At a glance
Flutter Entertainment plc is worth $13.58B. Revenue grew 16.6% to $16.38B in fiscal 2025, at a loss; over 3 years it has grown 20.1% a year. It pays a dividend, and returned $1.60B to shareholders in dividends and buybacks over FY2022–FY2025. The stock returned −68.0% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Flutter Entertainment calls itself the world's leading online sports betting and iGaming operator by revenue. iGaming means online casino-style games such as slots, blackjack and poker. Its brands include FanDuel in the U.S., Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet in Australia, Sisal and Snai in Italy, and PokerStars. Fiscal 2025 revenue was $16.4 billion. About 88% came from online businesses. Flutter also runs 1,127 retail shops, mainly in the UK, Ireland, Italy and Serbia.
Sports betting produced 53% of that revenue. Flutter sets odds with a built-in margin, then keeps what is left after winnings and promotions. iGaming produced 44%. In casino games Flutter keeps the "hold," which is the money bet minus payouts. In poker it takes a cut of each game, called the rake. The other 3% came from products where customers bet against each other, such as the Betfair exchange and daily fantasy sports. Flutter takes a commission on those.
Flutter reports two segments. The U.S. segment, built on FanDuel, supplied $7.0 billion, or 43% of revenue, and is its fastest-growing region. FanDuel held about 41% of online sports betting revenue in states where its sportsbook was live. International, covering about 100 markets, supplied 57%. By country, the UK supplied about 20%, Italy about 16% and Australia 8%.
Price history
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FLUT -68.0% over the year to Oct 27, 2026, total return with dividends reinvested.
How it makes money
By business segment
| International | $9.42B | 57.5% |
| U.S. | $6.97B | 42.5% |
By geography
| U.S. | $6.77B | 41.3% |
| UK | $3.20B | 19.5% |
| Italy | $2.53B | 15.5% |
| Rest of the world | $2.27B | 13.8% |
| Australia | $1.31B | 8% |
| Ireland | $303.0M | 1.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.33B, up 3.3% from a year earlier, and net income was $-274.0M (-361.0%).
- For fiscal 2025, revenue was $16.38B (+16.6% year over year; +20.1% a year from FY2022 to FY2025) with a -1.9% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +20.1% good |
|---|---|
| Operating margin | 0.2% weak |
| Free cash flow margin | 6.6% watch |
| Return on equity (FY2025) | -3.4% weak |
| Return on assets (FY2025) | -1.1% weak |
| Net cash (cash minus debt) | $-10.40B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2022 | $9.46B | $-432.0M | $1.04B |
| FY2023 | $11.79B | $-1.22B | $778.0M |
| FY2024 | $14.05B | $43.0M | $1.46B |
| FY2025 | $16.38B | $-310.0M | $1.08B |
Valuation snapshot
| Market value | $13.58B |
|---|---|
| P/E ratio | — |
| Dividend yield | 0% |
Rank among 1514 US companies
Market value at each year end
Flutter Entertainment’s market value went from $46.01B at the end of 2024 to $13.58B on Oct 27, 2026, down 70%; since the end of 2025 it is down 64%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 27, 2026 | $13.58B | -64.0% |
| 2025 | $37.69B | -18.1% |
| 2024 | $46.01B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FLUT price data to Oct 27, 2026 | -63.6% | -68.0% | — | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -63.6% |
| 2025 | -16.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 6 sales ($644K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 19, 2026 | Jeremy Peter Jackson Chief Executive Officer, Director | sell | $197K |
| Sep 1, 2026 | Jeremy Peter Jackson Chief Executive Officer, Director | sell | $172K |
| Sep 1, 2026 | Daniel Mark Taylor President FLUT; CEO FLUT Intl | sell | $77K |
| Sep 1, 2026 | James Philip Bishop Chief Operating Officer | sell | $73K |
| Sep 1, 2026 | Robert Coldrake Chief Financial Officer | sell | $69K |
Who owns it
Large shareholders (13G filings)
| DART KENNETH BRYAN | 18.6% | Feb 9, 2026 |
| Parvus Asset Management Jersey Ltd | 8.8% | Jun 30, 2026 |
| CANADIAN IMPERIAL BANK OF COMMERCE /CAN/ | 7.3% | Jun 30, 2026 |
| Parvus Asset Management Jersey Limited | 6.7% | Mar 31, 2026 |
| Capital World Investors | 4.9% | Jun 30, 2026 |
| BlackRock, Inc. | 4.6% | Jun 30, 2026 |
| Caledonia (Private) Investments Pty Limited | 4.32% | Jun 30, 2025 |
| Capital Research Global Investors | 3.7% | Jun 30, 2025 |
ETFs with the most weight in FLUT
| BETZ Roundhill Sports Betting & iGaming ETF | 9.26% |
| GENZ VanEck Digital Native Economy ETF | 8.47% |
| ODDS Pacer BlueStar Digital Entertainment ETF | 8.2% |
| BNGE First Trust S-Network Streaming and Gaming ETF | 4.13% |
| GK AdvisorShares Gerber Kawasaki ETF | 2.8% |
| CAMX Cambiar Aggressive Value ETF | 2.51% |
| IDVO Amplify CWP International Enhanced Dividend Income ETF | 2.39% |
| FDND FT Vest Dow Jones Internet & Target Income ETF | 2.14% |
What could go wrong
- Fox could buy part of FanDuel. Fox holds an option to buy a significant minority stake in FanDuel, the heart of Flutter's U.S. business. If Fox uses it, Flutter would own less of FanDuel and might need Fox's consent for some decisions.
