Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Entity Central Index Key | 0001635327 | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Transition Report | false | |
Entity File Number | 001-37403 | |
Entity Registrant Name | Flutter Entertainment plc | |
Entity Incorporation, State or Country Code | L2 | |
Entity Tax Identification Number | 98-1782229 | |
Entity Address, Address Line One | 290 Park Ave South 14th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10010 | |
City Area Code | 646 | |
Local Phone Number | 930-0950 | |
Title of 12(b) Security | Ordinary Shares, nominal value of €0.09 per share | |
Trading Symbol | FLUT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 177,723,653 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,526 | $ 1,497 |
Cash and cash equivalents – restricted | 25 | 22 |
Player deposits – cash and cash equivalents | 1,684 | 1,752 |
Player deposits – investments | 174 | 172 |
Accounts receivable, net | 75 | 90 |
Prepaid expenses and other current assets | 441 | 443 |
TOTAL CURRENT ASSETS | 3,925 | 3,976 |
Investments | 7 | 9 |
Property and equipment, net | 480 | 471 |
Operating lease right-of-use assets | 456 | 429 |
Intangible assets, net | 5,664 | 5,881 |
Goodwill | 13,679 | 13,745 |
Deferred tax assets | 29 | 24 |
Other non-current assets | 82 | 100 |
TOTAL ASSETS | 24,322 | 24,635 |
CURRENT LIABILITIES: | ||
Accounts payable | 234 | 240 |
Player deposit liability | 1,775 | 1,786 |
Operating lease liabilities | 124 | 123 |
Long-term debt due within one year | 53 | 51 |
Other current liabilities | 2,192 | 2,326 |
TOTAL CURRENT LIABILITIES | 4,378 | 4,526 |
Operating lease liabilities – non-current | 374 | 354 |
Long-term debt | 6,737 | 7,005 |
Deferred tax liabilities | 737 | 802 |
Other non-current liabilities | 612 | 580 |
TOTAL LIABILITIES | 12,838 | 13,267 |
COMMITMENTS AND CONTINGENCIES (Note 16) | ||
REDEEMABLE NON-CONTROLLING INTERESTS | 1,432 | 1,152 |
SHAREHOLDERS' EQUITY | ||
Ordinary share (Authorized 300,000,000 shares of €0.09 ($0.10) par value each; issued June 30, 2024: 177,681,906 shares; December 31, 2023: 177,008,649 shares) | 36 | 36 |
Shares held by employee benefit trust, at cost June 30, 2024: 0 shares, December 31, 2023: 0 shares | 0 | |
Additional paid-in capital | 1,503 | 1,385 |
Accumulated other comprehensive loss | (1,674) | (1,483) |
Retained earnings | 10,018 | 10,106 |
Total Flutter Shareholders' Equity | 9,883 | 10,044 |
Non-controlling interests | 169 | 172 |
TOTAL SHAREHOLDERS' EQUITY | 10,052 | 10,216 |
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY | $ 24,322 | $ 24,635 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) | Jun. 30, 2024 shares | Dec. 31, 2023 € / shares shares | Dec. 31, 2023 $ / shares shares |
Statement of Financial Position [Abstract] | |||
Common stock shares authorized | 300,000,000 | 300,000,000 | 300,000,000 |
Common stock par or stated value per share | (per share) | € 0.09 | $ 0.1 | |
Common stock shares issued | 177,681,906 | 177,008,649 | 177,008,649 |
Common stock shares held by employee benefit trust | 0 | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Comprehensive (Loss) / Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,611 | $ 3,001 | $ 7,008 | $ 5,919 |
Cost of Sales | (1,835) | (1,491) | (3,628) | (3,032) |
Gross profit | 1,776 | 1,510 | 3,380 | 2,887 |
Technology, research and development expenses | (216) | (176) | (406) | (344) |
Sales and marketing expenses | (746) | (667) | (1,627) | (1,549) |
General and administrative expenses | (445) | (445) | (854) | (787) |
Operating profit | 369 | 222 | 493 | 207 |
Other (expense) income, net | 89 | 10 | (85) | (35) |
Interest expense, net | (108) | (82) | (220) | (174) |
Income (loss) before income taxes | 350 | 150 | 188 | (2) |
Income tax expense | (53) | (86) | (68) | (45) |
Net income (loss) | 297 | 64 | 120 | (47) |
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests | 18 | 2 | 22 | (7) |
Adjustment of redeemable non-controlling interest to redemption value | 18 | (5) | 33 | (5) |
Net income (loss) attributable to Flutter shareholders | $ 261 | $ 67 | $ 65 | $ (35) |
Earnings (loss) per share | ||||
Basic | $ 1.47 | $ 0.38 | $ 0.37 | $ (0.2) |
Diluted | $ 1.45 | $ 0.37 | $ 0.36 | $ (0.2) |
Other comprehensive income / (loss), before tax: | ||||
Effective portion of changes in fair value of cash flow hedges | $ (10) | $ (16) | $ 13 | $ (76) |
Fair value of cash flow hedges transferred to the income statement | 12 | 41 | (2) | 84 |
Foreign exchange gain on net investment hedges | 50 | 8 | 29 | 12 |
Foreign exchange (loss) gain on translation of the net assets of foreign currency denominated entities | (60) | 97 | (245) | 275 |
Fair value movements on available for sale debt instruments | 1 | 0 | 0 | 1 |
Other comprehensive (loss) income | (7) | 130 | (205) | 295 |
Other comprehensive (loss) income attributable to Flutter shareholders | (5) | 101 | (191) | 240 |
Other comprehensive (loss) income attributable to non-controlling interest and redeemable non-controlling interest | (2) | 29 | (14) | 55 |
Total comprehensive (loss) income | $ 290 | $ 194 | $ (85) | $ 248 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Equity and Redeemable Non-Controlling Interests - USD ($) $ in Millions | Total | Redeemable non- controlling interests [Member] | Ordinary share [Member] | Shares held by employee benefit [Member] | Additional paid-in capital [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Retained earnings [Member] | Total Flutter Shareholders' Equity [Member] | Non- controlling interests [Member] |
Beginning Balance at Dec. 31, 2022 | $ 929 | ||||||||
Net income (loss) | (7) | ||||||||
Adjustment of redeemable non-controlling interest to fair value | 125 | ||||||||
Other comprehensive income / (loss) | 24 | ||||||||
Balance Ending at Mar. 31, 2023 | 1,071 | ||||||||
Beginning Balance at Dec. 31, 2022 | $ 11,191 | $ 36 | $ (1) | $ 1,192 | $ (1,782) | $ 11,590 | $ 11,035 | $ 156 | |
Beginning Balance , Shares at Dec. 31, 2022 | 176,091,902 | 1,396 | |||||||
Net income (loss) | (104) | (102) | (102) | (2) | |||||
Adjustment of redeemable non-controlling interest to fair value | (125) | (125) | (125) | ||||||
Shares issued on exercise of employee share options, Share | 330,483 | ||||||||
Shares issued on exercise of employee share options, Value | 1 | $ 0 | 1 | 1 | |||||
Equity-settled transactions – expense recorded in the income statement | 32 | 32 | 32 | ||||||
Other comprehensive income / (loss) | 141 | 139 | 0 | 139 | 2 | ||||
Balance Ending at Mar. 31, 2023 | 11,136 | $ 36 | $ (1) | 1,225 | (1,643) | 11,363 | 10,980 | 156 | |
Balance Ending , shares at Mar. 31, 2023 | 176,422,385 | 1,396 | |||||||
Net Income (Loss) | (111) | ||||||||
Beginning Balance at Dec. 31, 2022 | 929 | ||||||||
Other comprehensive income / (loss) | 295 | ||||||||
Balance Ending at Jun. 30, 2023 | 1,054 | ||||||||
Beginning Balance at Dec. 31, 2022 | 11,191 | $ 36 | $ (1) | 1,192 | (1,782) | 11,590 | 11,035 | 156 | |
Beginning Balance , Shares at Dec. 31, 2022 | 176,091,902 | 1,396 | |||||||
Balance Ending at Jun. 30, 2023 | 11,145 | $ 36 | $ (167) | 1,283 | (1,542) | 11,370 | 10,980 | 165 | |
Balance Ending , shares at Jun. 30, 2023 | 176,585,164 | 826,796 | |||||||
Net Income (Loss) | (47) | ||||||||
Beginning Balance at Mar. 31, 2023 | 1,071 | ||||||||
Net income (loss) | (8) | ||||||||
Adjustment of redeemable non-controlling interest to fair value | 60 | ||||||||
Acquisition of redeemable non-controlling interests | (95) | ||||||||
Other comprehensive income / (loss) | 130 | 25 | |||||||
Balance Ending at Jun. 30, 2023 | 1,054 | ||||||||
Beginning Balance at Mar. 31, 2023 | 11,136 | $ 36 | $ (1) | 1,225 | (1,643) | 11,363 | 10,980 | 156 | |
Beginning Balance , Shares at Mar. 31, 2023 | 176,422,385 | 1,396 | |||||||
Net income (loss) | 72 | 67 | 67 | 5 | |||||
Adjustment of redeemable non-controlling interest to fair value | (60) | (60) | (60) | ||||||
Shares issued on exercise of employee share options, Share | 162,779 | ||||||||
Shares issued on exercise of employee share options, Value | 3 | $ 0 | 3 | 3 | |||||
Ordinary shares of the Company acquired by the Employee Benefit Trust (Value) | (166) | $ (166) | (166) | ||||||
Ordinary shares of the Company acquired by the Employee Benefit Trust (Share) | 825,400 | ||||||||
Equity-settled transactions – expense recorded in the income statement | 55 | 55 | 55 | ||||||
Other comprehensive income / (loss) | 105 | 101 | 0 | 101 | 4 | ||||
Balance Ending at Jun. 30, 2023 | 11,145 | $ 36 | $ (167) | 1,283 | (1,542) | 11,370 | 10,980 | 165 | |
Balance Ending , shares at Jun. 30, 2023 | 176,585,164 | 826,796 | |||||||
Net Income (Loss) | 64 | ||||||||
Beginning Balance at Dec. 31, 2023 | 1,152 | ||||||||
Net income (loss) | 15 | ||||||||
Adjustment of redeemable non-controlling interest to fair value | 216 | ||||||||
Acquisition of redeemable non-controlling interests | 89 | ||||||||
Other comprehensive income / (loss) | (10) | ||||||||
Balance Ending at Mar. 31, 2024 | 1,462 | ||||||||
Beginning Balance at Dec. 31, 2023 | 10,216 | $ 36 | $ 0 | 1,385 | (1,483) | 10,106 | 10,044 | 172 | |
Beginning Balance , Shares at Dec. 31, 2023 | 177,008,649 | 0 | |||||||
Net income (loss) | (192) | (196) | (196) | 4 | |||||
Adjustment of redeemable non-controlling interest to fair value | (216) | (216) | (216) | ||||||
Shares issued on exercise of employee share options, Share | 436,546 | ||||||||
Shares issued on exercise of employee share options, Value | 14 | $ 0 | 14 | 14 | |||||
Equity-settled transactions – expense recorded in the income statement | 40 | 40 | 40 | ||||||
Other comprehensive income / (loss) | (188) | (186) | 0 | (186) | (2) | ||||
Balance Ending at Mar. 31, 2024 | 9,674 | $ 36 | $ 0 | 1,439 | (1,669) | 9,694 | 9,500 | 174 | |
Balance Ending , shares at Mar. 31, 2024 | 177,445,195 | 0 | |||||||
Net Income (Loss) | (177) | ||||||||
Beginning Balance at Dec. 31, 2023 | 1,152 | ||||||||
Other comprehensive income / (loss) | (205) | ||||||||
Balance Ending at Jun. 30, 2024 | 1,432 | ||||||||
Beginning Balance at Dec. 31, 2023 | 10,216 | $ 36 | $ 0 | 1,385 | (1,483) | 10,106 | 10,044 | 172 | |
Beginning Balance , Shares at Dec. 31, 2023 | 177,008,649 | 0 | |||||||
Balance Ending at Jun. 30, 2024 | 10,052 | $ 36 | $ 0 | 1,503 | (1,674) | 10,018 | 9,883 | 169 | |
Balance Ending , shares at Jun. 30, 2024 | 177,681,906 | 0 | |||||||
Net Income (Loss) | 120 | ||||||||
Beginning Balance at Mar. 31, 2024 | 1,462 | ||||||||
Net income (loss) | 33 | ||||||||
Adjustment of redeemable non-controlling interest to fair value | (63) | ||||||||
Other comprehensive income / (loss) | (7) | 0 | |||||||
Balance Ending at Jun. 30, 2024 | $ 1,432 | ||||||||
Beginning Balance at Mar. 31, 2024 | 9,674 | $ 36 | $ 0 | 1,439 | (1,669) | 9,694 | 9,500 | 174 | |
Beginning Balance , Shares at Mar. 31, 2024 | 177,445,195 | 0 | |||||||
Net income (loss) | 264 | 261 | 261 | 3 | |||||
Adjustment of redeemable non-controlling interest to fair value | 63 | 63 | 63 | ||||||
Shares issued on exercise of employee share options, Share | 236,711 | ||||||||
Shares issued on exercise of employee share options, Value | 7 | $ 0 | 7 | 7 | |||||
Equity-settled transactions – expense recorded in the income statement | 57 | 57 | 57 | ||||||
Dividend distributed to non-controlling interests | (6) | (6) | |||||||
Other comprehensive income / (loss) | (7) | (5) | 0 | (5) | (2) | ||||
Balance Ending at Jun. 30, 2024 | 10,052 | $ 36 | $ 0 | $ 1,503 | $ (1,674) | $ 10,018 | $ 9,883 | $ 169 | |
Balance Ending , shares at Jun. 30, 2024 | 177,681,906 | 0 | |||||||
Net Income (Loss) | $ 297 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income (loss) | $ 120 | $ (47) |
Adjustments to reconcile net income (loss) to net cash from operating activities: | ||
Depreciation and amortization | 569 | 601 |
Change in fair value of derivatives | (22) | (12) |
Non-cash interest expense, net | 16 | (4) |
Non-cash operating lease expense | 65 | 67 |
Foreign currency exchange loss (gain) | 10 | (224) |
(Gain) loss on disposal | (1) | 1 |
Share-based compensation – equity classified | 97 | 87 |
Share-based compensation – liability classified | 3 | 21 |
Other expenses (net) | 95 | 117 |
Deferred taxes | (83) | (192) |
Loss on extinguishment | 5 | 0 |
Change in contingent consideration | (3) | 0 |
Change in operating assets and liabilities: | ||
Player deposits | (2) | (5) |
Accounts receivable | 16 | 47 |
Other assets | 32 | (59) |
Accounts payable | (46) | 17 |
Other current liabilities | (155) | 101 |
Player deposit liability | 14 | (462) |
Operating leases liabilities | (70) | (62) |
Net cash provided by (used in) operating activities | 660 | (8) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (50) | (49) |
Purchases of intangible assets | (97) | (79) |
Capitalized software | (157) | (135) |
Acquisitions, net of cash acquired | (132) | 0 |
Net cash used in investing activities | (436) | (263) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issue of common stock upon exercise of options | 21 | 4 |
Proceeds from issuance of long-term debt (net of transactions costs) | 1,684 | 613 |
Repayment of long-term debt | (1,929) | (711) |
Dividend distributed to non-controlling interests | (6) | 0 |
Repurchase of common stock | 0 | (166) |
Net cash used in financing activities | (230) | (260) |
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (6) | (531) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period | 3,271 | 2,990 |
Foreign currency exchange (loss) gain on cash and cash equivalents | (30) | 139 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period: | 3,235 | 2,598 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of: | ||
Cash and cash equivalents | 1,526 | 1,020 |
Cash and cash equivalents - restricted | 25 | 15 |
Player deposits - cash & cash equivalents | 1,684 | 1,563 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period: | 3,235 | 2,598 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Interest paid | 231 | 210 |
Income taxes paid | 115 | 170 |
Operating cash flows from operating leases | 81 | 70 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Right of use assets obtained in exchange for new operating lease liabilities | 74 | 40 |
Adjustments to lease balances as a result of remeasurement. | (3) | 10 |
Business acquisitions (including contingent consideration) | $ 28 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS Flutter Entertainment plc (the “Company” or “Flutter”) and its subsidiaries (together referred to as the “Group”) is a global online sports betting and iGaming entity, operating some of the world’s most innovative, diverse and distinctive online sports betting and gaming brands such as FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Junglee Games, Adjarabet and MaxBet. As of June 30, 2024, the Group offered its products in over 100 countries. The Group is a public limited company incorporated in the Republic of Ireland. Public Listing on the New York Stock Exchange (“NYSE”) On January 29, 2024, the Group completed its registration process with the United States Securities and Exchange Commission (“SEC”), and listed on the New York Stock Exchange (“NYSE”) for public trading. On May 31, 2024, the Group moved its primary listing to the NYSE following the approval of shareholders at the Company’s Annual General Meeting held on May 1, 2024. In addition, the Group maintains a listing on the main market of the London Stock Exchange (“LSE”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation 10-K Recent Accounting Pronouncements Adopted In January 2024, the Group adopted Accounting Standards Update ASU 2022-03, 2023-01), Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, 2023-07, 2023-07 In March 2024, the FASB issued ASU 2024-01, 2024-01, 2024-01 |
