Flutter updates reportable segments to US and International
To provide investors with historical information on a basis consistent with its new reporting structure, Flutter set out recast financial information for 2024 reflecting the updated segments.
Key Points
- The segments will now be referred to as US, comprising the FanDuel sportsbook brand, and Flutter International, which consists of the operator’s remaining brands
- The changes were said to have no impact on Flutter’s historical consolidated financial position or results
Flutter Entertainment has officially updated its reportable segments, now set as US and International, aiming to “reflect the way the company now manages operations and allocates resources.”
The new US segment consists of the FanDuel sportsbook brand and was said to have remained unchanged from the US segment as reported during 2024. Flutter International will comprise of the operator’s remaining brands, aligning with previously reported results in the UK & Ireland, Australia and International segments combined.
Flutter International will also exclude any unallocated corporate overhead, as reported by the operator.
To provide investors with historical information on a basis consistent with its new reporting structure, Flutter recast its financial information for 2024, reflecting the new reportable segments and the new regional revenue breakdown for Flutter International in Appendix One.
According to Flutter, the new reportable segment updates have no impact on the operator’s historical consolidated financial position or results.
Good to know: Following Flutter’s Q4 and fiscal year (FY) 2024 financial report, Morgan Stanley conducted its own research study for the results on March 5, pointing to potential “downside risks” for 2025
During the fourth quarter of 2024, Flutter’s US revenue grew by 14% year-over-year for a total of $1.6bn, but the group’s adjusted EBITDA decreased by 3% from the prior year period to $163m.
The increase in revenue was generated despite what Flutter CFO Rob Coldrake described as “unfavorable sports results” during the quarter. FanDuel experienced the “most customer friendly” NFL results in 20 years during the quarter, according to the operator’s report.
FanDuel was the number one sports betting and iGaming operator during the quarter with gross gaming revenue (GGR) market shares of 43% and 26%, respectively.
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