\nFollowing our Q3 earnings report on November 12, continued strong US player momentum has been offset by a period of very unfavorable US sports results across the remainder of November and in December, primarily on NFL Parlay and Same Game Parlay outcomes. The 2024\/2025 NFL season to date has been the most customer friendly since the launch of online sports betting with the highest rate of favorites winning in nearly 20 years.<\/p>\n
\nThe transitory nature of these results has no impact on the underlying assumptions and guidance expectations communicated at our Investor Day in September1<\/sup>, and we remain confident in the growth drivers and long-term growth trajectory set out at the Investor Day.<\/p>\n \nThese customer friendly results generated an estimated adverse gross gaming revenue (GGR) impact of $438m, and estimated reductions in revenue of approximately $390m2 <\/sup>and Adjusted EBITDA3<\/sup> of approximately $260m4<\/sup>, for the period November 12 to December 31.<\/p>\n \nUS revenue for 2024 is therefore now estimated to be c. $370m lower than our previous guidance midpoint at approximately $5.78bn (previous guidance $6.05bn – $6.25bn). After incremental one-off cost mitigation5<\/sup>, 2024 US Adjusted EBITDA is estimated to be approximately $205m lower than the previous guidance midpoint at approximately $505m (previous guidance $670m – $750m).<\/p>\n \nOur revised expectations include Q4 sportsbook net revenue margin of 6.6% reflecting:<\/p>\n \nQ4 US revenue is therefore now expected to be approximately $1.59bn and Q4 US Adjusted EBITDA is estimated to be approximately $161m, reflecting an overall estimated adverse Q4 sports results impact totaling $643m in GGR, $550m in revenue and $360m in Adjusted EBITDA.<\/p>\n \nIn the Group Ex-US, continued good momentum in UKI in particular with favorable sports results in the English Premier League, means we now estimate 2024 revenue and Adjusted EBITDA will be approximately 1% and 2% higher than the mid-points of our previous guidance provided at Q3.<\/p>\n \nA more detailed update will be provided with our scheduled Q4 earnings on March 4, 2025, alongside formal guidance for 2025.<\/p>\n This announcement contains inside information as defined under assimilated Regulation (EU) No. 596\/2014, which is part of the laws of the United Kingdom by virtue of the European Unition (Withdrawal) Act 2018 (as amended). The person responsible for arranging release of this information on behalf of Flutter is Edward Traynor, Company Secretary of Flutter.<\/span><\/p>\n Notes<\/b><\/p>\n Clarification on basis of preliminary financial information<\/b><\/p>\n \nAs at the date of this release we have not completed our financial closing procedures for the period ended December 31, 2024. The preliminary financial information included in this release may therefore be subject to change as we complete our financial reporting processes and controls.<\/p>\n \nAdditionally, our independent registered public accounting firm has not audited, reviewed, compiled or performed any procedures with respect to the preliminary financial information and does not express an opinion or provide any other form of assurance with respect to this preliminary financial information. During the course of the preparation of our consolidated financial statements and related notes as of and for the period ended December 31, 2024, we may identify items that would require us to make adjustments to the preliminary financial information presented above. As a result, investors should exercise caution in relying on this information. The preliminary financial information should not be viewed as a substitute for full financial statements prepared in accordance with U.S. GAAP.<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThe preliminary financial information included in this press release is preliminary, unaudited and subject to completion and may change as we complete the operating of our financial reporting processes and controls. See \u201cClarification on basis of preliminary financial information\u201d above. This press release contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited, to statements related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, you can identify these forward-looking statements by the use of words such as \u201coutlook\u201d, \u201cbelieve(s)\u201d, \u201dexpect(s)\u201d, \u201cpotential\u201d, \u201ccontinue(s)\u201d, \u201cmay\u201d, \u201cwill\u201d, \u201cshould\u201d, \u201ccould\u201d, \u201cwould\u201d, \u201cseek(s)\u201d, \u201cpredict(s)\u201d, \u201cintend(s)\u201d, \u201ctrends\u201d, \u201cplan(s)\u201d, \u201cestimate(s)\u201d, \u201canticipates\u201d, \u201cprojection\u201d, \u201cgoal\u201d, \u201ctarget\u201d, \u201caspire\u201d, \u201cwill likely result\u201d, and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others: the preliminary nature of the financial information include in this press release as discussed in \u201cClarification on basis of preliminary financial information\u201d above, Flutter\u2019s ability to effectively compete in the global entertainment and gaming industries; Flutter\u2019s ability to retain existing customers and to successfully acquire new customers; Flutter\u2019s ability to develop new product offerings; Flutter\u2019s ability to successfully acquire and integrate new businesses; Flutter\u2019s ability to maintain relationships with third-parties; Flutter\u2019s ability to maintain its reputation; public sentiment towards online betting and iGaming generally; the potential impact of general economic conditions, including inflation, fluctuating interest rates and instability in the banking system, on Flutter\u2019s liquidity, operations and personnel; Flutter\u2019s ability to obtain and maintain licenses with gaming authorities, adverse changes to the regulation (including taxation) of online betting and iGaming; the failure of additional jurisdictions to legalize and regulate online betting and iGaming; Flutter\u2019s ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business; Flutter\u2019s ability to raise financing in the future; Flutter\u2019s success in retaining or recruiting officers, key employees or directors; litigation and the ability to adequately protect Flutter\u2019s intellectual property rights; the impact of data security breaches or cyber-attacks on Flutter\u2019s systems; and Flutter\u2019s ability to remediate material weaknesses in its internal control over financial reporting.<\/p>\n \nAdditional factors that could cause the Company\u2019s results to differ materially from those described in the forward-looking statements can be found in Part I, \u201cItem 1A. Risk Factors\u201d of the Company\u2019s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC on March 26, 2024 and other periodic filings with the SEC, which are accessible on the SEC\u2019s website at www.sec.gov<\/a>. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company\u2019s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.<\/p>\n About Flutter Entertainment plc<\/b><\/p>\n \nFlutter is the world\u2019s leading online sports betting and iGaming operator, with a market leading position in the US and across the world. 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.<\/p>\n \nFlutter 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.<\/p>\n Non-GAAP financial measures<\/b><\/p>\n \nThis press release includes non-GAAP financial measures that we use to supplement our results presented in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). We believe these measures provide visibility to the performance of our business by excluding the impact of certain income or gains and expenses or losses. Additionally, we believe these metrics are widely used by investors, securities analysts, ratings agencies and others in our industry in evaluating performance. Our non-GAAP financial measures may not be comparable to similarly-titled measures used by other companies, have limitations as analytical tools and should not be considered in isolation. Additionally, we do not consider our non-GAAP financial measures as superior to, or a substitute for, the equivalent measures calculated and presented in accordance with U.S. GAAP. Additional information regarding these measures can be found in our periodic filings with the SEC, which are accessible on the SEC\u2019s website at www.sec.gov<\/a>.<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250107289133\/en\/<\/a><\/span><\/p>\n Investor Relations: Media Relations: KEYWORDS:<\/b> New York United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Casino\/Gaming General Sports Entertainment Sports<\/p>\n\n
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Email<\/b>: investor.relations@flutter.com<\/a><\/p>\n
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Email: <\/b>corporatecomms@flutter.com<\/a><\/p>\n
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