Segments and Disaggregation of
Segments and Disaggregation of Revenue | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segments and Disaggregation of Revenue | 3. SEGMENTS AND DISAGGREGATION OF REVENUE The Group reports its financial statements based on four reportable segments: • U.S.; • UK & Ireland (“UKI”); • International; and • Australia The segment information aligns with how the chief operating decision maker (“CODM”) reviews and manages the business. The Group determined that it is the Chief Executive Officer and Chief Financial Officer jointly who are performing the function of CODM. Beginning January 1, 2024, the Group revised its definition of Adjusted EBITDA, which is the segment measurement used to evaluate performance and allocate resources. 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 different plans in place resulting in companies using share-based compensation awards differently, both in type and quantity of awards granted. Effective January 1, 2024, subsequent to the Group’s decision to close the sports betting platform “FOX Bet”, the Group reorganized how the PokerStars (U.S.) business is managed which resulted in a change in operating segment composition. From January 1, 2024, PokerStars (U.S.) is included in the International segment as opposed to the U.S. segment. Segment results for the three and six months ended June 30, 2023, have been revised to reflect the change in operating segment measurement and change in operating 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: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 Revenue U.S. Sportsbook $ 1,099 $ 781 $ 2,085 $ 1,540 iGaming 357 243 715 484 Other 71 73 137 144 U.S. segment revenue 1,527 1,097 2,937 2,168 UKI Sportsbook 451 401 862 777 iGaming 423 339 829 658 Other 54 49 98 90 UKI segment revenue 928 789 1,789 1,525 International Sportsbook 197 154 357 335 iGaming 574 540 1,174 1,093 Other 36 32 73 58 International segment revenue 807 726 1,604 1,486 Australia Sportsbook 349 389 678 740 Australia segment revenue 349 389 678 740 Total reportable segment revenue $ 3,611 $ 3,001 $ 7,008 $ 5,919 iGaming revenue includes Poker and Lottery. The information below summarizes revenue by geographical market for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 U.S $ 1,495 $ 1,087 $ 2,894 $ 2,170 UK 848 707 1,630 1,367 Ireland 76 80 153 158 Australia 349 389 678 740 Italy 371 332 736 701 Rest of the world 472 406 917 783 Total revenue $ 3,611 $ 3,001 $ 7,008 $ 5,919 The information below shows the reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 UKI $ 293 $ 249 $ 561 $ 455 U.S. 260 172 286 119 International 156 145 329 294 Australia 74 108 157 193 Reportable segment adjusted EBITDA 783 674 1,333 1,061 Unallocated corporate overhead 1 (45 ) (41 ) (81 ) (76 ) Depreciation and amortization (272 ) (303 ) (569 ) (601 ) Share-based compensation expense (59 ) (64 ) (100 ) (110 ) Transaction fees and associated costs 2 (16 ) (17 ) (45 ) (20 ) Restructuring and integration costs 3 (22 ) (26 ) (45 ) (47 ) Other (expense) income, net 89 10 (85 ) (35 ) Interest expense, net (108 ) (82 ) (220 ) (174 ) Income (loss) before income taxes $ 350 $ 150 $ 188 $ (2 ) 1. Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments. 2. Comprises advisory fees related to implementation of internal controls, information system changes and other strategic advisory related to the change in the primary listing of the Group for the three and six months ended June 30, 2024 respectively. For the three and six months ended June 30, 2023 transaction fees and associated costs comprised advisory fees related to the proposed listing of Flutter’s ordinary shares in the U.S.. 3. During the three and six months ended June 30, 2024, costs of $22 million and $45 million (three and six months ended June 30, 2023: $26 million and $47 million) primarily relate to various restructuring and other strategic initiatives to drive synergies. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. The costs primarily include severance expenses, advisory fees and temporary staffing cost. |
Other (Expense) Income, Net
Other (Expense) Income, Net | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Other (Expense) Income, Net | 4. OTHER (EXPENSE) INCOME, NET The following table shows the detail of other expense, net for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 Foreign exchange (loss) gain $ (8 ) $ 35 $ (11 ) $ 71 Fair value gain on derivative instruments 7 29 22 12 Fair value gain on contingent consideration 3 — 3 — Loss on settlement of long-term debt (5 ) — (5 ) — Gain (loss) on disposal 1 (1 ) 1 (1 ) Fair value (loss) gain on Fox liability 91 (53 ) (93 ) (117 ) Fair value loss on investment — — (2 ) — Total other (expense) income, net $ 89 $ 10 $ (85 ) $ (35 ) |
Interest Expense, Net
Interest Expense, Net | 6 Months Ended |
Jun. 30, 2024 | |
Interest Income (Expense), Net [Abstract] | |
Interest Expense, Net | 5. INTEREST EXPENSE, NET The following table shows the detail of interest expense, net for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 Interest and amortization of debt discount and expense on long-term debt, bank guarantees $ 122 $ 98 $ 248 $ 195 Other interest expense 2 (2 ) 4 (2 ) Interest income (16 ) (14 ) (32 ) (19 ) Interest expense, net $ 108 $ 82 $ 220 $ 174 |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. INCOME TAXES For interim income tax reporting the Group estimates its annual effective tax rate and applies it to its year-to-date The Group does not expect there to be any material changes to its existing unrecognized tax benefits over the next 12 months, due to the current position with taxing authorities. The Group regularly reviews its tax position on the basis of current law. The Organization for Economic Cooperation and Development (OECD) is coordinating negotiations to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2). Certain aspects of Pillar 2 became effective from January 1, 2024 and other aspects are effective from January 1, 2025. The Group does not expect Pillar 2 to have a material impact on its effective tax rate, however as this legislation is enacted in jurisdictions in which the Group operates, transitional rules lapse, and other provisions of Pillar 2 become effective, we expect that our effective tax rate and cash tax payments may increase in future years. Under US GAAP, the OECD Pillar 2 rules are considered an alternative minimum tax and therefore deferred taxes would not be recognized or adjusted for the estimated effects of the future minimum tax. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 7. EARNINGS (LOSS) PER SHARE The following table sets forth the computation of the Group’s basic and diluted net earnings (loss) per ordinary share attributable to the Group: Three months ended Six months ended ($ in millions except share and per share amounts) 2024 2023 2024 2023 Numerator Net income (loss) 297 64 120 (47 ) Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests 18 2 22 (7 ) Adjustment of redeemable non-controlling 18 (5 ) 33 (5 ) Net income (loss) attributable to Flutter shareholder – basic and diluted 261 67 65 (35 ) Denominator Basic weighted average outstanding shares 178 178 178 178 Effective of dilutive stock awards 2 2 2 — Diluted weighted average outstanding shares 180 180 180 178 Earnings (Loss) per share Basic 1.47 0.38 0.37 (0.20 ) Diluted 1.45 0.37 0.36 (0.20 ) The number of options excluded from the diluted weighted average number of ordinary share calculation due to their effect being anti-dilutive as the assumed proceeds were greater than the average market price was 458,811 and 462,122 for the three and six months ended June 30, 2024 respectively (2023: 179,280 and 2,329,480 for the three and six months ended June 30, 2023 |
Changes in Accumulated Other Co
Changes in Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Changes in Accumulated Other Comprehensive Income (Loss) | 8. CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following tables presents the changes in accumulated other comprehensive income / (loss) by component for the three and six months ended June 30, 2024 and 2023: ($ in millions) Gains and Unrealized Available- for- Debt Foreign Total Balance as of March 31, 2024 $ 3 $ (2 ) $ (1,670 ) $ (1,669 ) Other comprehensive income (loss) before reclassifications (10 ) 1 (8 ) (17 ) Amounts reclassified from accumulated other comprehensive loss 12 — — 12 Net current period other comprehensive income (loss) 2 1 (8 ) (5 ) Balance as of June 30, 2024 $ 5 $ (1 ) $ (1,678 ) $ (1,674 ) ($ in millions) Gains and Flow Hedges Unrealized Foreign Total Balance as of December 31, 2023 $ (6 ) $ (1 ) $ (1,476 ) $ (1,483 ) Other comprehensive income (loss) before reclassifications 13 — (202 ) (189 ) Amounts reclassified from accumulated other comprehensive loss (2 ) — — (2 ) Net current period other comprehensive income (loss) 11 — (202 ) (191 ) Balance as of June 30, 2024 $ 5 $ (1 ) $ (1,678 ) $ (1,674 ) ($ in millions) Gains and Unrealized Foreign Total Balance as of March 31, 2023 $ 5 $ (5 ) $ (1,643 ) $ (1,643 ) Other comprehensive income (loss) before reclassifications (16 ) — 76 60 Amounts reclassified from accumulated other comprehensive loss 41 — — 41 Net current period other comprehensive income 25 — 76 101 Balance as of June 30, 2023 $ 30 $ (5 ) $ (1,567 ) $ (1,542 ) ($ in millions) Gains and Flow Hedges Unrealized Foreign Total Balance as of December 31, 2022 $ 22 $ (6 ) $ (1,798 ) $ (1,782 ) Other comprehensive income (loss) before reclassifications (76 ) 1 231 156 Amounts reclassified from accumulated other comprehensive loss 84 — — 84 Net current period other comprehensive income 8 1 231 240 Balance as of June 30, 2023 $ 30 $ (5 ) $ (1,567 ) $ (1,542 ) |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 9. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consisted of the following as of June 30, 2024, and December 31, 2023: ($ in millions) As of June 30, 2024 As of Prepayments and accrued income $ 250 $ 205 Derivative financial assets 27 — Current tax receivable 46 59 Inventory 14 13 Other receivables 104 166 Total prepaid expenses and other current $ 441 $ 443 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities, Current [Abstract] | |
Other Current Liabilities | 10. OTHER CURRENT LIABILITIES Other current liabilities consisted of the following as of June 30, 2024, and December 31, 2023: ($ in millions) As of June 30, 2024 As of Accrued expenses $ 1,006 $ 945 Betting duty, data rights, and product and racefield fees 398 453 Employee benefits 260 330 Sports betting open positions 82 119 Derivative financial liabilities 162 156 Current tax payables 108 94 Loss contingencies 74 74 Indirect and payroll taxes 58 155 Deferred consideration 28 — Contingent consideration 16 — Total other current liabilities $ 2,192 $ 2,326 Loss contingencies include accruals related to regulatory investigations and proceedings including those relating to gaming taxes to the extent to which they may apply to our business and industry. The Group includes contract liability in relation to sports betting open positions in the Consolidated Balance Sheet. The contract liability balance was as follows: Six months ended ($ in millions) 2024 Contract liability, beginning of the period 119 Contract liability, end of the period 82 Due to the short term nature of our contract liabilities, a substantial portion of the contract liability at the beginning of the period is recognized in revenue in the immediately subsequent reporting period. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2024 | |
Business Combinations [Abstract] | |
Business Combinations | 11. BUSINESS COMBINATIONS MaxBet On January 10, 2024, the Group completed the acquisition of 51% of MaxBet, a leading omni-channel sports betting and iGaming operator in Serbia. The purchase comprised of a provisional cash consideration of $144 million (€132 million), which remains subject to the finalization of the completion accounts as defined in the share purchase agreement and any consequent adjustment to the provisional purchase consideration. The share purchase agreement also includes call and put options to acquire the remaining 49% stake. The call and put options are exercisable in 2029, commencing on the date on which the option price is determined in accordance with the terms set out in the shareholders agreement and ending on a date that is 30 days thereafter. The options expire if neither the Group nor the non-controlling The provisional fair value of assets and liabilities acquired was $118 million which comprised of identifiable intangible assets of $135 million consisting primarily of $100 million of trademark and $22 million of customer relations. The provisional measurements of fair value for certain assets and liabilities may be subject to change as additional information is received. The Group expects to finalize the valuation as soon as practicable, but not later than one year from acquisition date. The acquisition resulted in the recognition of $116 million goodwill on the acquisition date which has been allocated to the International segment and reporting unit. The main factors leading to the recognition of goodwill (none of which is deductible for tax purposes) is the opportunity for the Group to enter the market in the Balkans region where MaxBet is one of the market leaders with an established retail and online presence. There are also tangible opportunities to deliver synergies from the acquisition of MaxBet through (i) leveraging MaxBet’s retail channel to grow online deposits for existing Flutter brands and (ii) enhancing MaxBet’s online capabilities by utilizing the Group’s technology and marketing resources. The fair value of redeemable non-controlling Acquisition-related costs during the three months ended and six months ended June 30, 2024 and June 30, 2023 were not material and are included in the general and administrative expenses in the Group’s consolidated statement of comprehensive (loss) / income. Since the date of acquisition to June 30, 2024, MaxBet has contributed revenue of $99 million and $8 million of profit after tax to the results of the Group. For the three months ended June 30, 2024, MaxBet contributed revenue of $52 million and $5 million of profit after tax to the results of the Group. BeyondPlay On May 31, 2024, the Group completed the acquisition of 100% of BeyondPlay for a consideration of $26 million. The provisional fair value of the assets and liabilities acquired was $17 million which comprised of technology intangibles of $18 million and deferred tax liability of $1 million. The acquisition resulted in the recognition of $9 million of goodwill which has been allocated to the U.S. segment. The contribution of BeyondPlay to the revenue and profit after tax of the Group was not material. Considering that the size of the acquisitions are not material, no additional pro-forma information is provided |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2024 | |
Long-Term Debt, by Current and Noncurrent [Abstract] | |
