Flutter’s investor day emphasized its industry-leading technology and product offering, which drives its enduring brand advantage and is the source of our narrow moat rating.
Flutter holds a leading revenue share in many countries, giving it the scale to invest behind risk management tools, product offerings, and efficient marketing.
Bears
Regulation changes to marketing, betting limits, taxes, and market access can affect Flutter's financial returns.
In 2016, Irish company Paddy Power merged with UK firm Betfair to form online gaming operator Flutter Entertainment. Today, Flutter has the top digital revenue share in the US, UK and Ireland, Australia, and many other countries. Some of its main brands are FanDuel in the US, Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet (acquired by Paddy Power in 2009) in Australia, and Sisal in Italy. As of Dec. 31, 2023, the company offered products in over 100 countries and had 12.3 million average monthly users. In 2023, sports betting was 56% of revenue, online gaming 39%, and fantasy sports, horse racing, and other 5%.