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FLUT · Flutter Entertainment

8 filings

10-K

FLUT 10-K Annual Reports

Flutter Entertainment - 8 annual reports

Filing record · 2016–202610-K810-Q98-K280

2025
Flutter Entertainment Annual Report, Year Ended Dec 31, 2025
Flutter Entertainment plc reported fiscal 2025 revenue of $16,383 million, up from $14,048 million in fiscal 2024, with AMPs up 14% to 15.9 million. Net loss was $(407) million compared with net income of $162 million in fiscal 2024, and net loss attributable to Flutter shareholders was $(310) million. The result was driven largely by a $517 million goodwill impairment tied to Junglee after India banned real-money online gaming, a $300 million fair value gain on the Fox Option liability, and $286 million of income tax expense. Adjusted EBITDA rose 21% to $2,845 million, with Adjusted EBITDA Margin of 17.4%. The U.S. segment grew revenue 20% to $6,967 million and improved Adjusted EBITDA to $922 million, while the International segment grew revenue 14% to $9,416 million, aided by the Snai and NSX acquisitions. The balance sheet expanded significantly during the year. Long-term debt rose to $12,266 million from $6,736 million at year-end 2024, reflecting acquisitions and the purchase of Boyd's 5% FanDuel stake for $1,553 million. Cash and cash equivalents were $1,828 million. Operating cash flow was $1,184 million, while investing outflows were $3,481 million, largely acquisitions. The company repurchased $1 billion of shares during 2025 under a $5 billion program, with approximately $3.9 billion remaining, and it has not paid dividends since May 2020. KPMG issued an unqualified opinion on both the financial statements and internal control over financial reporting, and the previously reported material weaknesses were stated as remediated as of December 31, 2025. The filing also highlights growth and regulatory uncertainty. FanDuel Predicts, a prediction markets product launched with CME Group in December 2025, is positioned as a significant growth opportunity, while the filing notes regulatory scrutiny and litigation. The UK announced increases to remote gaming duty, from 21% to 40% on iGaming effective April 2026, and a goodwill test on the UKI unit found a fair value headroom of $3,802 million. The Fox Option, which would allow Fox to acquire 18.6% of FanDuel units for a price of $4.8 billion, remains a key contingent item.
Feb 26, 2026
2024
Flutter Entertainment Annual Report, Year Ended Dec 31, 2024
Flutter Entertainment plc (FLUT) reported fiscal 2024 revenue of $14,048 million, up from $11,790 million in fiscal 2023, with net income of $162 million compared with a net loss of $1,211 million a year earlier. Adjusted EBITDA rose to $2,357 million (16.8% margin) from $1,875 million (15.9%). The U.S. division grew revenue 32% to $5,798 million and improved its Adjusted EBITDA to $507 million, while the UKI division grew revenue 18% to $3,598 million. Fiscal 2024 included a $426 million fair value loss on the Fox Option liability, which weighed on other expense. The company also disclosed material weaknesses in internal control over financial reporting as of December 31, 2024, covering risk assessment, complex accounting controls, general IT controls, and documentation, and it concluded that disclosure controls were not effective. Management stated the financial statements nonetheless fairly present results in conformity with GAAP. Long-term debt was $6,736 million at year-end, and the company has a $5 billion share repurchase program under which $121 million had been used by December 31, 2024. Pending acquisitions of Snaitech S.p.A. (about $2.4 billion) and NSX Group (about $320 million) are expected to close in 2025. The filing also flags material risk items for investors, including a potential exercise of the Fox Option (carried at a $4.5 billion option price), a DGGI GST claim in India totaling $2.3 billion that the company disputes, and tightening UK and Irish gambling regulation that management estimates could reduce UKI annual revenue by between £200 million and £250 million cumulatively.
Mar 4, 2025
2023
Flutter Entertainment Annual Report, Year Ended Dec 31, 2023
Flutter Entertainment plc, filing under its name at the time of this 10-K, reported fiscal 2023 revenue of $11,790 million, up from $9,463 million in fiscal 2022 and $8,308 million in fiscal 2021. The company posted a net loss of $1,211 million for 2023 (versus $370 million in 2022 and $757 million in 2021), with net loss attributable to Flutter shareholders of $1,222 million and a net loss per share of $(6.89). The loss was driven largely by a $725 million impairment of the PokerStars trademark recorded in sales and marketing expenses, a $165 million fair value loss on the Fox Option liability, and higher interest expense of $385 million. Adjusted EBITDA rose to $1,679 million (Adjusted EBITDA Margin of 14.2%) from $1,141 million, and Further Adjusted EBITDA reached $1,875 