Long-Term Debt | 12. LONG-TERM DEBT The Group’s debt comprised of the following: As of June 30, 2024 As of December 31, 2023 Principal outstanding balance in currency of borrowing Local currency (in millions) Outstanding Balance ($ in millions) Principal balance in (in millions) Outstanding ($ in millions) Term Loan B Agreement USD First Lien Term Loan B due 2028 $ — — $ 514 514 EUR First Lien Term Loan B due 2026 € — — € 507 560 TLA/TLB/RCF Agreement GBP First Lien Term Loan A due 2028 £ 1,034 1,308 £ 1,034 1,315 EUR First Lien Term Loan A due 2028 € 380 408 € 380 419 USD First Lien Term Loan A due 2028 $ 166 166 $ 166 166 USD First Lien Term Loan B due 2030 $ 3,895 3,897 $ 3,400 3,400 GBP Revolving Credit Facility due 2028 £ — — £ 578 736 Senior secured notes EUR Senior Secured Notes due 2029 € 500 541 € — — USD Senior Secured Notes due 2029 $ 525 531 $ — — Total debt principal including accrued interest 6,851 7,110 Less: unamortized debt issuance costs (61 ) (54 ) Total debt 6,790 7,056 Less: current portion of long-term debt (53 ) (51 ) Total long-term debt $ 6,737 $ 7,005 As of June 30, 2024, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following: ($ in millions) 2024 $ 20 2025 39 2026 39 2027 39 2028 1,919 Thereafter 4,780 Total 6,836 During the six months ended June 30, 2024, the Group has drawn $126 million (June 30, 2023: $609 million) and repaid $851 million (June 30, 2023: $687 million) under the GBP revolving credit facility. The Group had an undrawn revolving credit commitment of $1.3 billion (£1 billion) as of June 30, 2024 (December 31, 2023: $537 million (£422 million)), of which $13 million (December 31, 2023: $13 million) was reserved for issuing guarantees. On March 14, 2024, the Group entered into the First Incremental Assumption Agreement (the “Assumption Agreement”) to the TLA/TLB/RCF Agreement dated as of November 24, 2023 (as amended, the “Credit Agreement”). After giving effect to the Assumption Agreement, the aggregate principal amount of Term B loans outstanding under the Credit Agreement increased by $514 million (the “First Incremental Term B Loans”), which is fungible with the existing Term B loans outstanding under the Credit Agreement. The proceeds of the First Incremental Term B Loans were used to refinance the USD First Term Loan B due 2028. As the terms of First Incremental Term B Loans were not substantially different from those of the original USD First Lien Term Loan B due 2028, the refinance was treated as continuation of the original debt instrument for accounting purposes. On April 29, 2024, the Group issued $525 million aggregate principal amount of USD-denominated EUR-denominated The USD Notes have interest at a rate of 6.375% per annum and the EUR Notes bear interest at a rate of 5.000% per annum, both payable semi-annually in arrears. The Notes are senior secured obligations and rank pari passu in right of payment with all existing and future senior debt. The Notes are secured on a first-ranking basis by security interests granted over the collateral that also secure, as applicable, the obligations of the Group under the Credit Agreement. Prior to April 15, 2026, the Group is entitled, at its option, to redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes being redeemed, plus accrued and unpaid interest and additional amounts, if any, to, but excluding the date of the redemption, plus a make-whole premium. In addition, prior to April 15, 2026, the Group is entitled to redeem up to 40% of the aggregate principal amount of each series of Notes using the net cash proceeds from certain equity offerings at a price equal to 106.375% of the principal amount of the USD Notes and 105% of the principal amount of the EUR Notes being redeemed, plus accrued and unpaid interest and additional amounts, if any, to, but excluding the date of the redemption, subject to certain conditions set forth in the Indenture that governs the Notes. Furthermore, at any time prior to April 15, 2026, the Group is entitled, during each twelve month period commencing April 29, 2024, redeem up to 10% of the aggregate principal amount of each series of Notes at a redemption price equal to 103% of the principal amount redeemed, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the date of redemption. On or after April 15, 2026, the Group may redeem some or all of the Notes at redemption prices as set forth in the Indenture that governs the Notes. Following repayment of the EUR First Lien Term Loan B due 2026 and the USD First Lien Term Loan B due 2028, the facilities under the Credit Agreement and the Notes are secured by a first priority security interest (subject to permitted liens) (x) in respect of obligors organized or incorporated outside of the United States, over the shares held by an obligor in another obligor and (y) in respect of obligors organized or incorporated in the United States, substantially all of our assets (subject to certain exceptions), in each case, in accordance with the Agreed Guarantee and Security Principles (as defined in the Credit Agreement). As of June 30, 2024, the Group was in compliance with all debt covenants. |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 13. DERIVATIVES In the normal course of the Group’s business operations, it is exposed to certain risks, including changes in interest rates and foreign currency risk. In order to manage these risks, the Group uses derivative instruments such as futures, forward contracts, swaps, options and other instruments with similar characteristics. All of the Group’s derivatives are used for non-trading Cash flow hedges of interest rate and foreign currency risk Interest rate and foreign currency risk arising from a portion of the Group’s floating interest rate USD First Lien Term Loan B maturing in 2030 and foreign currency risk arsing from the Group’s fixed rate USD Senior Secured Notes maturing in 2029 are managed using interest rate swaps and cross-currency interest rate swaps, which are designated as cash flow hedges with the objective of reducing the volatility of interest expense and foreign currency gains and losses in the case of the USD First Lien Term Loan B maturing in 2030 and foreign currency risk in case of fixed rate USD Senior Secured Notes maturing in 2029. Under the terms of the cross-currency interest rate swaps designated as a hedge of the interest rate and foreign currency risk arising from USD First Lien Term Loan B maturing in 2030, the Group makes fixed rate interest payments and principal repayments in pounds sterling (GBP) and receives variable interest amounts in U.S. dollars (USD) from counterparties over the life of the agreements effectively converting the variable rate term loans into fixed interest rate debts with the exchange of the underlying notional amounts over the term of the loan whereby the Group will receive USD from and pay GBP to the counterparties at exchange rates which are determined at contract inception. Under the terms of the interest rate swaps designated as a hedge of the interest risk arising from the USD First Lien Term Loan B maturing in 2030, the Group makes fixed rate interest payments and receives variable interest amounts in USD from counterparties over the life of the agreements, effectively converting the variable rate term loans into fixed interest rate debt. Under the terms of the cross-currency interest rate swaps designated as a hedge of the foreign currency risk arising from the USD Senior Secured Notes maturing in 2029, the Group makes fixed interest rate payment in GBP and receives fixed interest rate payments in USD with the exchange of the underlying notional amounts at maturity whereby the Group will receive USD from and pay GBP to the counterparties at exchange rates which are determined at contract inception, thereby effectively converting the USD Senior Secured Notes to GBP Senior Secured Notes. The amount reclassified from accumulated other comprehensive income / (loss) into earnings was a net loss of $12 million for the three months ended June 30, 2024, and a net loss of $41 million for the three months ended June 30, 2023 and a net gain of $2 million for the six months ended June 30, 2024 (net loss of $84 million for the six months ended June 30, 2023). The Group expects to reclassify a gain of $5 million from accumulated other comprehensive income (loss) into earnings within the next 12 months. Net investment hedge The Group has investments in various subsidiaries which form part of the Group’s International segment with Euro functional currencies. As a result, the Group is exposed to the risk of fluctuations between the Euro and GBP exchange rates. The Group designated its EUR First Lien Term Loan A maturing in 2028, EUR First Term Loan B maturing in 2026 (repaid in full on April 29, 2024 ) non-GBP As of June 30, 2024, the nominal exposures of EUR First Lien Term Loan A and EUR Senior Notes designated as net investment hedges was $408 million and $500 million respectively. The nominal exposures of the EUR Term Loans was $980 million as of December 31, 2023. The designated hedge amounts were considered highly effective. The Group has also designated certain EUR cross currency interest rate swap contracts in net investment hedging relationships. The notional amount of cross-currency swaps accounted for as net investment hedges was $347 million as of June 30, 2024 and $359 million as of December 31, 2023. The designated hedge amounts were considered highly effective. The foreign currency transaction gains and losses on the euro-denominated portion of the term loan and the cross-currency interest swaps, which are designated and effective as a hedge of the Group’s net investment in its euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. Gains, net of tax, included in the foreign currency translation adjustment were $50 million for the three months ended June 30, 2024 (gains, net of tax amounting to $8 million for the three months ended June 30, 2023), and gain, net of tax amounting to $29 million for the six months ended June 30, 2024 (gain, net of tax amounting to $12 million for the six months ended June 30, 2023). There were no amounts reclassified out of accumulated other comprehensive income (“AOCI”) pertaining to the net investment hedge during the three months ended June 30, 2024, and 2023 as the Group has not sold or liquidated (or substantially liquidated) its hedged subsidiaries. Economic hedges The Group uses cross-currency interest rate swaps to economically hedge the Group’s net foreign currency exposure arising from 1) the risk of fluctuations between the EUR and GBP exchange rates from the Group’s investment in various subsidiaries which form part of the Group’s International segment and 2) the risk of fluctuations between the USD and GBP exchange rates arising from the portion of the Group’s USD Term Loan that is not designated in a cash flow hedge. The cross-currency interest rate swaps are also used to manage the interest rate risk arising from the portion of the Group’s USD Term Loan that is not designated in a cash flow hedge. Under the terms of the cross-currency interest rate swaps, the Group makes fixed-rate interest payments in EUR and receives variable interest amounts in USD from counterparties over the life of the agreements effectively converting the variable rate debt into fixed interest rate debt with the exchange of the underlying notional amounts at maturity whereby the Group will receive USD from and pay EUR to the counterparties at exchange rates which are determined at contract inception. Changes in the fair value of these instruments are recorded in earnings throughout the term of the cross-currency interest rate swaps and are reported in other income, net in the Condensed Consolidated Statements of Comprehensive (Loss) Income. As of June 30, 2024, the cross-currency interest rate swaps are set to mature in September 2024. The following table summarizes the fair value of derivatives as of June 30, 2024 and December 31, 2023: ($ in millions) Derivative Assets Derivative Liabilities June-24 December-23 June-24 December-23 Balance sheet Fair Balance sheet Fair Balance sheet Fair Balance sheet Fair Derivatives designated as cash flow hedges: Cross-currency interest rate swaps Prepaid expenses and other current assets $ — Prepaid expenses and other current assets $ — Other current liabilities $ (109) Other current liabilities $ (104 ) Cross-currency interest rate swaps Other non-current assets — Other non-current assets — Other non-current liabilities (3 ) Other non-current liabilities (21 ) Interest rate swaps Prepaid expenses and other current assets $ 6 Prepaid expenses and other current assets — Other non-current liabilities — Other non-current liabilities — Total derivatives designated as cash flow hedges $ 6 $ — $ (112) $ (125 ) Derivatives designated as net investment hedges: Cross-currency interest rate swaps Prepaid expenses and other current assets $ 6 Prepaid expenses and other current assets $ — Other current liabilities $ — Other non-current liabilities $ (1 ) Total derivatives designated as hedging instruments $ 6 $ — $ — $ (1 ) Derivatives not designated as hedging instruments: Cross-currency interest rate swaps Prepaid expenses and other current assets $ 15 Prepaid expenses and other current assets $ — Other current liabilities $ (53 ) Other current liabilities $ (52 ) Total derivatives not designated as hedging instruments $ 15 $ — $ (53 ) $ (52 ) Total derivatives $ 27 $ — $ (165) $ (178 ) |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Share-Based Compensation | 14. SHARE-BASED COMPENSATION During the three and six months ended June 30, 2024, the Group granted 52,902 options under the Flutter Entertainment plc 2015 Deferred Share Incentive Plan at the weighted average grant date fair value of $ and, options under the Flutter Entertainment plc 2022 Supplementary Restricted Share Plan at the weighted average grant date fair value of $ . The fair value of the options granted was based on the quoted trading price of the Group’s share on the date of the grant. In the three and six months ended June 30, 2024, 792,246 % and the weighted-average share price of the Group at the date of grant of the award of $ . The remaining 594,727 options had a weighted average grant date fair value of $194.08 based on the quoted trading price of the Group’s share on the date of the grant. For the three and six months ended June 30, 2024, the Group granted a further On June 26, 2024, the Board adopted the Flutter Entertainment plc 2024 Omnibus Equity Incentive Plan (the “2024 Incentive Plan”) as a vehicle to continue granting equity to the Group, and the Group’s affiliates’, current and prospective employees, together with officers, non-employee During the three months ended, June 30, 2023, the Group adopted the Flutter Entertainment plc 2023 Long Term Incentive Plans (“2023 LTIP”) which enables the Group to grant share awards and nil cost options with a single award vesting in tranches (if the relevant performance conditions are met) after the end of the performance period applicable to the tranche. Awards granted under the 2023 LTIP have a performance period of not less than three years. The awards granted under the 2023 LTIP have a market condition based on the Total Shareholder Return (“TSR”) relative to the FTSE 100 (excluding house builders, real estate investment trusts and natural resources companies). This market condition was directly factored into the fair-value-based measure of the award. The Group granted 44,820 share options with a nominal exercise price under the 2023 LTIP. The Group engaged a third party valuation specialist to provide a fair value for the awards using a Monte Carlo simulation model. The key inputs in the model were the expected weighted-average volatility of 35.91% and the share price of the Group at the date of grant of the award of $199.22. The weighted-average fair value of the awards at the grant date was $111.60. The performance targets associated with a further 134,460 share options were not determined as of June 30, 2023 and as a result no grant date has been established under ASC 718 and no compensation cost recognized in the period ended June 30, 2023. In respect of other employee share schemes, for the three months ended June 30, 2023, the Group granted 7,813 restricted awards and share options with a nominal exercise price (six months ended June 30, 2023: 34,419 restricted awards and share options with a nominal exercise price). The weighted-average grant date fair value of awards granted in the period under other plans was $ 214.77 For the six months ended June 30, 2023, the Group granted 519,212 restricted awards and 469,084 share options with a nominal exercise price under the Flutter Entertainment plc 2016 Restricted Share Plan. The weighted-average grant date fair value of awards granted in the period was $171.53 based on the quoted trading price of the Group’s share on the date of the grant. As of June 30, 2024, 3,963,314 restricted awards and options were outstanding across all employee share schemes. Total compensation cost arising from employee share schemes for the three and six months ended June 30, 2024, and June 30, 2023, was $59 million and $64 million, and $100 million and $110 million respectively in the Condensed Consolidated Statements of Comprehensive (Loss) Income. