Casino stock Flutter Entertainment PLC (NYSE:FLUT) is trading at new record highs after Goldman Sachs initiated coverage with a "buy" rating. The firm also set a price target of $320, which is a hefty premium to current levels. At last look, FLUT was up 2.7% at $273.97, and earlier hit an all-time peak of $275.63. On the charts, the $260 level moved in as support following the stock's Nov. 13 post-earnings bull gap. Since the start of the year, the equity is up 52.1%. Goldman Sachs is joining an already bul ...

Core Insights - Evolution has announced a three-year extension of its agreement with FanDuel Casino, reinforcing their strategic partnership and confirming Evolution as the sole provider of core live dealer casino games for FanDuel [1][2]. Group 1 - The extension allows FanDuel players continued access to Evolution and Ezugi's full portfolio of live casino games, as well as popular slots from NetEnt, Red Tiger, Big Time Gaming, and Nolimit City [2]. - This marks the second extension of the partnership that began in 2020, when Evolution's live dealer games were first integrated into FanDuel's Casino platform [2]. - Jacob Claesson, CEO of Evolution North America, expressed excitement about the partnership extension, emphasizing the commitment to enhancing the live casino market and player experience across North America [3]. Group 2 - Asaf Noifeld, Managing Director of FanDuel Casino, highlighted that FanDuel is the leading casino operator in the U.S., offering the largest selection of exclusive live casino tables, and noted that the expanded partnership with Evolution will help maintain a top-tier experience for customers [3].

Key TakeawaysGambling company Flutter Entertainment reported better-than-expected revenue on strong wagering on NFL games.The parent of FanDuel said peak bets per minute for NFL games was already higher than during the last Super Bowl.Flutter Entertainment shares traded at an all-time high. Shares of Flutter Entertainment (FLUT) traded at an all-time high Wednesday as the parent of sports gambling site FanDuel beat revenue estimates and boosted its guidance as it benefited from demand for wagering on Nation ...

Flutter Entertainment plc (NYSE:FLUT) Q3 2024 Earnings Call Transcript November 12, 2024 4:30 PM ET Company Participants Paul Tymms - Director of IR Peter Jackson - CEO Rob Coldrake - CFO Conference Call Participants Ed Young - Morgan Stanley Jordan Bender - Citizens JMP Jed Kelly - Oppenheimer Bernie McTernan - Needham & Company Paul Ruddy - Davy Brandt Montour - Barclays Ryan Sigdahl - Craig-Hallum Capital Group Dan Politzer - Wells Fargo Robert Fishman - MoffettNathanson Clark Lampen - BTIG Joe Stauff - ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37403 Flutter Entertainment plc (Exact name of registrant as specified in its charter) Ireland 98-1782229 (State or ...

