Flutter Entertainment

Corporate brand

A multinational sports betting and online gaming group built around brands including FanDuel, Paddy Power, Betfair and PokerStars.

Last updated August 25, 2026

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Overview

Flutter Entertainment plc is an Irish-American multinational gambling and sports betting group headquartered in Dublin. It operates consumer betting, gaming, poker, fantasy sports, horse-racing and media-related products through a portfolio that includes FanDuel, Paddy Power, Betfair, PokerStars, Sky Betting & Gaming, Sportsbet, TVG, Tombola, Sisal and Adjarabet. The company is organized around large geographic divisions, notably the United States, International, UK and Ireland, and Australia. The present group emerged from the February 2016 merger of Irish bookmaker Paddy Power and British betting-exchange operator Betfair. The combined company initially traded as Paddy Power Betfair, bringing together Paddy Power's retail and online sportsbook presence with Betfair's exchange model and international customer base. In 2016 the merged business announced substantial job reductions in the United Kingdom and Ireland as it integrated its operations. The group adopted the name Flutter Entertainment in 2019, using the name of a betting exchange acquired by Betfair and signaling an intention to present itself as a multi-brand technology and entertainment company rather than simply a traditional bookmaker. Flutter expanded aggressively in the United States after the U.S. Supreme Court overturned the federal restriction on state-authorized sports betting in 2018. It acquired a controlling interest in daily fantasy sports operator FanDuel and combined FanDuel with its existing U.S. activities. FanDuel subsequently became the group's principal American brand, offering online sports wagering, casino products, fantasy contests, horse-racing services and sports-media programming. Flutter increased its FanDuel ownership to approximately 95% in a 2020 transaction, while Fox Corporation retained contractual rights connected with a possible minority investment. The group's international development has also relied on acquisitions. It bought a majority position in Georgian operator Adjarabet, acquired Indian rummy business Junglee Games, purchased Italian online gaming operator Sisal, and acquired bingo company Tombola. In 2019 it agreed to acquire The Stars Group in a transaction valued at approximately US$6.95 billion, adding PokerStars, Sky Betting & Gaming and other businesses and creating one of the world's largest online betting and gaming companies by revenue. Flutter later agreed to acquire a controlling interest in Serbian and wider Balkan operator MaxBet and announced the proposed acquisition of Italian operator Snaitech. Flutter's products are delivered through websites, mobile applications, retail betting shops and media platforms. Its Betfair brand is associated with both fixed-odds betting and a betting exchange, while Paddy Power has a prominent retail and online presence in the United Kingdom and Ireland. FanDuel is the group's key U.S. growth platform; Sportsbet is its major Australian brand; and PokerStars remains an important international online poker and casino business. The group also operates horse-racing and pari-mutuel services through TVG and other products. Because gambling is heavily regulated, Flutter's business is exposed to licensing requirements, advertising restrictions, responsible-gambling rules, anti-money-laundering obligations and litigation concerning customer losses. The company has faced regulatory penalties, intellectual-property disputes and claims relating to gambling conducted without German authorization. It has also implemented responsible-gambling measures such as electronic self-exclusion in its retail operations. In May 2024 Flutter moved its primary stock-market listing from London to the New York Stock Exchange, while retaining London as a secondary listing. Its long-term strategy centers on scaling regulated-market brands, increasing digital engagement, using technology across markets and expanding the U.S. FanDuel franchise.