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 15. FAIR VALUE MEASUREMENTS The following tables set forth the fair value of the Group’s financial assets, financial liabilities and redeemable non-controlling As of June 30, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Financial assets measured at fair value: Available for sale – Player deposits – investments $ 157 $ 17 $ — $ 174 Equity securities - Investments — — 7 7 Derivative financial assets — 27 — 27 Total 157 44 7 208 Financial liabilities measured at fair value: Derivative financial liabilities — 165 — 165 Fox Option liability — — 490 490 Contingent consideration — — 16 16 Total — 165 506 671 Redeemable non-controlling $ — $ — $ 1,251 $ 1,251 As of December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Financial assets measured at fair value: Available for sale – Player deposits – investments $ 33 $ 139 $ — $ 172 Equity securities - Investments — — 9 9 Total 33 139 9 181 Financial liabilities measured at fair value: Derivative financial liabilities — 178 — 178 Fox Option liability — — 400 400 Contingent consideration — — 20 20 Total — 178 420 598 Redeemable non-controlling $ — $ — $ 1,100 $ 1,100 PokerStars trademark held and used 1 $ — $ — $ 368 $ 368 Total nonrecurring fair value measurement — — $ 368 $ 368 1 360-10, Valuation of Level 2 financial instruments Available for sale – Player deposits – investments The Group has determined that the fair value of available for sale – player deposits – investments is determined by using observable quoted prices or observable input parameters derived from comparable bonds/markets. Although the Group has determined that a number of the bonds fall within Level 1 of the fair value hierarchy, there are a class of bonds which have been classified as Level 2 due to the existence of relatively inactive trading markets for those bonds. Derivative financial assets and liabilities – Swap agreements The Group uses derivative financial instruments to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis of the expected cash flows of each derivative and incorporates credit valuation adjustments. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, such as yield curves, spot and forward FX rates. As of June 30, 2024, the Group assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions, determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Group determined that its valuations of its derivatives in their entirety are classified in Level 2 of the fair value hierarchy. Valuation of Level 3 financial instruments Equity securities The Group determined the fair value of investments in equity securities that do not have a readily available market value amounting to $7 million at June 30, 2024 (December 31, 2023: $9 million) using the Market Comparable Companies Approach based on EBITDA multiple. The movement in the fair value of equity securities for the three and six months ended June 30, 2024 and 2023 was immaterial. Non-derivative Fox Option The fair value of the Fox Option amounts to $490 million at June 30, 2024 and $400 million at December 31, 2023 which was determined using an option pricing model. As of June 30, 2024, and December 31, 2023, the option price was $4.4 billion and $4.3 billion, respectively. The significant unobservable inputs were the enterprise value of FanDuel, the discount for lack of marketability (“DLOM”), the discount for lack of control (“DLOC”), implied volatility and probability of Fox getting licensed. The enterprise value of FanDuel was determined using an equal weight to the value indications of the discounted cash flow analysis and the guideline public company analysis. The discount rate used in the discounted cash flow analysis was 21.0% and 19.0% as of June 30, 2024 and as of December 31, 2023, respectively. Additionally, management applied a combined 35.0% discount for lack of marketability and lack of control as of June 30, 2024, and as of December 31, 2023. A range of DLOMs obtained using various securities-based approaches was 12.4% to 19.2%. DLOC was estimated at 18.4% using implied discounts in previous observable transactions involving FanDuel’s equity ownership and data based on Mergerstat studies as of June 30, 2024, and as of December 31, 2023 respectively. Management selected a discount rate of 35.0%, which is on the higher end of the third quartile based on the ranges considered by management. The volatility was 35.0% and 36.0% as of June 30, 2024 and year ended December 31, 2023, which was within the range of selected comparable companies. In developing the fair value measurement, the probability of a market participant submitting to and obtaining a license was estimated at 75.0% as of June 30, 2024, and as of December 31, 2023. Changes in discount rates, revenue multiples, DLOM, DLOC, implied volatility and probability of Fox getting licensed, each in isolation, may change the fair value of the Fox Option. Generally, an increase in discount rates and DLOM, DLOC or decrease in revenue multiples, implied volatility and probability of Fox getting licensed may result in a decrease in the fair value of the Fox Option. Due to the inherent uncertainty of determining the fair value of the Fox Option, the fair value of the Fox Option may fluctuate from period to period. Additionally, the fair value of the Fox Option may differ significantly from the value that would have been used had a readily available market existed for FanDuel Group LLC. In addition, changes in the market environment and other events that may occur over the life of the Fox Option may cause the losses ultimately realized on the Fox Option to be different than the unrealized losses reflected in the valuations currently assigned. Redeemable non-controlling The terms of symmetrical call and put options agreed between the Group and Boyd require exercise price to be calculated at fair market value without giving effect to DLOM and DLOC. FanDuel’s pre-discount non-controlling Contingent consideration The contingent consideration payable is primarily determined with reference to forecast performance for the acquired businesses during the relevant time periods and the amounts to be paid in such scenarios. The fair value was estimated by assigning probabilities to the potential payout scenarios. The significant unobservable inputs are forecast performance for the acquired businesses. The fair value of contingent consideration is primarily dependent on forecast performance for the acquired businesses in excess of a predetermined base target. An increase and decrease of 10% in the excess over the predetermined base target during the relevant time periods would increase and decrease the value of contingent consideration at June 30, 2024 by $2 million and $2 million, respectively (December 31, 2023: $2 million and $2 million). Movements in the three months period in respect of Level 3 financial instruments carried at fair va lu The movements in respect of the financial assets and liabilities carried at fair value are as follows: ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of March 31, 2024 $ (19 ) $ 7 $ (580 ) $ (592 ) $ (1,304 ) Total gains or losses for the period: Included in earnings 3 — 91 94 — Included in other comprehensive income — — (1 ) (1 ) — Attribution of net loss and other comprehensive income: Net income attributable to redeemable non-controlling — — — — (7 ) Other comprehensive income attributable to redeemable non-controlling — — — — — Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — 63 Balance as of June 30, 2024 (16 ) 7 (490 ) (499 ) (1,248 ) Change in unrealized gains or losses for the period included in earnings 3 — 91 94 — Change in unrealized gains or losses for the period included in other comprehensive income $ — $ — $ (1 ) $ (1 ) $ — ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of December 31, 2023 $ (20) $ 9 $ (400) $ (411) $ (1,100 ) Total gains or losses for the period: Included in earnings 3 (2) (93) (92) — Included in other comprehensive income 1 — 3 4 — Attribution of net loss and other comprehensive income: Net income attributable to redeemable non-controlling — — — — (6) Other comprehensive loss attributable to redeemable non-controlling — — — — 11 Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — (153) Balance as of June 30, 2024 (16) 7 (490) (499) (1,248) Change in unrealized gains or losses for the period included in earnings 3 (2) (93) (92) — Change in unrealized gains or losses for the period included in other comprehensive income $ 1 $ — $ 3 $ 4 $ — ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of March 31, 2023 $ (20 ) $ 11 $ (290 ) $ (299 ) $ (919 ) Total gains or losses for the period: Included in earnings — — (53 ) (53 ) — Included in other comprehensive income — — (7 ) (7 ) — Attribution of net loss and other comprehensive income: Net loss attributable to redeemable non-controlling — — — — 1 Other comprehensive income attributable to redeemable non-controlling — — — — (27 ) Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — (60 ) Balance as of June 30, 2023 (20 ) 11 (350 ) (359 ) (1,005 ) Change in unrealized gains or losses for the period included in earnings — — (53 ) (53 ) — Change in unrealized gains or losses for the period included in other comprehensive income $ — $ — $ (7 ) $ (7 ) $ — ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of December 31, 2022 $ (22 ) $ 11 $ (220 ) $ (231 ) $ (781 ) Total gains or losses for the period: Included in earnings — — (117) (117) — Included in other comprehensive income 2 — (13) (11) — Attribution of net loss and other comprehensive income: Net loss attributable to redeemable non-controlling — — — — 5 Other comprehensive income attributable to redeemable non-controlling — — — — (44) Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — (185) Balance as of June 30, 2023 (20) 11 (350) (359) (1,005) Change in unrealized gains or losses for the period included in earnings — — (117) (117) — Change in unrealized gains or losses for the period included in other comprehensive income $ 2 $ — $ (13) $ (11) $ — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES Guarantees The Group has uncommitted working capital overdraft facilities as of June 30, 2024 of $21 million (December 31, 2023: $21 million) with Allied Irish Banks p.l.c. These facilities are secured by a Letter of Guarantee from Flutter Entertainment plc. The Group has bank guarantees: (i) in favor of certain gaming regulatory authorities to guarantee the payment of player funds, player prizes, and certain taxes and fees due by a number of Group companies; and (ii) in respect of certain third-party rental and other property commitments, merchant facilities and third-party letter of credit facilities. The maximum amount of the guarantees as of June 30, 2024 was $327 million (December 31, 2023: $322 million). No claims had been made against the guarantees as of June 30, 2024 (December 31, 2023: $0). The guarantees are secured by counter indemnities from Flutter Entertainment plc and certain of its subsidiary companies. The value of cash deposits over which the guaranteeing banks hold security was $52 million as of June 30, 2024 (December 31, 2023: $29 million). Other purchase obligations The Group is a party to several non-cancelable ($ in millions) As of June 30, From June 30, 2024 to December 31, 2024 $ 508 2025 788 2026 491 2027 321 2028 176 Thereafter 460 $ 2,744 Legal Contingencies The Group is involved, from time to time, in various litigation, administrative and other legal proceedings, including regulatory actions, incidental or related to its business. The Group establishes an accrued liability for legal claims and indemnification claims when the Group determines that a loss is both probable and the amount of the loss can be reasonably estimated. The estimates are based on all known facts at the time and our assessment of the ultimate outcome. As additional information becomes available, the Group reassesses the potential liability related to our pending claims and litigation, which may also revise our estimates. The amount of any loss ultimately incurred in relation to these matters may be higher or lower than the amounts accrued. Due to the unpredictable nature of litigation, there can be no assurance that our accruals will be sufficient to cover the extent of our potential exposure to losses. Any fees, expenses, fines, penalties, judgments, or settlements which might be incurred by us in connection with the various proceedings could affect our results of operations and financial condition. Austrian and German player claims As previously reported, the Group has seen a number of player claims in Austria and Germany for reimbursement of historic gaming losses. The basis of these claims is rooted in the Group having provided remote services in Austria and Germany (outside of Schleswig-Holstein) from Maltese entities on the basis of multi-jurisdictional Maltese licenses, which the Group continues to believe is compliant in accordance with EU law. However, the Austrian Courts and certain German Courts consider the Group’s services non-compliant As of June 30, 2024, the Group expects to settle claims amounting to €13 million ($14 million) and has recognized an accrued liability within loss contingencies forming part of other current liabilities. It is reasonably possible that the actual losses could be in excess of the Group’s accrual. The Group is unable to estimate a reasonably possible loss or range of loss in excess of its accrual due to the complexities and uncertainty around the judicial process. In addition, there are further claims made against the Group amounting to €43 million ($46 million) as of June 30, 2024, the settlement of which is predicated on the merits of the case and whether the enforcement proceedings are successful in laying claim over the Group’s Maltese assets for settlement of these claims. The Group, based on advice from its legal counsel, believes such cross-border enforcement of judgements is in contravention to Maltese public policy and Regulation (EU) 1215/2012 and has not accrued any liability for these claims. The Group has filed countersuits before the Maltese Civil Court for setting aside these claims. The defendants have also filed garnishee orders with the Maltese Civil Court to attach the Group’s Maltese assets, some of which have already been declined by the Maltese Civil Court. Should the Maltese Courts decide in favor of the Group, there would be grounds for dismissal of all pending player claims instituted against the Group. While the Group believes