Flutter Entertainment

What the company does

Flutter in its present form is the product of two mergers: Paddy Power with Betfair in 2016, and the combined group with The Stars Group, owner of PokerStars and Sky Betting & Gaming, in 2020. Each step added a different kind of business, which is why the group now contains a retail bookmaker, a betting exchange, the world's largest poker network, a British online casino operation, Italian retail and lottery businesses and an Indian rummy operator.

The decisive asset turned out to be FanDuel. Acquired as a daily fantasy sports business, it became the leading American sportsbook after the federal prohibition on sports wagering ended in 2018, on the strength of an existing customer database that competitors had to buy from scratch. Flutter moved its primary listing to New York in 2024, which reflected where its growth and its investor base had moved.

Betfair remains structurally interesting independent of scale: an exchange matches customers against each other and takes a commission, rather than pricing a market and carrying the risk, which makes it the clearest working example of the difference between a bookmaker and a marketplace.

Where this sits in the supply chain

The companies that hold the relationship with the player: they take the stake, hold the account, pay the winnings and carry the licence in each market they serve. Almost everything else in this directory exists to supply them.

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