- Prediction markets play by different rules. Prediction markets regulated by the Commodity Futures Trading Commission let people trade contracts on sports outcomes. Flutter doesn't offer sports contracts where it runs its sportsbook, so rivals operating under different rules could win customers.
- A bad run of results hurts profit. Flutter takes the other side of sportsbook and casino bets. Results that favor customers, mistakes in setting odds, the timing of jackpots or the scheduling of major sporting events can swing profit from quarter to quarter.
- U.S. growth needs more states to legalize. Flutter's growth plan leans on U.S. states legalizing online betting and casino games. As of December 31, 2025, FanDuel's online casino was available in only 5 states, and further legalization is not guaranteed.
- Gambling taxes and rules can tighten. Governments can raise gaming taxes, add responsible-gambling limits, restrict marketing or review licenses. Most revenue comes from the U.S., UK, Italy and Australia, so a change in one major market could hurt results.
- A heavy debt load. As of June 30, 2026, Flutter had about $12.0 billion of debt and $1.6 billion of cash and investments. That debt can limit spending on growth and leaves Flutter more exposed to changes in interest rates.
Recent events
- Investor presentation or announcement
- Restructuring or exit costs; Investor presentation or announcement
- Executive or board change
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Investor presentation or announcement
- Investor presentation or announcement
- Investor presentation or announcement
For income and retirement investors
Flutter does not pay a dividend. Its annual report says it has not paid one since May 2020 and may not pay one in the future. The dividend yield was 0% as of October 27, 2026. Flutter returns cash through buybacks instead, meaning it repurchases its own stock. It spent about $1.1 billion on buybacks in fiscal 2025. The share count fell 2.3% between May 2024 and July 2026, though Flutter warns that buyback amounts may fluctuate. For income investors, that means no cash payouts. Any return has to come from the share price.
Flutter's NYSE listing dates only to January 2024. So its price record can't show how it held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its swings have been severe. As of October 27, 2026, the shares were down 68% over one year and had fallen as much as 75.9% from a peak. As a single stock, Flutter carries more risk than a diversified fund.
Questions investors ask
How does Flutter Entertainment make money?
Flutter makes money by keeping a margin on the bets its customers place. In fiscal 2025, sports betting supplied 53% of its $16.4 billion of revenue. Flutter sets odds with a built-in spread and keeps what remains after paying winners. Online casino-style games, called iGaming, supplied 44%. There Flutter keeps the money bet minus payouts, or takes a cut of poker games. The last 3% came from betting exchanges, daily fantasy sports and prediction markets, where customers bet against each other and Flutter takes a commission.
Does Flutter own FanDuel?
Yes. Flutter's stake in FanDuel reached 100% in fiscal 2025 after it bought the 5% held by Boyd Interactive for about $1.55 billion. Fox, however, holds an option to buy a significant minority stake. FanDuel anchors the U.S. segment, which produced $7.0 billion, or 43% of revenue, in fiscal 2025. That year FanDuel held about 41% of the online sports betting market in states where its sportsbook was live. As of December 31, 2025, the sportsbook operated in 25 states or territories.
Does Flutter Entertainment pay a dividend?
No. Flutter's annual report says it has not paid a dividend since May 2020 and may not pay one in the future. The dividend yield was 0% as of October 27, 2026. The company returns cash through share buybacks instead, and it spent about $1.1 billion repurchasing its stock in fiscal 2025. An investor counting on this stock for income would have to sell shares to raise cash.
Is Flutter Entertainment profitable?
Not in its latest full year. Flutter made a $43 million profit in fiscal 2024, then lost $310 million in fiscal 2025 on $16.4 billion of revenue. Operating income was just $36 million, a 0.2% margin. It did produce $1.08 billion of free cash flow, which is the cash left after operating costs and capital spending. Losses continued in the quarter ended June 30, 2026, with a $274 million net loss. Revenue that quarter rose 3.3% from a year earlier to $4.3 billion.
Is Flutter an Irish or American company?
Both, in different ways. Flutter is incorporated in Ireland, with its registered office in Dublin, but its global operational headquarters is in New York. It traces its roots to Paddy Power, which was formed in 1988 from a merger of three bookmakers, and it took the Flutter name in 2019. Its shares began trading on the New York Stock Exchange in January 2024, and the NYSE became its primary listing on May 31, 2024. It also keeps a London Stock Exchange listing.