that it has strong arguments, at this time, the Group is unable to reasonably estimate the likelihood of the outcome due to the complexities and uncertainty around the judicial process. Tax dispute in relation to operations in Italy As previously reported, the Italian Tax Police initiated an investigation of the operations conducted by PokerStars business in Italy (hereinafter referred to as ‘PS Italy’), alleging that PS Italy’s server infrastructure located in Italy amounts to an Italian permanent establishment for corporate tax purposes. As of June 30, 2024, the Group has fully settled this tax dispute with the Italian Tax Authorities for an amount of €8 million ($9 million). Goods and Services Tax (“GST”) rate applicable to operations in India As previously reported, India’s Directorate General of Goods & Services Tax (the “DGGI”) is currently investigating the historical characterization of products such as rummy, fantasy games and poker as ‘games of skill’ (subjects to tax of 18 28 The DGGI has issued notices to multiple online gaming businesses alleging historical underpayment of GST, including to the Group’s operations in India (Junglee) of ₹ 179.1 2.1 As of the date of issue of these unaudited condensed financial statements, Junglee is in the process of filing a petition with the Supreme Court of India, with the intention of joining its case to the cases of other online gaming operators pending at the Supreme Court of India. The lead case (The Directorate General of GST Intelligence vs. Gameskraft Technologies Private Limited) was ruled in favor of Gameskraft, the taxpayer, at the Karnataka High Court in May 2023, and found that taxes had been paid in accordance with the law, but the case remains unresolved at the Supreme Court of India. On June 22, 2024, a meeting of India’s Goods and Services Tax Council (the “GST Council”) (a constitutional body responsible for the formation and recommendation of GST law changes, held by the Supreme Court of India to be the ultimate authority on the GST issues), recommended amending the GST law to empower the Indian Central Government, on the recommendation of the GST Council, to waive any historical taxes not paid, where the common trade practice was either: 1. not to subject the goods or services to tax, or 2. to subject the goods or services to a lower tax rate than what is now being suggested by the DGGI. The recommendation of the GST Council has been incorporated into the Finance Bill (the “Bill”) and is expected to be enacted during the third quarter of 2024. Whilst the proposed law is not industry specific, if enacted and recommended by the GST Council to be applied to the online gaming industry, we would expect the 18 As of the date of issue of the unaudited condensed consolidated financial statements, no liability has been accrued as the Group has determined that it is not probable that a liability has been incurred considering the progress of the cases pending at the Supreme Court of India, decisions of the State High Courts in favor of the industry, the arguments of legal counsel representing the industry and the opinion of the Group’s own legal counsel. The Group is unable to make an estimate of any reasonably possible loss or range of losses Others During the three months ended June 30, 2024, no additional information has become available that would cause the Group to reassess the potential liability related to the Group’s pending claims and litigation in relation to the Group’s cybersecurity incident as disclosed in our 2023 Annual Report. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. SUBSEQUENT EVENTS The Group evaluated subsequent events through the date of issuance of the unaudited condensed consolidated financial statements. There were no events requiring disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation 10-K |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted In January 2024, the Group adopted Accounting Standards Update ASU 2022-03, 2023-01), |
Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Not Yet Adopted In November 2023, the FASB issued ASU 2023-07, 2023-07, 2023-07 In March 2024, the FASB issued ASU 2024-01, 2024-01, 2024-01 |
Segments and Disaggregation o_2
Segments and Disaggregation of Revenue (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Group's Segment Information | The following tables present the Group’s segment information: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 Revenue U.S. Sportsbook $ 1,099 $ 781 $ 2,085 $ 1,540 iGaming 357 243 715 484 Other 71 73 137 144 U.S. segment revenue 1,527 1,097 2,937 2,168 UKI Sportsbook 451 401 862 777 iGaming 423 339 829 658 Other 54 49 98 90 UKI segment revenue 928 789 1,789 1,525 International Sportsbook 197 154 357 335 iGaming 574 540 1,174 1,093 Other 36 32 73 58 International segment revenue 807 726 1,604 1,486 Australia Sportsbook 349 389 678 740 Australia segment revenue 349 389 678 740 Total reportable segment revenue $ 3,611 $ 3,001 $ 7,008 $ 5,919 |
Schedule of Revenue by Geographical Market | The information below summarizes revenue by geographical market for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 U.S $ 1,495 $ 1,087 $ 2,894 $ 2,170 UK 848 707 1,630 1,367 Ireland 76 80 153 158 Australia 349 389 678 740 Italy 371 332 736 701 Rest of the world 472 406 917 783 Total revenue $ 3,611 $ 3,001 $ 7,008 $ 5,919 The information below shows the reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 UKI $ 293 $ 249 $ 561 $ 455 U.S. 260 172 286 119 International 156 145 329 294 Australia 74 108 157 193 Reportable segment adjusted EBITDA 783 674 1,333 1,061 Unallocated corporate overhead 1 (45 ) (41 ) (81 ) (76 ) Depreciation and amortization (272 ) (303 ) (569 ) (601 ) Share-based compensation expense (59 ) (64 ) (100 ) (110 ) Transaction fees and associated costs 2 (16 ) (17 ) (45 ) (20 ) Restructuring and integration costs 3 (22 ) (26 ) (45 ) (47 ) Other (expense) income, net 89 10 (85 ) (35 ) Interest expense, net (108 ) (82 ) (220 ) (174 ) Income (loss) before income taxes $ 350 $ 150 $ 188 $ (2 ) 1. Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments. 2. Comprises advisory fees related to implementation of internal controls, information system changes and other strategic advisory related to the change in the primary listing of the Group for the three and six months ended June 30, 2024 respectively. For the three and six months ended June 30, 2023 transaction fees and associated costs comprised advisory fees related to the proposed listing of Flutter’s ordinary shares in the U.S.. 3. During the three and six months ended June 30, 2024, costs of $22 million and $45 million (three and six months ended June 30, 2023: $26 million and $47 million) primarily relate to various restructuring and other strategic initiatives to drive synergies. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. The costs primarily include severance expenses, advisory fees and temporary staffing cost. |
Other (Expense) Income, Net (Ta
Other (Expense) Income, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Expense, Net | The following table shows the detail of other expense, net for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 Foreign exchange (loss) gain $ (8 ) $ 35 $ (11 ) $ 71 Fair value gain on derivative instruments 7 29 22 12 Fair value gain on contingent consideration 3 — 3 — Loss on settlement of long-term debt (5 ) — (5 ) — Gain (loss) on disposal 1 (1 ) 1 (1 ) Fair value (loss) gain on Fox liability 91 (53 ) (93 ) (117 ) Fair value loss on investment — — (2 ) — Total other (expense) income, net $ 89 $ 10 $ (85 ) $ (35 ) |
Interest Expense, Net (Tables)
Interest Expense, Net (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Interest Income (Expense), Net [Abstract] | |
Schedule of the Details in Interest Expense | The following table shows the detail of interest expense, net for the three and six months ended June 30, 2024 and 2023: Three months ended Six months ended ($ in millions) 2024 2023 2024 2023 Interest and amortization of debt discount and expense on long-term debt, bank guarantees $ 122 $ 98 $ 248 $ 195 Other interest expense 2 (2 ) 4 (2 ) Interest income (16 ) (14 ) (32 ) (19 ) Interest expense, net $ 108 $ 82 $ 220 $ 174 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Earnings (Loss) Per Ordinary Share | The following table sets forth the computation of the Group’s basic and diluted net earnings (loss) per ordinary share attributable to the Group: Three months ended Six months ended ($ in millions except share and per share amounts) 2024 2023 2024 2023 Numerator Net income (loss) 297 64 120 (47 ) Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests 18 2 22 (7 ) Adjustment of redeemable non-controlling 18 (5 ) 33 (5 ) Net income (loss) attributable to Flutter shareholder – basic and diluted 261 67 65 (35 ) Denominator Basic weighted average outstanding shares 178 178 178 178 Effective of dilutive stock awards 2 2 2 — Diluted weighted average outstanding shares 180 180 180 178 Earnings (Loss) per share Basic 1.47 0.38 0.37 (0.20 ) Diluted 1.45 0.37 0.36 (0.20 ) |
Changes in Accumulated Other _2
Changes in Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Accumulated Other Comprehensive Income / (Loss) | The following tables presents the changes in accumulated other comprehensive income / (loss) by component for the three and six months ended June 30, 2024 and 2023: ($ in millions) Gains and Unrealized Available- for- Debt Foreign Total Balance as of March 31, 2024 $ 3 $ (2 ) $ (1,670 ) $ (1,669 ) Other comprehensive income (loss) before reclassifications (10 ) 1 (8 ) (17 ) Amounts reclassified from accumulated other comprehensive loss 12 — — 12 Net current period other comprehensive income (loss) 2 1 (8 ) (5 ) Balance as of June 30, 2024 $ 5 $ (1 ) $ (1,678 ) $ (1,674 ) ($ in millions) Gains and Flow Hedges Unrealized Foreign Total Balance as of December 31, 2023 $ (6 ) $ (1 ) $ (1,476 ) $ (1,483 ) Other comprehensive income (loss) before reclassifications 13 — (202 ) (189 ) Amounts reclassified from accumulated other comprehensive loss (2 ) — — (2 ) Net current period other comprehensive income (loss) 11 — (202 ) (191 ) Balance as of June 30, 2024 $ 5 $ (1 ) $ (1,678 ) $ (1,674 ) ($ in millions) Gains and Unrealized Foreign Total Balance as of March 31, 2023 $ 5 $ (5 ) $ (1,643 ) $ (1,643 ) Other comprehensive income (loss) before reclassifications (16 ) — 76 60 Amounts reclassified from accumulated other comprehensive loss 41 — — 41 Net current period other comprehensive income 25 — 76 101 Balance as of June 30, 2023 $ 30 $ (5 ) $ (1,567 ) $ (1,542 ) ($ in millions) Gains and Flow Hedges Unrealized Foreign Total Balance as of December 31, 2022 $ 22 $ (6 ) $ (1,798 ) $ (1,782 ) Other comprehensive income (loss) before reclassifications (76 ) 1 231 156 Amounts reclassified from accumulated other comprehensive loss 84 — — 84 Net current period other comprehensive income 8 1 231 240 Balance as of June 30, 2023 $ 30 $ (5 ) $ (1,567 ) $ (1,542 ) |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Expenses and Other Current Assets Consisted | Prepaid expenses and other current assets consisted of the following as of June 30, 2024, and December 31, 2023: ($ in millions) As of June 30, 2024 As of Prepayments and accrued income $ 250 $ 205 Derivative financial assets 27 — Current tax receivable 46 59 Inventory 14 13 Other receivables 104 166 Total prepaid expenses and other current $ 441 $ 443 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Other Liabilities, Current [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following as of June 30, 2024, and December 31, 2023: ($ in millions) As of June 30, 2024 As of Accrued expenses $ 1,006 $ 945 Betting duty, data rights, and product and racefield fees 398 453 Employee benefits 260 330 Sports betting open positions 82 119 Derivative financial liabilities 162 156 Current tax payables 108 94 Loss contingencies 74 74 Indirect and payroll taxes 58 155 Deferred consideration 28 — Contingent consideration 16 — Total other current liabilities $ 2,192 $ 2,326 |
Schedule of Conract Liability In Relation To Sports Betting Open Positions | The Group includes contract liability in relation to sports betting open positions in the Consolidated Balance Sheet. The contract liability balance was as follows: Six months ended ($ in millions) 2024 Contract liability, beginning of the period 119 Contract liability, end of the period 82 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Long-Term Debt, by Current and Noncurrent [Abstract] | |
Schedule of Group's debt comprised | The Group’s debt comprised of the following: As of June 30, 2024 As of December 31, 2023 Principal outstanding balance in currency of borrowing Local currency (in millions) Outstanding Balance ($ in millions) Principal balance in (in millions) Outstanding ($ in millions) Term Loan B Agreement USD First Lien Term Loan B due 2028 $ — — $ 514 514 EUR First Lien Term Loan B due 2026 € — — € 507 560 TLA/TLB/RCF Agreement GBP First Lien Term Loan A due 2028 £ 1,034 1,308 £ 1,034 1,315 EUR First Lien Term Loan A due 2028 € 380 408 € 380 419 USD First Lien Term Loan A due 2028 $ 166 166 $ 166 166 USD First Lien Term Loan B due 2030 $ 3,895 3,897 $ 3,400 3,400 GBP Revolving Credit Facility due 2028 £ — — £ 578 736 Senior secured notes EUR Senior Secured Notes due 2029 € 500 541 € — — USD Senior Secured Notes due 2029 $ 525 531 $ — — Total debt principal including accrued interest 6,851 7,110 Less: unamortized debt issuance costs (61 ) (54 ) Total debt 6,790 7,056 Less: current portion of long-term debt (53 ) (51 ) Total long-term debt $ 6,737 $ 7,005 |
Schedule of Contractual Principal Repayments | As of June 30, 2024, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following: ($ in millions) 2024 $ 20 2025 39 2026 39 2027 39 2028 1,919 Thereafter 4,780 Total 6,836 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of the Fair Value of Derivatives Assets and Liabilities | The following table summarizes the fair value of derivatives as of June 30, 2024 and December 31, 2023: ($ in millions) Derivative Assets Derivative Liabilities June-24 December-23 June-24 December-23 Balance sheet Fair Balance sheet Fair Balance sheet Fair Balance sheet Fair Derivatives designated as cash flow hedges: Cross-currency interest rate swaps Prepaid expenses and other current assets $ — Prepaid expenses and other current assets $ — Other current liabilities $ (109) Other current liabilities $ (104 ) Cross-currency interest rate swaps Other non-current assets — Other non-current assets — Other non-current liabilities (3 ) Other non-current liabilities (21 ) Interest rate swaps Prepaid expenses and other current assets $ 6 Prepaid expenses and other current assets — Other non-current liabilities — Other non-current liabilities — Total derivatives designated as cash flow hedges $ 6 $ — $ (112) $ (125 ) Derivatives designated as net investment hedges: Cross-currency interest rate swaps Prepaid expenses and other current assets $ 6 Prepaid expenses and other current assets $ — Other current liabilities $ — Other non-current liabilities $ (1 ) Total derivatives designated as hedging instruments $ 6 $ — $ — $ (1 ) Derivatives not designated as hedging instruments: Cross-currency interest rate swaps Prepaid expenses and other current assets $ 15 Prepaid expenses and other current assets $ — Other current liabilities $ (53 ) Other current liabilities $ (52 ) Total derivatives not designated as hedging instruments $ 15 $ — $ (53 ) $ (52 ) Total derivatives $ 27 $ — $ (165) $ (178 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of the Group's financial assets, financial liabilities and redeemable non-controlling interests | The following tables set forth the fair value of the Group’s financial assets, financial liabilities and redeemable non-controlling As of June 30, 2024 ($ in millions) Level 1 Level 2 Level 3 Total Financial assets measured at fair value: Available for sale – Player deposits – investments $ 157 $ 17 $ — $ 174 Equity securities - Investments — — 7 7 Derivative financial assets — 27 — 27 Total 157 44 7 208 Financial liabilities measured at fair value: Derivative financial liabilities — 165 — 165 Fox Option liability — — 490 490 Contingent consideration — — 16 16 Total — 165 506 671 Redeemable non-controlling $ — $ — $ 1,251 $ 1,251 As of December 31, 2023 ($ in millions) Level 1 Level 2 Level 3 Total Financial assets measured at fair value: Available for sale – Player deposits – investments $ 33 $ 139 $ — $ 172 Equity securities - Investments — — 9 9 Total 33 139 9 181 Financial liabilities measured at fair value: Derivative financial liabilities — 178 — 178 Fox Option liability — — 400 400 Contingent consideration — — 20 20 Total — 178 420 598 Redeemable non-controlling $ — $ — $ 1,100 $ 1,100 PokerStars trademark held and used 1 $ — $ — $ 368 $ 368 Total nonrecurring fair value measurement — — $ 368 $ 368 1 360-10, |