History

Flutter Entertainment's corporate history begins with the merger of Paddy Power and Betfair. The companies agreed merger terms in September 2015, with the resulting business owned in the agreed proportions by the former shareholder groups. Completion took place on 2 February 2016, creating Paddy Power Betfair. Integration led to announced job losses in the United Kingdom and Ireland, while the combined company sought to unify retail, online sportsbook, betting-exchange and international operations. The new group pursued digital and geographic expansion. It acquired daily fantasy sports operator Draft in 2017 and appointed Peter Jackson, formerly of Worldpay UK, as chief executive in 2018. The same period saw the company introduce an electronic self-exclusion process for British shops through its in-shop application, replacing a paper-based procedure and reflecting increased regulatory attention to gambling-related harm. The U.S. market became a central strategic priority after the 2018 Supreme Court decision that allowed individual states to authorize sports wagering. Paddy Power Betfair agreed to acquire FanDuel and combine it with the group's existing American operations. The resulting FanDuel Group gave Flutter a controlling interest in a leading U.S. fantasy-sports and wagering platform. Flutter later increased its interest to about 95% through a cash-and-stock transaction with Fastball Holdings. Fox Corporation, which had partnered with The Stars Group on Fox Bet, retained contractual rights associated with FanDuel and subsequently litigated the valuation of those rights. In 2019 Paddy Power Betfair adopted the Flutter Entertainment name. The rebrand reflected a portfolio containing more than the original Paddy Power and Betfair businesses. Later that year Flutter agreed to combine with The Stars Group in a transaction valued at about US$6.95 billion. Completion created a much larger international group with PokerStars, Sky Betting & Gaming and additional online gaming assets. Fox received a minority interest in Flutter as part of the transaction. Flutter continued to build its portfolio through acquisitions. It bought a majority stake in Georgian operator Adjarabet in 2019, acquired Indian rummy operator Junglee Games in 2021, purchased Italian gaming business Sisal in a transaction completed in 2022, and bought online bingo operator Tombola in 2022. The group also sold Oddschecker to Bruin Capital in 2021, while Fox Bet was closed in 2023 as Flutter concentrated resources on its principal brands. Expansion continued in southern and eastern European markets. Flutter announced an initial 51% stake in Serbian operator MaxBet in 2023 and announced the planned purchase of Italian operator Snaitech in 2024. At the corporate-market level, it moved its primary listing to the New York Stock Exchange in May 2024 and retained a secondary London listing, emphasizing the strategic importance of its U.S. business and American investor base. Flutter operates in a sector shaped by licensing, responsible-gambling duties, advertising controls, consumer-protection rules and anti-money-laundering requirements. Its regulatory record includes a 2018 UK penalty concerning customer protection and anti-money-laundering processes. It has also faced intellectual-property litigation relating to the Aviator game in Georgia and wider claims concerning gambling services supplied in Germany without the required local authorization. These disputes illustrate the legal and regulatory risks accompanying the group's multinational model.

2024
Primary listing moved to New York
[1]Flutter Entertainmenten.wikipedia.org
Flutter's primary listing moved to the New York Stock Exchange, with London becoming secondary.
2022
Sisal acquisition completed
[1]Flutter Entertainmenten.wikipedia.org
Flutter completed its acquisition of Italian gaming operator Sisal.
2020
FanDuel ownership increased
[1]Flutter Entertainmenten.wikipedia.org
Flutter announced an agreement to buy additional FanDuel interests, taking its holding to approximately 95%.
2019
Corporate name changed to Flutter Entertainment
[1]Flutter Entertainmenten.wikipedia.org
The group rebranded to reflect its increasingly broad portfolio of consumer gambling and entertainment brands.
2019
The Stars Group combination announced
[1]Flutter Entertainmenten.wikipedia.org
Flutter agreed to acquire The Stars Group, adding PokerStars, Sky Betting & Gaming and related assets.
2018
FanDuel transaction announced
[1]Flutter Entertainmenten.wikipedia.org
Paddy Power Betfair agreed to combine its U.S. operations with FanDuel and established a controlling position in the resulting group.
2017
Draft acquired
[1]Flutter Entertainmenten.wikipedia.org
The group expanded into daily fantasy sports through the acquisition of Draft.
2016
Paddy Power and Betfair merger completed
[1]Flutter Entertainmenten.wikipedia.org
The merger completed on 2 February, creating Paddy Power Betfair, the predecessor of Flutter Entertainment.