Financial Performance - Q3 2024 revenue increased by 27% year-over-year to $3,248 million, with average monthly players (AMPs) growing by 16% to 12,920,000[2][14] - Net loss improved to $114 million, a $148 million year-over-year improvement, with adjusted earnings per share rising by 530% to $0.43[3][18] - Adjusted EBITDA surged by 74% to $450 million, with an adjusted EBITDA margin expansion of 380 basis points to 13.9%[2][17] - US revenue grew by 51% to $1,250 million, driven by sportsbook revenue growth of 62% and iGaming growth of 46%[20] - Group Ex-US revenue increased by 15% to $1,998 million, with adjusted EBITDA rising by 24% to $392 million[2][14] - Adjusted EBITDA grew $113 million to $58 million in Q3 2024 from a loss of $55 million in Q3 2023, indicating a significant transformation in the US earnings profile[23] - UKI reported revenue growth of 18% (+14% on a constant currency basis) driven by a 13% increase in AMPs[24] - Sportsbook revenue increased by 9%, with a net revenue margin rising 80 basis points to 12.4% due to improved sports results[25] - iGaming revenue grew 29%, reflecting a 17% increase in AMPs driven by continuous product improvements and strong cross-sell from sportsbook[25] - International revenue rose 15% in Q3 (+17% on a constant currency basis), bolstered by strong performance in Sisal and the addition of MaxBet, contributing $50 million in revenue[27] - Revenue for the three months ended September 30, 2024, was $3,248 million, an increase of 27% compared to $2,558 million for the same period in 2023[60] - Gross profit for the same period was $1,496 million, up from $1,172 million, reflecting a gross margin improvement[60] - Operating profit for the quarter was $97 million, a significant recovery from an operating loss of $137 million in the prior year[60] - Net loss attributable to Flutter shareholders decreased to $103 million, compared to a net loss of $275 million in the same quarter last year[60] - Basic and diluted loss per share improved to $(0.58) from $(1.55) year-over-year[60] - The company reported a total comprehensive income of $477 million for the quarter, a turnaround from a comprehensive loss of $631 million in the previous year[60] - Net loss for the three months ended September 30, 2024, was $114 million, an improvement from a net loss of $262 million in the same period of 2023[61] - Group revenue increased to $3,248 million for the three months ended September 30, 2024, compared to $2,558 million in the prior year, representing a growth of approximately 27%[64] - Adjusted EBITDA for the same period was $450 million, up from $258 million, resulting in an Adjusted EBITDA margin of 13.9%, compared to 10.1% in the previous year[64] - Adjusted net income attributable to Flutter shareholders was $76 million, a significant improvement from an adjusted net loss of $19 million in the prior year[72] - The US segment generated $1,250 million in revenue, representing a 51% increase year-over-year[77] - The UKI segment's revenue was $846 million, an 18% increase year-over-year[77] Shareholder Returns - The company announced a share repurchase program of up to $5 billion over the next 3-4 years, with the first tranche of $350 million starting on November 14, 2024[3][6] - The Board authorized a share repurchase program of up to $5 billion, expected to be deployed over the next three to four years, starting with a $350 million repurchase by the end of Q1 2025[38] Customer Acquisition and Market Position - Customer acquisition in new and existing states showed a 10% year-over-year increase, with payback periods remaining at 18 months[2][9] - Average Monthly Players (AMPs) for the Group increased, with a total of 26% market share in US iGaming GGR including PokerStars US for the three months to September 30, 2024[5] - The Group's US market position is based on gross gaming revenue data, with FanDuel being a leading brand in the online sportsbook market[5] Debt and Financial Leverage - The company reported a leverage ratio of 2.4x as of September 30, 2024, down from 3.1x at the end of 2023[2][19] - Total debt decreased by $146 million to $6.91 billion, with net debt down $226 million to $5.569 billion, resulting in a leverage ratio of 2.4x[37] - Long-term debt as of September 30, 2024, was $6,843 million, a decrease from $7,005 million at the end of 2023[69] - Net debt stood at $5,569 million as of September 30, 2024, down from $5,795 million at the end of the previous year[69] Cash Flow and Assets - Net cash provided by operating activities decreased to $290 million from $554 million year-over-year[67] - Free Cash Flow for the three months ended September 30, 2024, was $112 million, down from $434 million in the same period of 2023[67] - Cash, cash equivalents, and restricted cash at the end of the period totaled $3,410 million, compared to $2,701 million at the end of September 2023[62] - Player deposits increased to $1,871 million, up from $1,767 million year-over-year[62] - Total current assets increased to $4,170 million as of September 30, 2024, compared to $3,976 million at the end of 2023[59] - Total assets rose to $25,480 million from $24,635 million, indicating a growth in the company's asset base[59] - Total liabilities increased slightly to $13,470 million from $13,267 million, reflecting ongoing operational commitments[59] - Shareholders' equity increased to $10,406 million from $10,216 million, showing a strengthening of the company's financial position[59] Market Expansion and Product Development - The international division achieved a 15% revenue increase, with Sisal gaining 200 basis points in Italian market share[2][13] - New product launches ahead of the NFL season contributed to a 700 basis point increase in parlay penetration year-over-year[10] - The Snai and NSX acquisition is expected to complete by Q2 2025, indicating ongoing market expansion efforts[9] Guidance and Projections - Full year 2024 guidance for US revenue is now $6.05 billion to $6.25 billion, with Adjusted EBITDA of $670 million to $750 million, reflecting year-over-year growth of 40% and 206% respectively[33] - Group Ex-US revenue guidance raised to $8.1 billion to $8.3 billion, with Adjusted EBITDA of $1.77 billion to $1.87 billion, both showing year-over-year growth of 11%[34] - Foreign exchange rates assumed for 2024 guidance include USD:GBP of 0.781, USD:EUR of 0.914, and USD:AUD of 1.516, impacting financial forecasts[11] Accounting and Financial Metrics - Adjusted EBITDA margin is now defined to exclude share-based compensation, reflecting a more accurate view of underlying business trends[3] - The projected average payback period for customer acquisition costs is estimated to be 1-2 months longer under US GAAP compared to IFRS[6] - Constant currency growth rates are calculated to provide clearer comparisons of financial performance, excluding the impact of foreign currency fluctuations[13] - Free Cash Flow is defined as net cash from operating activities minus capital expenditures, providing insight into cash generation capabilities[58] - The leverage ratio, defined as net debt divided by Adjusted EBITDA, is used to evaluate financial leverage and ability to cover net debt obligations[57]

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Core Insights - Diamond Sports is undergoing significant changes, including a naming rights deal with FanDuel to rebrand its Bally Sports channels as the NHL season begins and the NBA season approaches [1][3] - The agreement with FanDuel could facilitate Diamond Sports' emergence from bankruptcy, allowing FanDuel to acquire up to 5% equity in the reorganized company [2][3] - The partnership is seen as beneficial for both parties, aligning the regional sports networks with the online gaming business [5] Company Developments - Diamond Sports filed court papers indicating that discussions with FanDuel began in February, but final terms were negotiated after securing agreements with the NBA and NHL [4] - The company has faced challenges during its bankruptcy proceedings, with teams from various leagues exiting its networks for alternative local viewing options [8][9] - Diamond Sports aims to emerge from bankruptcy as early as December, despite losing multiple MLB teams and facing ongoing restructuring discussions [8][9] Historical Context - This marks the third name change for the regional sports networks, which were previously under the Fox Sports banner before being sold to Sinclair and then rebranded with Bally's Corp. [6] - Diamond Sports has alleged that Sinclair's ownership has worsened its financial issues, although Sinclair has not admitted to any wrongdoing [7]

Group 1 - FanDuel is offering a three-month subscription to NBA League Pass for fans who opt-in, enhancing the viewing experience with live betting odds during games [1][3][4] - The promotion runs from October 15 to October 28, where new and existing customers can receive the NBA League Pass by placing a $5 bet [3][4] - FanDuel's President, Mike Raffensperger, expressed excitement about continuing the partnership with the NBA to improve the betting experience for fans [4] Group 2 - FanDuel TV's daily NBA show "Run It Back" has returned for its third season, providing fans with news, interviews, and insights [5] - The show is hosted by Emmy-award winner Michelle Beadle and former NBA players, airing Monday through Friday at 10:00 AM ET [5] - FanDuel Group operates a comprehensive portfolio of gaming brands and has a significant presence across the United States with approximately 17 million customers [6]