Flutter Entertainment plcFLUT
Flutter Entertainment plc Segments Disclosure
SEGMENTS AND DISAGGREGATION OF REVENUE
Effective from the first quarter of 2025, the Group has realigned its internal organizational structure, and as a result of this realignment, the Group updated its reportable segments to have two reportable segments:
•U.S.; and
•International (which includes what was formerly the UKI, International and Australia segments).
U.S.
The U.S. segment offers sports betting, casino, DFS, horse racing wagering and prediction markets products to players across various states in the United States, mainly online but with sports betting services also provided through a small number of retail outlets and certain online products in the province of Ontario in Canada. The U.S. segment consists of the following brands: FanDuel and TVG. As of the end of fiscal 2025, FanDuel online sportsbook was available in 25 states or territories, FanDuel online casino was available in 5 states, FanDuel paid DFS offering was available in 43 states, FanDuel or TVG online horse racing product was available in 32 states, FanDuel Predicts product was available in 5 states and FanDuel free-to-play products were available in all 50 states.
International
The International segment includes operations in approximately 100 global markets and offers sports betting, casino, poker, and lottery, mainly online. In the United Kingdom and Ireland (“UKI”), we offer sports betting (sportsbook), iGaming products (games, casino, bingo and poker) and other products (exchange betting) through our Sky Betting & Gaming, Paddy Power, Betfair and tombola brands. In Southern Europe and Africa (“SEA”), we offer our sports betting (sportsbook) and iGaming products (games, casino, poker and lottery) through our Sisal, Snai and PokerStars brands. In Australia, we offer online sports betting products through our Sportsbet brand, which operates exclusively in Australia and offers a wide range of betting products and experiences across local and global horse racing, sports, entertainment and major events. In India, we offered iGaming products through our Junglee brand until August 22, 2025 when we ceased operations, due to the ban on all forms of online real money gaming in India. In Central and Eastern Europe (“CEE”), we offer online sports betting and iGaming products through our Adjarabet and Maxbet brands. Maxbet retail shops also offer our products in this region. In Brazil, we offer online sports betting, iGaming products and other products (exchange betting) through our Betnacional and Betfair brands. The Group continues to diversify internationally and is taking its online offering into regulated markets with a gambling culture and a competitive tax framework under which the Group has the ability to offer a broad betting and iGaming product range.
Effective January 1, 2024, subsequent to our decision to close the sports betting platform FOX Bet, we reorganized how the PokerStars (U.S.) business is managed which resulted in a change in operating segment composition to move PokerStars (U.S.) from the U.S. segment to the International segment.
The Group’s chief operating decision maker (“CODM”) is the Group’s Chief Executive Officer.
The CODM uses Adjusted EBITDA to allocate resources for each operating segment predominantly in the annual budget and forecasting process. Beginning January 1, 2024, the Group revised its definition of Adjusted EBITDA. The definition of Adjusted EBITDA now excludes share-based compensation as management believes inclusion of share-based compensation can obscure underlying business trends as share-based compensation could vary widely among companies due to differing plans that result in companies using share-based compensation awards differently, both in type and quantity of awards granted.
The CODM evaluates performance based on the Adjusted EBITDA of each operating segment by comparing actual results to previously forecasted financial information on a monthly basis. Adjusted EBITDA of each segment is defined as net income (loss) before income taxes; other (expense) income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; legal settlements and gaming tax disputes; impairment of property and equipment, intangible assets, right-of-use assets and goodwill and share-based compensation charge.
Segment results for the year ended December 31, 2024 and 2023, have been revised to reflect the change in reportable segments, segment measurement and segment composition.
The Group manages its assets on a total company basis, not by operating segment. Therefore, the CODM does not regularly review any asset information by operating segment and accordingly, the Group does not report asset information by operating segment.
The following tables present the Group’s segment information:
| Year ended December 31, | |||||||||||||||||
| ($ in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| Revenue | |||||||||||||||||
| U.S. | |||||||||||||||||
| Sportsbook | $ | 4,633 | $ | 4,013 | $ | 3,072 | |||||||||||
| iGaming | 2,095 | 1,524 | 1,045 | ||||||||||||||
| Other | 239 | 261 | 287 | ||||||||||||||
| U.S. segment revenue | 6,967 | 5,798 | 4,404 | ||||||||||||||
| International | |||||||||||||||||
| Sportsbook | 3,999 | 3,816 | 3,513 | ||||||||||||||
iGaming1 | 5,112 | 4,130 | 3,576 | ||||||||||||||
| Other | 305 | 304 | 297 | ||||||||||||||
| International segment revenue | 9,416 | 8,250 | 7,386 | ||||||||||||||
| Total reportable segment revenue | $ | 16,383 | $ | 14,048 | $ | 11,790 | |||||||||||
1.iGaming revenue includes iGaming, Poker and Lottery.