Schedule of financial assets and liabilities carried at fair value | The movements in respect of the financial assets and liabilities carried at fair value are as follows: ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of March 31, 2024 $ (19 ) $ 7 $ (580 ) $ (592 ) $ (1,304 ) Total gains or losses for the period: Included in earnings 3 — 91 94 — Included in other comprehensive income — — (1 ) (1 ) — Attribution of net loss and other comprehensive income: Net income attributable to redeemable non-controlling — — — — (7 ) Other comprehensive income attributable to redeemable non-controlling — — — — — Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — 63 Balance as of June 30, 2024 (16 ) 7 (490 ) (499 ) (1,248 ) Change in unrealized gains or losses for the period included in earnings 3 — 91 94 — Change in unrealized gains or losses for the period included in other comprehensive income $ — $ — $ (1 ) $ (1 ) $ — ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of December 31, 2023 $ (20) $ 9 $ (400) $ (411) $ (1,100 ) Total gains or losses for the period: Included in earnings 3 (2) (93) (92) — Included in other comprehensive income 1 — 3 4 — Attribution of net loss and other comprehensive income: Net income attributable to redeemable non-controlling — — — — (6) Other comprehensive loss attributable to redeemable non-controlling — — — — 11 Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — (153) Balance as of June 30, 2024 (16) 7 (490) (499) (1,248) Change in unrealized gains or losses for the period included in earnings 3 (2) (93) (92) — Change in unrealized gains or losses for the period included in other comprehensive income $ 1 $ — $ 3 $ 4 $ — ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of March 31, 2023 $ (20 ) $ 11 $ (290 ) $ (299 ) $ (919 ) Total gains or losses for the period: Included in earnings — — (53 ) (53 ) — Included in other comprehensive income — — (7 ) (7 ) — Attribution of net loss and other comprehensive income: Net loss attributable to redeemable non-controlling — — — — 1 Other comprehensive income attributable to redeemable non-controlling — — — — (27 ) Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — (60 ) Balance as of June 30, 2023 (20 ) 11 (350 ) (359 ) (1,005 ) Change in unrealized gains or losses for the period included in earnings — — (53 ) (53 ) — Change in unrealized gains or losses for the period included in other comprehensive income $ — $ — $ (7 ) $ (7 ) $ — ($ in millions) Contingent Equity Fox option Total Redeemable non- controlling Balance as of December 31, 2022 $ (22 ) $ 11 $ (220 ) $ (231 ) $ (781 ) Total gains or losses for the period: Included in earnings — — (117) (117) — Included in other comprehensive income 2 — (13) (11) — Attribution of net loss and other comprehensive income: Net loss attributable to redeemable non-controlling — — — — 5 Other comprehensive income attributable to redeemable non-controlling — — — — (44) Acquisitions and settlements: Adjustment of redeemable non-controlling at fair value — — — — (185) Balance as of June 30, 2023 (20) 11 (350) (359) (1,005) Change in unrealized gains or losses for the period included in earnings — — (117) (117) — Change in unrealized gains or losses for the period included in other comprehensive income $ 2 $ — $ (13) $ (11) $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Other Purchase Obligations | The Group is a party to several non-cancelable ($ in millions) As of June 30, From June 30, 2024 to December 31, 2024 $ 508 2025 788 2026 491 2027 321 2028 176 Thereafter 460 $ 2,744 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries in which the entity operates | over 100 countries |
Segments and Disaggregation o_3
Segments and Disaggregation of Revenue - Schedule of Group's Segment Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | $ 3,611 | $ 3,001 | $ 7,008 | $ 5,919 |
US [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 1,527 | 1,097 | 2,937 | 2,168 |
GB [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 928 | 789 | 1,789 | 1,525 |
International segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 807 | 726 | 1,604 | 1,486 |
AU [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 349 | 389 | 678 | 740 |
Sportsbook [Member] | US [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 1,099 | 781 | 2,085 | 1,540 |
Sportsbook [Member] | GB [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 451 | 401 | 862 | 777 |
Sportsbook [Member] | International segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 197 | 154 | 357 | 335 |
Sportsbook [Member] | AU [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 349 | 389 | 678 | 740 |
iGaming [Member] | US [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 357 | 243 | 715 | 484 |
iGaming [Member] | GB [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 423 | 339 | 829 | 658 |
iGaming [Member] | International segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 574 | 540 | 1,174 | 1,093 |
Other [Member] | US [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 71 | 73 | 137 | 144 |
Other [Member] | GB [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | 54 | 49 | 98 | 90 |
Other [Member] | International segment [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Total reportable segment revenue | $ 36 | $ 32 | $ 73 | $ 58 |
Segments and Disaggregation o_4
Segments and Disaggregation of Revenue - Schedule of Revenue by Geographical Market (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 3,611 | $ 3,001 | $ 7,008 | $ 5,919 |
Geographical Disaggregation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 3,611 | 3,001 | 7,008 | 5,919 |
US [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,527 | 1,097 | 2,937 | 2,168 |
US [Member] | Geographical Disaggregation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,495 | 1,087 | 2,894 | 2,170 |
UK [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 928 | 789 | 1,789 | 1,525 |
UK [Member] | Geographical Disaggregation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 848 | 707 | 1,630 | 1,367 |
Ireland [Member] | Geographical Disaggregation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 76 | 80 | 153 | 158 |
Australia [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 349 | 389 | 678 | 740 |
Australia [Member] | Geographical Disaggregation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 349 | 389 | 678 | 740 |
Italy [Member] | Geographical Disaggregation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 371 | 332 | 736 | 701 |
Rest of the World [Member] | Geographical Disaggregation [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 472 | $ 406 | $ 917 | $ 783 |
Segments and Disaggregation o_5
Segments and Disaggregation of Revenue - Schedule of Reconciliation of Reportable Segment Adjusted EBITDA to Income (Loss) Before Taxes (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Reportable segment adjusted EBITDA | $ 783 | $ 674 | $ 1,333 | $ 1,061 |
Unallocated corporate overhead | (45) | (41) | (81) | (76) |
Depreciation and amortization | (272) | (303) | (569) | (601) |
Share-based compensation expense | (59) | (64) | (100) | (110) |
Transaction fees and associated costs | (16) | (17) | (45) | (20) |
Restructuring and integration costs | (22) | (26) | (45) | (47) |
Other (expense) / income, net | 89 | 10 | (85) | (35) |
Interest expense, net | 108 | 82 | 220 | 174 |
Income (loss) before income taxes | 350 | 150 | 188 | (2) |
UK [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Reportable segment adjusted EBITDA | 293 | 249 | 561 | 455 |
US [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Reportable segment adjusted EBITDA | 260 | 172 | 286 | 119 |
Australia [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Reportable segment adjusted EBITDA | 74 | 108 | 157 | 193 |
International Segement [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Reportable segment adjusted EBITDA | 156 | 145 | 329 | 294 |
Segment Reconciling Items [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Interest expense, net | $ (108) | $ (82) | $ (220) | $ (174) |
Segments and Disaggregation o_6
Segments and Disaggregation of Revenue - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2024 USD ($) Segments | Jun. 30, 2023 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Restructuring and other strategic initiative fees | $ | $ 22 | $ 26 | $ 45 | $ 47 |
Segment Reporting, No Asset Information [true false] | true | |||
Other Segments [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | Segments | 4 |
Other (Expense) Income, Net - S
Other (Expense) Income, Net - Schedule of Other Expense, Net (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Other Income and Expenses [Abstract] | ||||
Foreign exchange (loss) gain | $ (8) | $ 35 | $ (11) | $ 71 |
Fair value gain on derivative instruments | 7 | 29 | 22 | 12 |
Fair value gain on contingent consideration | 3 | 0 | 3 | 0 |
Loss on settlement of long-term debt | (5) | 0 | (5) | 0 |
Gain (loss) on disposal | 1 | (1) | 1 | (1) |
Fair value (loss) gain on Fox liability | 91 | (53) | (93) | (117) |
Fair value loss on investment | 0 | 0 | (2) | 0 |
Total other (expense) income, net | $ 89 | $ 10 | $ (85) | $ (35) |
Interest Expense, Net - Schedul
Interest Expense, Net - Schedule of the Details in Interest Expense (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Interest Income (Expense), Net [Abstract] | ||||
Interest and amortization of debt discount and expense on long-term debt, bank guarantees | $ 122 | $ 98 | $ 248 | $ 195 |
Other interest expense | 2 | (2) | 4 | (2) |
Interest income | (16) | (14) | (32) | (19) |
Interest expense, net | $ 108 | $ 82 | $ 220 | $ 174 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Examination [Line Items] | ||||
Effective income tax rate reconciliation, percent, total | 15.10% | 57.30% | 36% | 2,250% |
Unrecognized tax benefits | $ 0 | |||
Organization For Economic Cooperation And Development [Member] | ||||
Income Tax Examination [Line Items] | ||||
Global minimum corporate tax | 15% | |||
Her Majesty's Revenue and Customs (HMRC) [Member] | ||||
Income Tax Examination [Line Items] | ||||
Statutory tax rate percentage | 12.50% |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Basic and Diluted Net Earnings (Loss) Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Net income (loss) | $ 297 | $ (177) | $ 64 | $ (111) | $ 120 | $ (47) |
Net income (loss) attributable to Flutter shareholder – basic | $ 261 | $ 67 | $ 65 | $ (35) | ||
Earnings (Loss) per share – basic | $ 1.47 | $ 0.38 | $ 0.37 | $ (0.2) | ||
Earnings (Loss) per share – diluted | $ 1.45 | $ 0.37 | $ 0.36 | $ (0.2) | ||
Flutter Entertainment Plc [Member] | ||||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||||
Net income (loss) | $ 297 | $ 64 | $ 120 | $ (47) | ||
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests | 18 | 2 | 22 | (7) | ||
Adjustment of redeemable non-controlling interest to redemption value | 18 | (5) | 33 | (5) | ||
Net income (loss) attributable to Flutter shareholder – basic | 261 | 67 | 65 | (35) | ||
Net income (loss) attributable to Flutter shareholder – diluted | $ 261 | $ 67 | $ 65 | $ (35) | ||
Basic weighted average outstanding shares | 178 | 178 | 178 | 178 | ||
Effective of dilutive stock awards | 2 | 2 | 2 | 0 | ||
Diluted weighted average outstanding shares | 180 | 180 | 180 | 178 | ||
Earnings (Loss) per share – basic | $ 1.47 | $ 0.38 | $ 0.37 | $ (0.2) | ||
Earnings (Loss) per share – diluted | $ 1.45 | $ 0.37 | $ 0.36 | $ (0.2) |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Common Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Weighted average number of diluted shares outstanding | 458,811 | 179,280 | 462,122 | 2,329,480 |
Changes in Accumulated Other _3
Changes in Accumulated Other Comprehensive Income (Loss) - Schedule of Accumulated Other Comprehensive Income / (Loss) (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Class of Stock [Line Items] | ||||
Unrealized Gains and Losses on Available-for-Sale Debt securities Beginning balance | $ 10,044 | |||
Total, Beginning balance | (1,483) | |||
Unrealized Gains and Losses on Available-for-Sale Debt securities, Ending balance | $ 9,883 | 9,883 | ||
Total, Ending balance | (1,674) | (1,674) | ||
Gains and losses on Cash Flow Hedges [Member] | ||||
Class of Stock [Line Items] | ||||
Gains and losses on Cash Flow Hedges, Beginning balance | 3 | $ 5 | (6) | $ 22 |
Other comprehensive income (loss) before reclassifications | (10) | (16) | 13 | (76) |
Amounts reclassified from accumulated other comprehensive income | 12 | 41 | (2) | 84 |
Net current period other comprehensive income (loss) | 2 | 25 | 11 | 8 |
Gains and losses on Cash Flow Hedges, Ending balance | 5 | 30 | 5 | 30 |
Unrealized Gains and Losses on Available-for- Sale Debt securities [Member] | ||||
Class of Stock [Line Items] | ||||
Unrealized Gains and Losses on Available-for-Sale Debt securities Beginning balance | 2 | (5) | (1) | (6) |
Other comprehensive income (loss) before reclassifications | 1 | 0 | 0 | 1 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | 1 | 0 | 0 | 1 |
Unrealized Gains and Losses on Available-for-Sale Debt securities, Ending balance | (1) | (5) | (1) | (5) |
Foreign Currency Items [Member] | ||||
Class of Stock [Line Items] | ||||
Foreign Currency Items, Beginning balance | 1,670 | (1,643) | (1,476) | (1,798) |
Other comprehensive income (loss) before reclassifications | (8) | 76 | (202) | 231 |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Net current period other comprehensive income (loss) | (8) | 76 | (202) | 231 |
Foreign Currency Items, Ending balance | (1,678) | (1,567) | (1,678) | (1,567) |
Total Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Class of Stock [Line Items] | ||||
Total, Beginning balance | 1,669 | (1,643) | (1,483) | (1,782) |
Other comprehensive income (loss) before reclassifications | (17) | 60 | (189) | 156 |
Amounts reclassified from accumulated other comprehensive income | 12 | 41 | (2) | 84 |
Net current period other comprehensive income (loss) | (5) | 101 | (191) | 240 |
Total, Ending balance | $ (1,674) | $ (1,542) | $ (1,674) | $ (1,542) |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Other Current Assets Consisted (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepayments and accrued income | $ 250 | $ 205 |
Derivative financial assets | 27 | 0 |
Current tax receivable | 46 | 59 |
Inventory | 14 | 13 |
Other receivables | 104 | 166 |