Products and positioning

A global, multi-brand online betting and gaming platform focused on regulated markets, digital scale and sports-led entertainment.

U.S. sports betting, fantasy sports and gaming
FanDuel
Flutter's principal American consumer brand offers online sports wagering, daily fantasy sports, casino products and horse-racing services in states and jurisdictions where permitted. FanDuel also operates sports and racing media through FanDuel TV. Its scale and brand recognition make it central to Flutter's U.S. growth strategy.
Sportsbook and betting shops
Paddy Power
Paddy Power is a major betting brand in the United Kingdom and Ireland, combining online sportsbook and gaming products with a substantial retail shop network. The brand is known for sports-led promotions and a distinctive advertising style, while operating under the responsible-gambling and licensing rules of each market.
Sportsbook and betting exchange
Betfair
Betfair combines conventional fixed-odds betting with a betting exchange, where customers can back or lay outcomes against other participants. The brand operates in multiple markets and is particularly associated with exchange technology, sports wagering and online gaming.
Online poker and gaming
PokerStars
PokerStars is an international online poker and gaming brand added to Flutter through The Stars Group combination. Its products have included online poker tournaments and cash games, casino gaming and related digital entertainment, subject to local regulation and market availability.
Online betting and gaming
Sky Betting & Gaming
Sky Betting & Gaming provides online sports betting and gaming products, particularly in the United Kingdom and Ireland. It became part of Flutter's portfolio through the acquisition of The Stars Group and complements the group's Paddy Power and Betfair offerings.
Australian online betting
Sportsbet
Sportsbet is Flutter's principal Australian sportsbook brand. It provides online wagering on sports and racing in a market with its own licensing, advertising and consumer-protection framework.
Online bingo · 2005
Tombola
Tombola is an online bingo business acquired by Flutter in 2022. It broadens the group's UK and Ireland product mix beyond sports wagering and betting exchange services.
Online gaming and lottery-related betting
Sisal
Sisal is an Italian gaming operator acquired by Flutter. Its activities include online gaming and other regulated wagering products, strengthening Flutter's presence in Italy and its international portfolio.

Controversies

2025
German claims concerning allegedly unauthorized betting
Flutter and other gambling operators faced consumer claims in Germany alleging that betting services had been offered without the necessary German authorization. The operators disputed the claims and argued that their licensing position permitted cross-border activity.
Source
2024
Aviator intellectual-property dispute in Georgia
A Georgian court ruled in favor of Aviator LLC in a trademark and copyright case involving Flutter, Spribe and the Aviator online game. Flutter announced that it would appeal.
Source
2018
UK regulatory penalty for customer-protection failures
The UK Gambling Commission fined Paddy Power Betfair £2.2 million after identifying failures to protect customers showing signs of problem gambling and inadequate anti-money-laundering checks.
Source

2018Electronic self-exclusion in betting shops
United Kingdom
Paddy Power Betfair announced an electronic self-exclusion process through its in-shop application, intended to replace paper-based procedures and make it easier for customers to restrict access to gambling services.
Outcome. Implementation announced across the United Kingdom.
Source