The following table presents the International segment disaggregated revenue:
| Year ended December 31, | |||||||||||||||||
| ($ in millions) | 2025 | 2024 | 2023 | ||||||||||||||
UKI 1 | 3,547 | 3,599 | 3,047 | ||||||||||||||
Southern Europe and Africa 2 | 2,746 | 1,593 | 1,430 | ||||||||||||||
Asia Pacific 3 | 1,428 | 1,547 | 1,599 | ||||||||||||||
Central and Eastern Europe 4 | 604 | 531 | 286 | ||||||||||||||
Brazil 5 | 227 | 69 | 64 | ||||||||||||||
Other regions 6 | 864 | 911 | 960 | ||||||||||||||
| Total International segment revenue | 9,416 | 8,250 | 7,386 | ||||||||||||||
1.UKI represents Sky Bet, Paddy Power and Betfair UK and Ireland operations as well as the tombola brand.
2.Southern Europe and Africa comprises the Italian operations of our Sisal, Snai (effective from acquisition date of April 30, 2025) and PokerStars brands as well as Sisal’s business in Türkiye and Morocco.
3.Asia Pacific includes our Sportsbet business in Australia and Junglee in India (until August 22, 2025).
4.Central and Eastern Europe comprises Adjarabet in Georgia and Armenia together with MaxBet in Serbia, Bosnia Herzegovina, North Macedonia and Montenegro.
5.Brazil reflects our Betfair and Betnacional (effective from acquisition date of May 14, 2025) operations in the region.
6.Other regions comprise PokerStars’ non-Italian operations and Betfair’s non-Brazilian business.
The information below summarizes revenue from external customers by country for the year ended December 31, 2025, 2024 and 2023:
| Year ended December 31, | |||||||||||||||||
| ($ in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. | $ | 6,767 | $ | 5,729 | $ | 4,391 | |||||||||||
| UK | 3,198 | 3,279 | 2,740 | ||||||||||||||
| Italy | 2,532 | 1,484 | 1,352 | ||||||||||||||
| Australia | 1,315 | 1,397 | 1,447 | ||||||||||||||
| Ireland | 303 | 304 | 305 | ||||||||||||||
| Rest of the world | 2,268 | 1,855 | 1,555 | ||||||||||||||
| Total revenue | $ | 16,383 | $ | 14,048 | $ | 11,790 | |||||||||||
The information below shows the reconciliation of reportable segment Adjusted EBITDA to (loss) income before income taxes for the year ended December 31, 2025, 2024 and 2023:
| Year ended December 31, | |||||||||||||||||
| ($ in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. | $ | 922 | $ | 507 | $ | 232 | |||||||||||
| International | 2,202 | 2,065 | 1,830 | ||||||||||||||
| Reportable segment Adjusted EBITDA | 3,124 | 2,572 | 2,062 | ||||||||||||||
Unallocated corporate overhead1 | (279) | (215) | (187) | ||||||||||||||
| Depreciation and amortization | (1,517) | (1,097) | (1,285) | ||||||||||||||
| Share-based compensation expense | (260) | (202) | (190) | ||||||||||||||
Transaction fees and associated costs2 | (224) | (54) | (92) | ||||||||||||||
Restructuring and integration costs3 | (247) | (135) | (132) | ||||||||||||||
| Other income (expense), net | 358 | (434) | (157) | ||||||||||||||
| Interest expense, net | (515) | (419) | (385) | ||||||||||||||
Impairment4 | (561) | — | (725) | ||||||||||||||
| (Loss) income before income taxes | $ | (121) | $ | 16 | $ | (1,091) | |||||||||||
1Unallocated corporate overhead includes shared technology, research and development, sales and marketing and general and administrative expenses that are not allocated to specific segments.
2During the year ended December 31, 2025, transaction costs of $224 million primarily related to the Boyd market access termination payment and the Snai and NSX acquisitions. During the year ended December 31, 2024 advisory fees of $54 million primarily relate to implementation of internal controls, information system changes and other strategic advisory fees related to the change in the primary listing of the Group. During the year ended December 31, 2023, transaction fees of $92 million primarily relate to the listing of Flutter’s ordinary shares in the U.S.