Total prepaid expenses and other current assets | $ 441 | $ 443 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Other Liabilities, Current [Abstract] | ||
Accrued expenses | $ 1,006 | $ 945 |
Betting duty, data rights, and product and racefield fees | 398 | 453 |
Employee benefits | 260 | 330 |
Sports betting open positions | 82 | 119 |
Derivative financial liabilities | 162 | 156 |
Current tax payables | 108 | 94 |
Loss contingencies | 74 | 74 |
Indirect and payroll taxes | 58 | 155 |
Deferred consideration | 28 | 0 |
Contingent consideration | 16 | 0 |
Total other current liabilities | $ 2,192 | $ 2,326 |
Other Current Liabilities - S_2
Other Current Liabilities - Schedule of Contract Liability Balance (Detail) $ in Millions | Jun. 30, 2024 USD ($) |
Other Liabilities, Current [Abstract] | |
Contract liability - Beginning balance | $ 119 |
Contract liability - Ending balance | $ 82 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) € in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | |||||
May 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 EUR (€) | Jan. 10, 2024 | Dec. 31, 2023 USD ($) | |
Business Acquisition [Line Items] | |||||||
Business Combination Consideration Transferred | $ 144 | € 132 | |||||
Percentage Of Acquisition Remaining | 49% | 49% | 49% | ||||
Threshold limit maximum for calculating the value of option price cap | $ 7,000 | $ 7,000 | € 6,000 | ||||
Percentage of discount on Marketability | 20% | 20% | 20% | ||||
Percentage of discount on Control | 20% | 20% | 20% | ||||
Business Acquisition Revenue | $ 52 | $ 99 | |||||
Business Acquisitions Net Income Loss | 5 | 8 | |||||
Goodwill | 13,679 | 13,679 | $ 13,745 | ||||
Redeemable Preferred Stock [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Non-controlling interest | 89 | 89 | |||||
MaxBet [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Percentage Of Acquisition | 51% | ||||||
MaxBet Acquisition [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed In tangibles | 135 | 135 | |||||
Provisional fair value | 118 | 118 | |||||
Goodwill | $ 116 | 116 | |||||
MaxBet Acquisition [Member] | Trademarks [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite lived intangible assets acquired during the period | 100 | ||||||
MaxBet Acquisition [Member] | Customer Relationships [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Finite lived intangible assets acquired during the period | $ 22 | ||||||
Beyond Play [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination Consideration Transferred | $ 26 | ||||||
Goodwill | $ 9 | ||||||
Business acquisition percentage of voting interests acquired | 100% | ||||||
Business combination consideration recognized identifiable assets acquired goodwill and liabilities assumed | $ 17 | ||||||
Deferred tax liability | 1 | ||||||
Beyond Play [Member] | Technology-Based Intangible Assets [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill | $ 18 |
Long-Term Debt - Schedule of Gr
Long-Term Debt - Schedule of Group's debt comprised (Detail) € in Millions, £ in Millions, $ in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 GBP (£) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 EUR (€) | Dec. 31, 2023 GBP (£) | |
Debt Instrument [Line Items] | ||||||
Outstanding Balance | $ 6,851 | $ 7,110 | ||||
Less: unamortized debt issuance costs | (61) | (54) | ||||
Total debt | 6,790 | 7,056 | ||||
Less: current portion of long-term debt | (53) | (51) | ||||
Total long-term debt | 6,737 | 7,005 | ||||
USD First Lien Term Loan B Due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | 0 | 514 | ||||
Outstanding Balance | $ 0 | 514 | ||||
Debt Instrument, Maturity Date, Description | 2028 | 2028 | 2028 | |||
EUR First Lien Term Loan B Due 2026 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | € | € 0 | € 507 | ||||
Outstanding Balance | $ 0 | 560 | ||||
Debt Instrument, Maturity Date, Description | 2026 | 2026 | 2026 | |||
GBP First Lien Term Loan A Due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | £ | £ 1,034 | £ 1,034 | ||||
Outstanding Balance | $ 1,308 | 1,315 | ||||
Debt Instrument, Maturity Date, Description | 2028 | 2028 | 2028 | |||
EUR First Lien Term Loan A Due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | € | € 380 | 380 | ||||
Outstanding Balance | $ 408 | 419 | ||||
Debt Instrument, Maturity Date, Description | 2028 | 2028 | 2028 | |||
USD First Lien Term Loan A Due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | $ 166 | 166 | ||||
Outstanding Balance | $ 166 | 166 | ||||
Debt Instrument, Maturity Date, Description | 2028 | 2028 | 2028 | |||
USD First Lien Term Loan B Due 2030 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | $ 3,895 | 3,400 | ||||
Outstanding Balance | $ 3,897 | 3,400 | ||||
Debt Instrument, Maturity Date, Description | 2030 | 2030 | 2030 | |||
GBP Revolving Credit Facility Due 2028 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | £ | £ 0 | £ 578 | ||||
Outstanding Balance | $ 0 | 736 | ||||
Debt Instrument, Maturity Date, Description | 2028 | 2028 | 2028 | |||
EUR Senior Secured Notes Due 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | € | € 500 | € 0 | ||||
Outstanding Balance | $ 541 | 0 | ||||
Debt Instrument, Maturity Date, Description | 2029 | 2029 | 2029 | |||
USD Senior Secured Notes Due 2029 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal outstanding balance in currency of borrowing Local currency | $ 525 | 0 | ||||
Outstanding Balance | $ 531 | $ 0 | ||||
Debt Instrument, Maturity Date, Description | 2029 | 2029 | 2029 |
Long-Term Debt - Schedule of Co
Long-Term Debt - Schedule of Contractual Principal Repayments (Detail) $ in Millions | Jun. 30, 2024 USD ($) |
Long-Term Debt, by Current and Noncurrent [Abstract] | |
2024 | $ 20 |
2025 | 39 |
2026 | 39 |
2027 | 39 |
2028 | 1,919 |
Thereafter | 4,780 |
Total | $ 6,836 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) € in Millions, £ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 29, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2023 GBP (£) | Dec. 31, 2023 USD ($) | Dec. 31, 2023 GBP (£) | Apr. 29, 2024 EUR (€) | |
Debt Instrument, Redemption [Line Items] | ||||||||
Gain(loss) on extinguishment of debt | $ (5) | $ 0 | ||||||
First Incremental Term B Loans [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Proceeds from (repayments of) debt | $ 514 | |||||||
USD Senior Secured Notes Due 2029 [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Debt instrument face value | $ 525 | |||||||
Debt instrument issue price as a percentage of nominal value of debt instrument issued | 100% | |||||||
Long term debt bearing fixed interest rate percentage | 6.375% | 6.375% | ||||||
USD Senior Secured Notes Due 2029 [Member] | Tranche One Fourty Percentage Of Aggregate Principal Amount Eligible For Redemption Prior To Fifteenth April Two Thousand And Twenty Six [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Debt instrument redemption price as a percentage of issue price | 106.375% | |||||||
Debt instrument percentage of the aggregate principal amount eligible for premature redemption | 40% | 40% | ||||||
USD Senior Secured Notes Due 2029 [Member] | Tranche Two Ten Percentage Of Aggregate Principal Amount Eligible For Redemption After Twenty Ninth Of April Two Thousand And Twenty Four [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Debt instrument redemption price as a percentage of issue price | 103% | |||||||
Debt instrument percentage of the aggregate principal amount eligible for premature redemption | 10% | 10% | ||||||
EUR Senior Secured Notes Due 2029 [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Debt instrument face value | € | € 500 | |||||||
Debt instrument issue price as a percentage of nominal value of debt instrument issued | 100% | |||||||
Long term debt bearing fixed interest rate percentage | 5% | 5% | ||||||
Debt instrument redemption price as a percentage of issue price | 100% | |||||||
EUR Senior Secured Notes Due 2029 [Member] | Tranche One Fourty Percentage Of Aggregate Principal Amount Eligible For Redemption Prior To Fifteenth April Two Thousand And Twenty Six [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Debt instrument redemption price as a percentage of issue price | 105% | |||||||
Debt instrument percentage of the aggregate principal amount eligible for premature redemption | 10% | 10% | ||||||
EUR Senior Secured Notes Due 2029 [Member] | Tranche Two Ten Percentage Of Aggregate Principal Amount Eligible For Redemption After Twenty Ninth Of April Two Thousand And Twenty Four [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Debt instrument redemption price as a percentage of issue price | 103% | |||||||
Debt instrument percentage of the aggregate principal amount eligible for premature redemption | 40% | 40% | ||||||
USD and Euro Senior Secured Notes 2029 [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Debt issuance costs gross | $ 13 | |||||||
Debt instrument terms of interest payment | both payable semi-annually in arrears | |||||||
Debt instrument redemption price as a percentage of issue price | 100% | |||||||
EUR First Lien Term Loan B Due 2026 [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Gain(loss) on extinguishment of debt | $ (5) | $ (5) | ||||||
GBP Credit Facility [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Proceeds from (repayments of) debt | 126 | 609 | ||||||
Repayments of debt | 851 | $ 687 | ||||||
Revolving Credit Facility [Member] | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Line of credit facility, maximum amount outstanding during period | 1,300 | £ 1,000 | $ 537 | £ 422 | ||||
Line of credit facility issuance guarantees | $ 13 | $ 13 |
Derivatives - Schedule of the F
Derivatives - Schedule of the Fair Value of Derivatives Assets and Liabilities (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative Assets, Total derivatives designated as cash flow hedges | $ 6 | $ 0 |
Derivative Assets, Total derivatives designated as hedging instrument | 6 | 0 |
Derivative Assets, Total derivatives not designated as hedging instruments | 15 | 0 |
Total derivatives assets | 27 | 0 |
Derivative Liabilities, Total derivatives designated as cash flow hedges | (112) | (125) |
Derivative Liabilities, Total derivatives designated as hedging instrument | 0 | (1) |
Derivative Liabilities, Total derivatives not designated as hedging instruments | (53) | (52) |
Total derivatives liabilities | (165) | (178) |
Other non-current assets [Member] | Cross-currency interest swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Total derivatives designated as cash flow hedges | 0 | 0 |
Prepaid expenses and other current assets [Member] | Cross-currency interest swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Total derivatives designated as cash flow hedges | 0 | 0 |
Derivative Assets, Total derivatives designated as hedging instrument | 6 | 0 |
Derivative Assets, Total derivatives not designated as hedging instruments | 15 | 0 |
Prepaid expenses and other current assets [Member] | Interest rate swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Total derivatives designated as cash flow hedges | 6 | 0 |
Other current liabilities [Member] | Cross-currency interest swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Total derivatives designated as cash flow hedges | (109) | (104) |
Derivative Liabilities, Total derivatives not designated as hedging instruments | (53) | (52) |
Other non-current liabilities [Member] | Cross-currency interest swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Total derivatives designated as cash flow hedges | (3) | (21) |
Derivative Liabilities, Total derivatives designated as hedging instrument | 0 | (1) |
Other non-current liabilities [Member] | Interest rate swaps [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Total derivatives designated as cash flow hedges | $ 0 | $ 0 |
Derivatives - Additional Inform
Derivatives - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Derivative [Line Items] | |||||
Notional amount | $ 1,089 | $ 1,089 | $ 1,094 | ||
Interest rate cash flow hedge gain (loss) reclassified to earnings, net | 12 | $ 41 | 84 | $ 2 | |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | 5 | ||||
Other comprehensive income (loss), net investment hedge, gain (loss), reclassification, before tax | 0 | 0 | |||
Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Gain (loss) on foreign currency derivatives recorded in earnings, net | (50) | $ 8 | 29 | $ 12 | |
Term Loan A [Member] | Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge derivative at fair value, net | 408 | ||||
EUR Senior Notes [Member] | Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge derivative at fair value, net | 500 | ||||
EUR Term Loan [Member] | Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Interest rate cash flow hedge derivative at fair value, net | 980 | ||||
Cross Currency Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 1,595 | 1,595 | 1,603 | ||
Cross Currency Interest Rate Contract [Member] | USD Senior Secured Notes Due 2029 [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | 525 | $ 525 | 0 | ||
Derivatives maturity date | Apr. 15, 2026 | ||||
Cross Currency Interest Rate Contract [Member] | Net Investment Hedging [Member] | |||||
Derivative [Line Items] | |||||
Notional amount | $ 347 | $ 347 | $ 359 | ||
Minimum [Member] | |||||
Derivative [Line Items] | |||||
Derivatives maturity date | Sep. 30, 2024 | ||||
Minimum [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivatives maturity date | Sep. 30, 2024 | ||||
Maximum [Member] | |||||
Derivative [Line Items] | |||||
Derivatives maturity date | Jun. 30, 2025 | ||||
Maximum [Member] | Cross Currency Interest Rate Contract [Member] | |||||
Derivative [Line Items] | |||||
Derivatives maturity date | Jun. 30, 2025 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 26, 2024 | |
Share Based Payment Arrangement [Line Items] | |||||
Employee benefits and share-based compensation | $ 59 | $ 64 | $ 100 | $ 110 | |
Allocated share based compensation | $ 59 | $ 64 | $ 100 | $ 110 | |
Flutter Entertainment Two Thousand And Fifteen Deferred Share Incentive Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 52,902 | ||||
Flutter Entertainment Plc Two Thousand And Sixteen Restricted Share Incentive Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 792,246 | 469,084 | |||
Share based compensation by share based award weighted average fair value of options granted during the period | $ 171.53 | ||||
Flutter Entertainment Plc Two Thousand And Sixteen Restricted Share Incentive Plan [Member] | Weighted Average Fair Value Of Options Granted One Hundred And Ninety Four Point Zero Eight Dollars Per Share [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 594,727 | ||||
Share based compensation by share based award weighted average fair value of options granted during the period | $ 194.08 | ||||
Flutter Entertainment Plc Two Thousand And Twenty Two Supplementary Restricted Share Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 7,466 | ||||
Flutter Entertainment Plc Two Thousand And Twenty Three Long Term Incentive Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 45,733 | ||||
Share based compensation by share based payment award weighted average volatility rate | 39.94% | ||||
Share based compensation by share based payment award weighted average fair value of options granted | $ 62.14 | ||||
Flutter Entertainment Plc Two Thousand And Twenty Three Long Term Incentive Plan [Member] | Weighted Average [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share price | $ 180.7 | $ 180.7 | |||
Two Thousand And Twenty Four Omnibus Equity Incentive Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Common stock shares reserved for future issuance | 1,770,000 | ||||