million (15.9% margin). Segment results show the U.S. division as the largest and fastest-growing business, with revenue of $4,484 million (38.0% of group revenue) and Adjusted EBITDA improving to $65 million from a $(347) million loss in 2022. UKI generated $3,047 million of revenue with Adjusted EBITDA of $889 million, while International revenue was $2,812 million, largely reflecting the full-year consolidation of Sisal. Australia revenue declined to $1,447 million. Cash and cash equivalents were $1,497 million at December 31, 2023, against long-term debt of $7,056 million. Operating cash flow was $937 million, and the company disclosed material weaknesses in internal control over financial reporting that remain under remediation. The company also began trading on the NYSE on January 29, 2024 under the symbol FLUT and acquired a 51% stake in MaxBet in January 2024. The filing states that the company has not paid dividends since May 2020 and does not currently plan to pay dividends or conduct significant share repurchases, though it intends to return capital to shareholders once leverage is optimized. Key risks disclosed include ongoing UK Gambling Act review, the possibility that Fox exercises its option on an 18.6% FanDuel interest (with a stated option price of $4.3 billion), a tax investigation in Italy concerning PokerStars, and a pending Indian GST matter.
Mar 26, 2024
2019
Flutter Entertainment Annual Report, Year Ended Dec 31, 2019
The Stars Group Inc. filed this Annual Report on Form 40-F on February 27, 2020, incorporating its Annual Information Form, audited consolidated financial statements (IFRS, audited by Deloitte LLP), and Management's Discussion and Analysis for the year ended December 31, 2019. Revenue for 2019 was $2,528.4 million, up 24.6% from $2,029.2 million, driven primarily by the 2018 Acquisitions of Sky Betting & Gaming and BetEasy, with the International segment declining. Net earnings were $61.9 million, compared with a net loss of $108.9 million in 2018, and Adjusted EBITDA was $921.1 million versus $780.9 million. Betting became the largest product vertical at 34.4% of revenue. The company reports material weaknesses in internal control over financial reporting as of December 31, 2019, related to information technology and business process controls at BetEasy and the recording of a pricing services arrangement, and Deloitte issued an adverse opinion on ICFR. Long-term debt was $4.93 billion at year-end, and the company prepaid $450 million of its USD First Lien Term Loan during 2019 plus a further $100 million in February 2020. The filing also describes the pending all-share Combination with Flutter Entertainment plc announced October 2, 2019, under which Stars Group shareholders would receive 0.2253 Flutter ordinary shares per Common Share, with completion expected in the second or third quarter of 2020.
Feb 27, 2020
2018
Flutter Entertainment Annual Report, Year Ended Dec 31, 2018
The Stars Group Inc. (now Flutter Entertainment) filed this Form 40-F annual report for fiscal 2018 on March 6, 2019, which incorporates its Annual Information Form (Exhibit 99.1), audited IFRS financial statements (Exhibit 99.2) and MD&A (Exhibit 99.3). The company is a global online and mobile gaming operator spanning poker, casino and betting, with PokerStars as its flagship brand. In 2018 it completed the Sky Betting & Gaming (SBG) acquisition in July and acquired a 62% interest in BetEasy in Australia, later raised to 80%. Consolidated revenue for 2018 was $2,029.2 million, up from $1,312.3 million in 2017, while net loss was $108.9 million compared with net earnings of $259.3 million the prior year. Adjusted EBITDA was $780.9 million versus $600.3 million. The balance sheet grew sharply after the acquisitions. Total assets reached $11.27 billion, long-term debt was $5.45 billion, and goodwill and intangibles rose substantially. The company financed the SBG deal with $4.567 billion of first lien term loans, $1.00 billion of 7.00% senior notes and $621.8 million of net equity proceeds from an offering at $38.00 per share. Management reported that internal control over financial reporting was not effective as of December 31, 2018, citing two material weaknesses, and that Deloitte issued an adverse opinion on ICFR. Key regulatory and legal exposures include the Kentucky proceeding, which the Kentucky Court of Appeals reversed on December 21, 2018, and an ongoing Quebec class action.
Mar 6, 2019
2017
Flutter Entertainment Annual Report, Year Ended Dec 31, 2017