3During the years ended December 31, 2025, 2024 and 2023 restructuring and transaction costs of $247 million, $135 million and $132 million, respectively, primarily related to various restructuring, acquisition integration and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.
4During the year ended December 31, 2025, the impairment of $561 million is mainly related to Junglee. The Act, which was passed by the Indian Parliament and received Presidential assent on August 22, 2025, bans all forms of online real money gaming in India. As a result of the Act, from August 22, 2025, Junglee ceased offering all real-money games in India. The impaired assets substantially consists of goodwill of $517 million, of $32 million and other long-lived assets of $7 million. The $517 million of impaired goodwill is not deductible for tax purposes, and therefore there is no income tax benefit. Income tax impacts related to the impairment of acquired and developed intangibles and other long-lived assets are not material. During the year ended December 31, 2023, the Group recognized an of $725 million in sales and marketing expenses related to the PokerStars trademark within the International segment. The impairment was primarily driven by an assessment of the strategy and operational model aimed at maximizing the value of PokerStars' proprietary poker assets consistent with our International segment strategy to combine global scale with local presence.
The following table shows the significant segment expense categories that are regularly provided to the CODM and included in segment profit and loss for the years ended December 31, 2025, 2024 and 2023:
| Year ended December 31, | |||||||||||||||||
| ($ in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. | |||||||||||||||||
| Revenue | $ | 6,967 | $ | 5,798 | $ | 4,404 | |||||||||||
Cost of sales1 | (3,955) | (3,353) | (2,534) | ||||||||||||||
Technology, research and development expenses2 | (344) | (270) | (196) | ||||||||||||||
Sales & marketing expenses3 | (1,319) | (1,278) | (1,150) | ||||||||||||||
General and administrative expenses4 | (427) | (390) | (292) | ||||||||||||||
| Total U.S. Adjusted EBITDA | $ | 922 | $ | 507 | $ | 232 | |||||||||||
| International | |||||||||||||||||
| Revenue | $ | 9,416 | $ | 8,250 | $ | 7,386 | |||||||||||
Cost of sales1 | (4,406) | (3,571) | (3,218) | ||||||||||||||
Technology, research and development expenses2 | (410) | (403) | (393) | ||||||||||||||
Sales & marketing expenses3 | (1,520) | (1,394) | (1,272) | ||||||||||||||
General and administrative expenses4 | (878) | (817) | (673) | ||||||||||||||
| Total International Adjusted EBITDA | $ | 2,202 | $ | 2,065 | $ | 1,830 | |||||||||||
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.
The following table shows depreciation and amortization, excluding amortization of acquired intangibles and share-based compensation expense, excluding share-based compensation for the Group's executive management, finance, legal and compliance, and human resources functions, by reportable segment, that are regularly provided to the CODM for review for the years ended December 31, 2025, 2024 and 2023:
| Year ended December 31, | |||||||||||||||||
| ($ in millions) | 2025 | 2024 | 2023 | ||||||||||||||
| U.S. | |||||||||||||||||
| Depreciation and amortization excluding amortization of acquired intangibles | $ | 121 | $ | 104 | $ | 98 | |||||||||||
| Share-based compensation expense | 119 | 95 | 102 | ||||||||||||||
| Total U.S. | $ | 240 | $ | 199 | $ | 200 | |||||||||||
| International | |||||||||||||||||
| Depreciation and amortization excluding amortization of acquired intangibles | $ | 503 | $ | 382 | $ | 350 | |||||||||||
| Share-based compensation expense | 88 | 73 | 61 | ||||||||||||||
| Total International | $ | 591 | $ | 455 | $ | 411 | |||||||||||
The information below summarizes long-lived assets by country as of December 31, 2025 and 2024:
| As of December 31, | |||||||||||
| ($ in millions) | 2025 | 2024 | |||||||||
| U.S. | $ | 115 | $ | 123 | |||||||
| UK | 107 | 99 | |||||||||
| Italy | 228 | 93 | |||||||||
| Australia | 9 | 9 | |||||||||
| Ireland | 68 | 70 | |||||||||
| Rest of the world | 103 | 99 | |||||||||
| Long lived assets | $ | 630 | $ | 493 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 4, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.