Why invest?
Our unique investment thesis
As the world’s leading online sports betting and iGaming operator, a primary US listing gives us access to the world’s deepest and most liquid capital markets, brings significant long-term benefits and will fuel the next stage of Flutter’s growth.
Our US Listing
On the May 31 2024 Flutter moved its primary listing to the New York Stock Exchange, following the approval of shareholders at the Company’s Annual General Meeting held on May 1 2024.
With a greater proportion of our future profits expected to be generated in the US, and given FanDuel's #1 position in that market, we believe a US primary listing is the natural home for the Group and we look forward to this next step in our journey.
The US market leader
FanDuel is Flutter’s largest brand and the US market leader in online sports betting with a major and fast-growing share of the iGaming market.
The combination of the Flutter Edge with the FanDuel Advantage allows us to acquire players more efficiently, retain players for longer and earn higher average revenue per player which puts us in an excellent position to continue to win in the US market.
The FanDuel Advantage drives our flywheel, creating a larger and more profitable business.
FLUTTER PRESENTS COMPELLING INVESTMENT OPPORTUNITY
Our unparalleled portfolio of world-class brands, global scale and a challenger mindset presents a powerful combination. With the optimal strategy for success in place, a proven track record of delivering growth and our ability to leverage the power of our unique Flutter Edge, we are excited about the future.
1
Significant market opportunity
The global online sports betting and iGaming market looks set for continued growth through: continued expansion into additional US states; opportunities in our existing core leadership markets; and a diverse and growing range of new regulated and regulating markets across the world.
$40bn
We estimate the addressable sports betting and iGaming market in the US will reach over US$40bn by 2030, with 80% of the US population having access to sports betting and 25% to iGaming.
$188bn
Total addressable market (in regulated markets). Outside of the US, the regulated and regulating market was estimated to be worth US$188bn in 2022 (H2 Gambling Capital).
2
Diversified product and geographic portfolio at scale
With an unparalleled portfolio of innovative and market-leading brands and global scale, we see great potential for future growth.
From sports betting to online gaming, with racing, poker, daily fantasy sports and casino, we leverage our scale, the Flutter Edge and local knowledge to continue to grow our leading positions in our core markets.
The breadth of products and geographies in which we operate also means we’re well-positioned to navigate market and regulatory dynamics.
3
Optimal strategy to deliver success
Our strategy is delivering sustainable growth across its pillars.
Using our collective power, the Flutter Edge, we will continue to disrupt our sector, learning from the past to create a better future for our customers, colleagues and communities.
Strategy
Invest
to build on our gold medal position in the US as more states regulate.
Grow
our recreational player base and leading positions in our other core markets of UK, Ireland, Australia and Italy.
Build
our network and invest in leadership positions across international markets.
Underpinned by:
4
The Flutter Edge
The Flutter Edge is our distinctive, global competitive advantage across talent, technology, product and capital, which enables a symbiotic relationship between our brands and the sharing of expertise company wide.
This is really how Flutter differentiates itself, ensuring our brands have access to global scale while enabling them to win in their local markets.
5
Growth algorithm
Flutter’s growth algorithm of:
Sustainable revenue growth
from an expanding recreational player base and increasing customer value
Margin benefits
leveraging our scale, operating leverage and access to the Flutter Edge
Cash flow generation
from low capital intensity and positive working capital flows
unlocks significant capital allocation opportunities across highly disciplined organic investment, value creative M&A or returns to shareholders.
Since 2020
6
brands have been
added to the Group
3.6X
Revenue growth in
three years
3.6X
growth in market
capitalisation
6
Clearly defined sustainability strategy
As a responsible operator, we recognise the key role that sustainability plays. Our Positive Impact Plan is our commitment to set the sustainability agenda for the industry and make a positive contribution across four areas: our customers, our colleagues, our communities and the environment.