The Stars Group Inc. (Toronto, Ontario; Nasdaq and TSX listed) filed this Form 40-F annual report on March 14, 2018, incorporating its annual information form, audited IFRS consolidated financial statements for the year ended December 31, 2017, and MD&A. The company is a provider of technology-based products and services in global gaming, with its primary business being online real-money poker, casino and sportsbook operated through Stars Interactive Group, plus a majority equity interest in CrownBet acquired in February 2018. For 2017, revenue was $1,312,315 thousand (about $1.31 billion), up from $1,155,247 thousand in 2016, and net earnings were $259,285 thousand, compared with $135,550 thousand in 2016. Poker revenue was $877.3 million and Casino & Sportsbook revenue was $384.0 million. Adjusted EBITDA was $600,306 thousand. Long-term indebtedness totaled approximately $2.45 billion at year end, and management estimates fiscal 2018 debt service of about $150 million. The filing highlights a shift in strategy toward casino and sportsbook diversification alongside poker, a loyalty program (Stars Rewards) introduced in July 2017, and planned CrownBet and William Hill Australia transactions with total purchase price of about $315 million. Key risks disclosed include regulatory and licensing uncertainty, a Kentucky judgment that the company disputes and is appealing (trebled to approximately $870 million, with a $100 million bond posted), an AMF investigation in Quebec, a foreign payments review, pending class actions, and a $26.5 million Canadian transfer pricing tax provision. The company reported that material weaknesses identified at year-end 2016 were remediated as of December 31, 2017.
Mar 14, 2018
2016
Flutter Entertainment Annual Report, Year Ended Dec 31, 2016
Amaya Inc. filed its annual report on Form 40-F for the fiscal year ended December 31, 2016. The filing states that the company operates a Business-to-Consumer (B2C) gaming business centered on Rational Group, which offers real-money online poker, casino and sportsbook under brands including PokerStars, PokerStars Casino, BetStars and Full Tilt. Revenue for 2016 was $1,155.9 million, up from $1,072.3 million in 2015, while net earnings from continuing operations were $135.6 million, compared with a net loss from continuing operations of $20.0 million in 2015. Poker revenue declined to $846.1 million, while Casino & Sportsbook revenue rose to $264.1 million. The company remained highly leveraged, with approximately $2.53 billion of outstanding indebtedness at December 31, 2016 and estimated fiscal 2017 debt service of about $138 million. Deloitte LLP's attestation report states that the company did not maintain effective internal control over financial reporting as of December 31, 2016, citing material weaknesses related to derivative valuation and hedge accounting and foreign exchange rate information. The filing also discloses a $290 million damages order in the Kentucky Proceeding, trebled to approximately $870 million, which the company is appealing and calls frivolous, along with an AMF investigation, U.S. and Quebec class actions, and an ongoing foreign payments review. In 2017 the company repriced its First Lien Term Loans, expecting interest savings of about $15.4 million over twelve months, and continued to pay down the deferred purchase price for the Rational Group Acquisition, with a remaining balance of approximately $122.5 million as of the filing date. Its Chief Financial Officer announced plans to retire later in 2017.
Mar 22, 2017
2015
Flutter Entertainment Annual Report, Year Ended Dec 31, 2015
Amaya Inc. filed its Form 40-F annual report for the fiscal year ended December 31, 2015, on March 14, 2016. The filing consists of an annual information form, audited annual financial statements, MD&A, and certifications. Amaya reported 2015 revenue of $1,371.0 million (CAD) versus $553.7 million in 2014, and net earnings of $238.9 million, driven by a $264.8 million gain from discontinued operations following the divestiture of its B2B business. Loss from continuing operations was $25.9 million. The company is now almost entirely a B2C business centered on the PokerStars and Full Tilt brands, with 2015 Poker revenue of $1,134.2 million and Casino & Sportsbook revenue of $174.2 million. Leverage remains high. Amaya had approximately US$2.57 billion of outstanding indebtedness at year-end, with estimated debt service of about US$152 million over the next 12 months. Total assets were $7.81 billion and total liabilities $5.02 billion. The company faces material contingencies, most notably a Kentucky judgment of approximately US$870 million after trebling, which Amaya is appealing; it posted a US$100 million supersedeas bond and intends to dispute liability. A deferred payment of US$400 million to the former Rational Group owners is due February 1, 2017. In late January 2016, Amaya also sought roughly US$300 million from the escrow fund under the merger agreement, which the sellers' representative disputed. The filing also discloses a non-binding indication from Chairman and CEO David Baazov of a potential all-cash proposal at an estimated $21.00 per Common Share, with several employees possibly participating. Key risks include regulatory licensing across jurisdictions, currency exposure (about 90% of revenue in non-CAD/USD currencies), and dependence on the poker franchise.
Mar 14, 2016