Gambling business formed from Paddy Power and Betfair
Flutter Entertainment plc, formerly Paddy Power Betfair plc, is an international sports betting 📈 and gambling company. It is listed on the London Stock Exchange, and is a constituent of the FTSE 100 Index. 📈 It owns brands such as Betfair, FanDuel, Paddy Power, PokerStars, Sky Betting & Gaming, and Sportsbet.
History [ edit ]
Paddy Power 📈 and British rival Betfair agreed terms for a merger on 8 September 2024. The business is owned 52% by the 📈 former Paddy Power shareholders and 48% by the former Betfair shareholders.[2] The merger was completed on 2 February 2024.[3] On 📈 5 April 2024, it was announced that 650 jobs in the United Kingdom and the Republic of Ireland would be 📈 lost at the company.[4]
On 18 October 2024, the company paid outR$1.1M to those who bet on Hillary Clinton in the 📈 presidential election in the United States, citing a certainty of Clinton's victory. Trump won.[5] In May 2024, it acquired daily 📈 fantasy sports operator Draft.[6] In August 2024, it was announced that Peter Jackson, CEO of Worldpay UK, would succeed Breon 📈 Corcoran as CEO of Paddy Power Betfair.[7]
In March 2024, the company announced that it would be implementing an electronic self 📈 exclusion process through its in-shop app. The new system will replace the current paper based process, and will be implemented 📈 across the United Kingdom.[8]
In May 2024, Paddy Power Betfair announced its intent to acquire FanDuel, one of the two leading 📈 daily fantasy sports operators in the United States. The deal was part of an effort to bolster the company's assets 📈 in the United States, following the overturning of a federal prohibition on sports betting.[9] As part of the acquisition, the 📈 company paidR$158 million and merged its existing operations in the United States into FanDuel to form FanDuel Group.[10] It holds 📈 a 61% controlling stake, with the option to increase its stake to 80% after three years and 100% after five.[11][12]
In 📈 October 2024, Paddy Power Betfair was fined £2.2 million by the Gambling Commission for failing to protect customers showing signs 📈 of problem gambling, and for failing to carry out adequate anti money-laundering checks.[13]
In February 2024, the company announced the acquisition 📈 of a 51% controlling stake in adjarabet, a business operating in the Georgian gambling industry with an option to acquire 📈 the remaining 49% after three years.[14]
On 6 March 2024, Paddy Power Betfair announced that it would rebrand as Flutter Entertainment, 📈 pending shareholder approval at the company's annual general meeting in May. Flutter was originally the name of a betting exchange 📈 acquired by Betfair in December 2001. The company argued that the changing in name was meant to reflect the growing 📈 number of consumer brands in its portfolio.[15]
On 2 October 2024, Flutter Entertainment announced its acquisition of Canadian gambling operator The 📈 Stars Group for US$6.95 billion, creating the world's largest online gambling company based on revenues. As part of the purchase, 📈 media company Fox Corporation (who held a minority stake in The Stars Group) took a 2.6% minority stake in Flutter 📈 Entertainment, and will have the option to acquire an 18.5% stake in FanDuel Group in July 2024.[16][17][18] On 3 December 📈 2024, Flutter announced that it would purchase an additional stake in FanDuel Group from Fastball Holdings forR$4.1 billion in a 📈 cash-and-stock deal, increasing its stake to 95%.[19][18]
In April 2024, amid discussion of a FanDuel Group initial public offering, Fox sued 📈 Flutter over its option to acquire a stake in FanDuel, stating that Fox's purchase price should be at aR$11.2 billion 📈 valuation, the same as Flutter's purchase price of FanDuel in December 2024, rather than based on Flutter's valuation of fair 📈 market value as of July 2024.[20]
In December 2024, Flutter Entertainment announced it would be acquiring Italy's leading online games provider 📈 Sisal Gaming, for €1.913bn/£1.62bn. The transaction is expected to complete during the second quarter of 2024.[21]
In January 2024, Flutter acquired 📈 the online bingo company Tombola.[22]
In November 2024, an arbitrator ruled that Fox Corporation had an option to acquire an 18.6% 📈 stake in FanDuel forR$3.7 billion, based on a valuation ofR$20 billion, with the price increasing by 5% for each year 📈 of the 10-year option.[23][24]
In July 2024, the company announced that Fox Bet will shut down by the end of August 📈 2024.[25]
In September 2024, it was announced Flutter had acquired an initial 51% stake in Novi Sad-headquartered omni-channel sports betting and 📈 gaming operator, MaxBet for €141 million in cash.[26]
Operations [ edit ]
The new business maintains separate brands in the United Kingdom, 📈 Ireland and Italy.[2] It operates across four divisions; Online, Retail, Australia and the United States.[27] The online division comprises Paddy 📈 Power and Betfair in the United Kingdom and Ireland. Betfair also operates an online betting exchange.[28]
The retail division operates over 📈 six hundred betting shops in the United Kingdom and Ireland.[29] In Australia, they own Sportsbet.[30] The division in the United 📈 States includes FanDuel and TVG, a pari-mutuel online betting network, which is active in thirty five states. The US division 📈 also included Fox Bet (a partnership with Fox Corporation, which is branded with and cross-promoted by its Fox Sports division),[31] 📈 but Fox Bet will shut down by the end of August 2024.[25] In New Jersey, the company has an online 📈 casino and a horse racing betting exchange.[32] In the U.S., FanDuel operates FanDuel TV, formerly known as TVG Network, which 📈 focuses on coverage of horse racing, and studio coverage of mainstream sports from the perspective of betting.[33]
Sky Betting and Gaming, 📈 Paddy Power and Betfair are regulated in the United Kingdom by the Gambling Commission.[34]
The Board is chaired by Gary McGann, 📈 appointed in 2024.[35] Other non-executive Board members include Andrew Higginson, Zillah Byng-Thorne, Atif Rafiq, Nancy Cruickshank, Richard Flint, Mary Turner, 📈 Alfred F. Hurley, David Lazzarato, Nancy Dubuc, and Holly Keller Koeppel.[35]
In India, it is the majority owner of the skill 📈 gaming provider Junglee Games.[36]
