter.com

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":

The following table presents the International segment revenue by region:

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.

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.
   

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