Other Employee Share Schemes [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 7,813 | 34,419 | |||
Share based compensation by share based award weighted average fair value of options granted during the period | $ 214.77 | $ 163.75 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, options, outstanding, number | 3,963,314 | 3,963,314 | |||
Share based compensation by share based award weighted average fair value of options granted during the period | $ 200.14 | $ 200.14 | |||
Restricted Stock Units (RSUs) [Member] | Flutter Entertainment Plc Two Thousand And Sixteen Restricted Share Incentive Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share based compensation by share based payment award weighted average fair value of options granted | $ 519,212 | $ 171.53 | |||
Restricted Stock Units (RSUs) [Member] | Other Employee Share Schemes [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share based compensation by share based award equity instruments other than options granted during the period | 7,813 | 34,419 | |||
Award Based On Total Shareholder Return Performance Based On S And P Five Hundred Index [Member] | Flutter Entertainment Plc Two Thousand And Sixteen Restricted Share Incentive Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 197,519 | ||||
Share based compensation by share based payment award weighted average volatility rate | 35.58% | ||||
Share based compensation by share based payment award weighted average fair value of options granted | $ 73.98 | ||||
Award Based On Total Shareholder Return Performance Based On S And P Five Hundred Index [Member] | Flutter Entertainment Plc Two Thousand And Sixteen Restricted Share Incentive Plan [Member] | Weighted Average [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share price on grant date | 196.7 | ||||
Deferred Compensation, Share-Based Payments [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share based compensation by share based award weighted average fair value of options granted during the period | $ 207.7 | $ 207.7 | |||
Award Based On Total Shareholder Return Relative To FTSE One Hundred [Member] | Flutter Entertainment Plc Two Thousand And Twenty Three Long Term Incentive Plan [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share compensation by share based award options granted during the period shares | 44,820 | ||||
Share based compensation by share based payment award weighted average volatility rate | 35.91% | ||||
Share price | $ 199.22 | $ 199.22 | |||
Share based compensation by share based payment award vesting period | 3 years | ||||
Share based compensation by share based award optinos granted for which performance conditions have not yet been determined | 134,460 | 134,460 | |||
Allocated share based compensation | $ 0 | ||||
Award Based On Total Shareholder Return Relative To FTSE One Hundred [Member] | Flutter Entertainment Plc Two Thousand And Twenty Three Long Term Incentive Plan [Member] | Weighted Average [Member] | |||||
Share Based Payment Arrangement [Line Items] | |||||
Share based compensation by share based payment award weighted average fair value of options granted | $ 111.6 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of of the Group's financial assets, financial liabilities and redeemable non-controlling interests (Detail) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale – Player deposits – investments | $ 174 | $ 172 |
Equity securities - Investments | 7 | 9 |
Derivative financial assets | 27 | 0 |
Total | 208 | 181 |
Derivative financial liabilities | 165 | 178 |
Fox Option Liability | 490 | 400 |
Contingent consideration | 16 | 20 |
Total | 671 | 598 |
Redeemable non-controlling interests at fair value | 1,251 | 1,100 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale – Player deposits – investments | 157 | 33 |
Equity securities - Investments | 0 | 0 |
Derivative financial assets | 0 | |
Total | 157 | 33 |
Derivative financial liabilities | 0 | 0 |
Fox Option Liability | 0 | 0 |
Contingent consideration | 0 | 0 |
Total | 0 | 0 |
Redeemable non-controlling interests at fair value | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale – Player deposits – investments | 17 | 139 |
Equity securities - Investments | 0 | 0 |
Derivative financial assets | 27 | |
Total | 44 | 139 |
Derivative financial liabilities | 165 | 178 |
Fox Option Liability | 0 | 0 |
Contingent consideration | 0 | 0 |
Total | 165 | 178 |
Redeemable non-controlling interests at fair value | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale – Player deposits – investments | 0 | 0 |
Equity securities - Investments | 7 | 9 |
Derivative financial assets | 0 | |
Total | 7 | 9 |
Derivative financial liabilities | 0 | 0 |
Fox Option Liability | 490 | 400 |
Contingent consideration | 16 | 20 |
Total | 506 | 420 |
Redeemable non-controlling interests at fair value | $ 1,251 | 1,100 |
Pokerstars Trade Mark [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | 368 | |
Pokerstars Trade Mark [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | 0 | |
Pokerstars Trade Mark [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | 0 | |
Pokerstars Trade Mark [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | 368 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | 368 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | 0 | |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total nonrecurring fair value measurement | $ 368 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of of the Group's financial assets, financial liabilities and redeemable non-controlling interests (Parenthetical) (Detail) - Pokerstars Trade Mark [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Finite lived intangible asset carrying value | $ 1,093 |
Impairment of finite lived intangible assets | $ 725 |
Measurement Input Royalty Rate [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Finite lived intangible assets measurement input | 5% |
Measurement Input Tax Rate [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Finite lived intangible assets measurement input | 12.50% |
Measurement Input, Discount Rate [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Finite lived intangible assets measurement input | 12.50% |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Finite lived intangible assets fair value | $ 368 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2024 USD ($) | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | Jun. 25, 2024 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair value measurement with unobservable inputs reconciliation recurring basis asset transfers net | $ 0 | $ 0 | $ 0 | |
Equity securities without readily determinable fair value amount | 7 | 7 | 9 | |
Other liabilities at fair value | $ 490 | $ 490 | $ 400 | |
Percentage increase in significant unobservable input liabilities business combination contingent consideration | 10% | 10% | 10% | |
Percentage decrease in significant unobservable input liabilities business combination contingent consideration | 10% | 10% | 10% | |
Business combination contingent consideration estimated increase in liabilities due to percentage increase in significant unobservable input | $ 2 | $ 2 | $ 2 | |
Business combination contingent consideration estimated decrease in liabilities due to percentage increase in significant unobservable input | 2 | 2 | 2 | |
Fox Options [Member] | Fox Corporation [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights outstanding | $ 4,400 | $ 4,400 | $ 4,300 | |
Measurement Input, Discount Rate [Member] | Fox Options [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 21 | 21 | 19 | |
Measurement Input, Discount Rate [Member] | Fox Options [Member] | Maximum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 35 | 35 | ||
Discount For Lack Of Marketability And Control [Member] | Fox Options [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 35 | 35 | 35 | |
Discount For Lack Of Marketability And Control [Member] | Fox Options [Member] | Minimum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 12.4 | 12.4 | ||
Measurement Input, Discount for Lack of Marketability [Member] | Fox Options [Member] | Maximum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 19.2 | 19.2 | ||
Measurement Input, Discount for Lack of Marketability [Member] | Fox Options [Member] | Minimum [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 12.4 | |||
Discount For Lack Of Control Based On Fan Duels Equity Ownership And Data Based On Megarstat Studies [Member] | Fox Options [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 18.4 | 18.4 | 18.4 | |
Measurement Input, Price Volatility [Member] | Fox Options [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 35 | 35 | 36 | |
Probabiltiy Of Market Participant Submitting And Obtaining License [Member] | Fox Options [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Warrants and rights measurement input | 75 | 75 | 75 | |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities without readily determinable fair value amount | $ 7 | $ 7 | $ 9 | |
Other liabilities at fair value | 490 | 490 | 400 | |
Fair Value, Inputs, Level 3 [Member] | Fox Options [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other liabilities at fair value | $ 490 | $ 490 | $ 400 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of financial assets and liabilities carried at fair value (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other comprehensive (income) loss attributable to redeemable non-controlling interest | $ 2 | $ (29) | $ 14 | $ (55) |
Adjustment of redeemable non-controlling interest to redemption at fair value | 18 | (5) | 33 | (5) |
Fair Value, Inputs, Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Beginning balance | (592) | (299) | (411) | (231) |
Included in earnings | 94 | (53) | (92) | (117) |
Included in other comprehensive income | (1) | (7) | 4 | (11) |
Net (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Other comprehensive (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Adjustment of redeemable non-controlling interest to redemption at fair value | 0 | 0 | 0 | 0 |
Ending balance | (499) | (359) | (499) | (359) |
Change in unrealized gains or losses for the period included in earnings | 94 | (53) | (92) | (117) |
Change in unrealized gains or losses for the period included in other comprehensive income | (1) | (7) | 4 | (11) |
Fair Value, Inputs, Level 3 [Member] | Contingentent Consideration [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Beginning balance | (19) | (20) | (20) | (22) |
Included in earnings | 3 | 0 | 3 | 0 |
Included in other comprehensive income | 0 | 0 | 1 | 2 |
Net (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Other comprehensive (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Adjustment of redeemable non-controlling interest to redemption at fair value | 0 | 0 | 0 | 0 |
Ending balance | (16) | (20) | (16) | (20) |
Change in unrealized gains or losses for the period included in earnings | 3 | 0 | 3 | 0 |
Change in unrealized gains or losses for the period included in other comprehensive income | 0 | 0 | 1 | 2 |
Fair Value, Inputs, Level 3 [Member] | Equity securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Beginning balance | 7 | 11 | 9 | 11 |
Included in earnings | 0 | 0 | (2) | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Net (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Other comprehensive (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Adjustment of redeemable non-controlling interest to redemption at fair value | 0 | 0 | 0 | 0 |
Ending balance | 7 | 11 | 7 | 11 |
Change in unrealized gains or losses for the period included in earnings | 0 | 0 | (2) | 0 |
Change in unrealized gains or losses for the period included in other comprehensive income | 0 | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Fox Option liability [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Beginning balance | (580) | (290) | (400) | (220) |
Included in earnings | 91 | (53) | (93) | (117) |
Included in other comprehensive income | (1) | (7) | 3 | (13) |
Net (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Other comprehensive (income) loss attributable to redeemable non-controlling interest | 0 | 0 | 0 | 0 |
Adjustment of redeemable non-controlling interest to redemption at fair value | 0 | 0 | 0 | 0 |
Ending balance | (490) | (350) | (490) | (350) |
Change in unrealized gains or losses for the period included in earnings | 91 | (53) | (93) | (117) |
Change in unrealized gains or losses for the period included in other comprehensive income | (1) | (7) | 3 | (13) |
Fair Value, Inputs, Level 3 [Member] | Redeemable non- controlling interest at fair value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Redeemable non- controlling interest at fair value, Beginning balance | (1,304) | (919) | (1,100) | (781) |
Included in earnings | 0 | 0 | 0 | 0 |
Included in other comprehensive income | 0 | 0 | 0 | 0 |
Net (income) loss attributable to redeemable non-controlling interest | (7) | 1 | (6) | 5 |
Other comprehensive (income) loss attributable to redeemable non-controlling interest | 0 | (27) | 11 | (44) |
Adjustment of redeemable non-controlling interest to redemption at fair value | 63 | (60) | (153) | (185) |
Redeemable non- controlling interest at fair value, Ending balance | (1,248) | (1,005) | (1,248) | (1,005) |
Change in unrealized gains or losses for the period included in earnings | 0 | 0 | 0 | 0 |
Change in unrealized gains or losses for the period included in other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Millions, $ in Millions, ₨ in Billions | 6 Months Ended | |||||
Jun. 30, 2024 USD ($) | Jun. 30, 2024 EUR (€) | Jun. 30, 2024 EUR (€) | Jun. 25, 2024 USD ($) | Jun. 25, 2024 INR (₨) | Dec. 31, 2023 USD ($) | |
Austria And German Payer Claims [Member] | ||||||
Other Commitments [Line Items] | ||||||
Loss contingency estimate of possible loss | $ 46 | € 43 | ||||
Austria And German Payer Claims [Member] | Other Current Liabilities [Member] | ||||||
Other Commitments [Line Items] | ||||||
Loss contingency accrual current | 14 | € 13 | ||||
Case Relting To PokerStar Business In Respect Of Income Tax Payable [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | ||||||
Other Commitments [Line Items] | ||||||
Loss contingency settled during the period | $ 9 | € 8 | ||||
Goods And Service Tax Claim Pending In Respect Of Online Gaming Business [Member] | ||||||
Other Commitments [Line Items] | ||||||
Other commitements | $ 2,100 | ₨ 179.1 | ||||
Applicable goods and service tax rate on online gaming if characterised as a game of skill | 18% | 18% | ||||
Goods and service tax rate subject to approval by tax authorities if categorized as a game of chance | 28% | 28% | ||||
Past goods and service tax percentage paid and subject to approval by tax authorities | 18% | 18% | ||||
Flutter Entertainment Plc [Member] | Letter Of Guarantee [Member] | Bank Overdrafts [Member] | ||||||
Other Commitments [Line Items] | ||||||
Off balance sheet commitement liability | $ 21 | $ 21 | ||||
Flutter Entertainment Plc [Member] | Counter Indemnities [Member] | Bank Guarantee [Member] | ||||||
Other Commitments [Line Items] | ||||||
Guarantee obligation maximum exposure | 327 | 322 | ||||
Claims against the guarantee | 0 | 0 | ||||
Security deposit | $ 52 | $ 29 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Other Purchase Obligations (Detail) - Other Purchase Obligations [Member] $ in Millions | Jun. 30, 2024 USD ($) |
Other Commitments [Line Items] | |
From June 30, 2024 to December 31, 2024 | $ 508 |
2025 | 788 |
2026 | 491 |
2027 | 321 |
2028 | 176 |
Thereafter | 460 |
Total commitment | $ 2,744 |