REG - FlutterEntertainment - Updated Reportable Segment Financial Data

Flutter EntertainmentAnnouncement

24/03/2025 12:15

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RNS Number : 8933B  Flutter Entertainment PLC  24 March 2025

Flutter Entertainment publishes historical financial data to reflect 2025 segment reporting changes

Monday March 24, 2025

 

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
(http://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
(http://www.flutter.com/investors/results-reports-and-presentations/year/2025)
under "Q4 KPI pack new segments":

 ($ in millions)                   Year ended December 31, 2024
 U.S.
 Sportsbook                        4,013
 iGaming                           1,524
 Other                             261
 U.S. segment revenue              5,798
 International
 Sportsbook                        3,816
 iGaming                           4,130
 Other                             304
 International segment revenue     8,250
 Total reportable segment revenue  14,048

 

The following table presents the International segment revenue by region:

 ($ in millions)                      Year ended December 31, 2024
 UK & Ireland(1)                      3,599
 Southern Europe and Africa(2)        1,593
 Asia Pacific(3)                      1,547
 Central and Eastern Europe(4)        531
 Brazil(5)                            69
 Other regions(6)                     911
 Total International segment revenue  8,250

 

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.

 ($ in millions)                                   Year ended December 31, 2024
 U.S.
 Revenue                                           5,798
 Cost of sales(1)                                  3,353
 Technology, research and development expenses(2)  270
 Sales & marketing expenses(3)                     1,278
 General and administrative expenses(4)            390
 Total U.S. adjusted EBITDA                        507
 International
 Revenue                                           8,250
 Cost of sales(1)                                  3,571
 Technology, research and development expenses(2)  403
 Sales & marketing expenses(3)                     1,394
 General and administrative expenses(4)            817
 Total International adjusted EBITDA               2,065

 

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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