Brand decisions

2024
Move the primary stock listing to New YorkStrategy
Background
Flutter's U.S. business had become a central component of its growth profile and investor proposition.
Action taken
Flutter moved its primary listing from the London Stock Exchange to the New York Stock Exchange and retained London as a secondary listing.
Aftermath
The change increased the prominence of the group's U.S. capital-market presence while preserving access to London investors.
Source
2023
Close Fox BetStrategy
Background
Flutter reviewed its U.S. brand portfolio and concentrated investment on its larger platforms.
Action taken
The company announced that Fox Bet would close by the end of August 2023.
Aftermath
The closure simplified Flutter's U.S. consumer-brand portfolio.
Source
2020
Increase FanDuel ownershipM&A
Background
Flutter sought greater control over the rapidly expanding FanDuel platform.
Action taken
Flutter agreed to acquire additional interests from Fastball Holdings through a cash-and-stock transaction.
Aftermath
Flutter's ownership increased to approximately 95%, although Fox retained contractual rights relating to a potential minority stake.
Additional FanDuel stake purchase. US$4.1 billion (2020)
Source
2019
Adopt the Flutter Entertainment corporate identityStrategy
Background
The group had expanded beyond its original Paddy Power and Betfair businesses and was assembling a wider portfolio of consumer brands.
Action taken
The company changed its name from Paddy Power Betfair to Flutter Entertainment.
Aftermath
The new identity became the umbrella brand for the group's international betting, gaming, fantasy sports and media businesses.
Source
2019
Acquire The Stars GroupM&A
Background
Flutter sought greater international scale and a broader online gaming portfolio.
Action taken
Flutter agreed to acquire The Stars Group in a transaction valued at approximately US$6.95 billion.
Aftermath
The transaction added PokerStars, Sky Betting & Gaming and other assets, creating one of the largest online gambling groups by revenue.
Transaction value. Approximately US$6.95 billion (2019 announcement)
Source
2018
Build a major U.S. betting platform through FanDuelStrategy
Background
The U.S. Supreme Court's decision to overturn the federal sports-betting prohibition created an opportunity for state-regulated online wagering.
Action taken
Paddy Power Betfair invested in and combined its American activities with FanDuel, taking a controlling interest in the resulting business.
Aftermath
FanDuel became Flutter's principal U.S. consumer brand and a major part of the group's international growth strategy.
Initial FanDuel transaction consideration. US$158 million (2018)
Source

Recent events

2024
Flutter moves its primary listing to New York[1]Flutter Entertainmenten.wikipedia.org
Other
Flutter transferred its primary stock-market listing from the London Stock Exchange to the New York Stock Exchange, retaining London as a secondary listing.
2024
Flutter announces proposed acquisition of Snaitech[1]Flutter Entertainmenten.wikipedia.org
M&A
Flutter announced a proposed €2.3 billion purchase of Italian gambling operator Snaitech.
2023
Flutter announces the closure of Fox Bet[1]Flutter Entertainmenten.wikipedia.org
Other
Flutter announced that the Fox Bet sportsbook would be discontinued by the end of August.
2023
Flutter acquires a controlling stake in MaxBet[1]Flutter Entertainmenten.wikipedia.org
M&A
The group announced an initial 51% purchase of Serbian operator MaxBet for €141 million in cash.
2022
Flutter completes acquisition of Sisal[1]Flutter Entertainmenten.wikipedia.org
M&A
The group completed its purchase of Italian online gaming operator Sisal for approximately €1.913 billion.
2022
Fox receives an arbitrator's ruling on its FanDuel option[1]Flutter Entertainmenten.wikipedia.org
Lawsuit
An arbitrator ruled that Fox could acquire an 18.6% FanDuel interest at a valuation of approximately US$20 billion, subject to contractual price increases.
2021
Fox and Flutter dispute FanDuel valuation rights[1]Flutter Entertainmenten.wikipedia.org
Lawsuit
Fox sued Flutter over the valuation mechanism for its option to acquire a minority stake in FanDuel.
2019
Paddy Power Betfair changes its name to Flutter Entertainment[1]Flutter Entertainmenten.wikipedia.org
Other
The group adopted Flutter Entertainment to reflect its expanding portfolio of consumer brands.
2019
Flutter agrees to acquire The Stars Group[1]Flutter Entertainmenten.wikipedia.org
M&A
The proposed US$6.95 billion combination added brands such as PokerStars and Sky Betting & Gaming to Flutter's portfolio.
2018
Flutter increases its U.S. presence through FanDuel[1]Flutter Entertainmenten.wikipedia.org
M&A
Paddy Power Betfair agreed to combine its American operations with FanDuel after the U.S. regulatory environment opened to broader state sports betting.

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