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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from       to      
Commission File Number: 001-37403
Flutter Entertainment plc
(Exact name of registrant as specified in its charter)
Ireland
98-1782229
(State or Other Jurisdiction of
Incorporation or Organization)
(I.R.S. Employer
Identification No.)
290 Park Ave South 14th Floor
New York New York
10010
(Address of principal executive offices)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (646) 930-0950
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on which Registered
Ordinary Shares, nominal value of €0.09 per share
FLUT
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒
As of November 4, 2024, the number of shares of the registrant’s ordinary shares outstanding is 178,035,332.

TABLE OF CONTENTS
Page
i
EXPLANATORY NOTE
Flutter Entertainment plc, a public limited company incorporated under the laws of Ireland, qualifies as a foreign private issuer in the United States for purposes of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Flutter voluntarily has chosen to file annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K with the United States Securities and Exchange Commission (“SEC”) instead of filing on the reporting forms available to foreign private issuers.
Flutter has moved its operational headquarters to New York. Given changes in the location of its executive leadership and its board of directors, Flutter has ceased to qualify as a foreign private issuer at the end of its second fiscal quarter of 2024 and will be required to file on the reporting forms specified for domestic filers beginning on the first day of its next fiscal year.
CERTAIN TERMS
Unless otherwise specified or the context otherwise requires, the terms “Flutter,” the “Company,” the “Group,” “we,” “us” and “our” each refer to Flutter Entertainment plc and its subsidiaries.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This report contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect our current expectations as to future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. These statements include, but are not limited, to statements related to our expectations regarding the performance of our business, our financial results, our operations, our liquidity and capital resources, the conditions in our industry and our growth strategy. In some cases, you can identify these forward-looking statements by the use of words such as “outlook,” “believe(s),” ”expect(s),” “potential,” “continue(s),” “may,” “will,” “should,” “could,” “would,” “seek(s),” “predict(s),” “intend(s),” “trends,” “plan(s),” “estimate(s),” “anticipates,” “projection,” “goal,” “target,” “aspire,” “will likely result,” and or the negative version of these words or other comparable words of a future or forward-looking nature. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. Such factors include, among others:
•Flutter’s ability to effectively compete in the global entertainment and gaming industries;
•Flutter’s ability to retain existing customers and to successfully acquire new customers;
•Flutter’s ability to develop new product offerings;
•Flutter’s ability to successfully acquire and integrate new businesses;
•Flutter’s ability to maintain relationships with third-parties;
•Flutter’s ability to maintain its reputation;
•Public sentiment towards online betting and iGaming generally;
•The potential impact of general economic conditions, including inflation, fluctuating interest rates and instability in the banking system, on Flutter’s liquidity, operations and personnel;
•Flutter’s ability to obtain and maintain licenses with gaming authorities;
•Adverse changes to the regulation (including taxation) of online betting and iGaming;
•The failure of additional jurisdictions to legalize and regulate online betting and iGaming;
•Flutter’s ability to comply with complex, varied and evolving U.S. and international laws and regulations relating to its business;
•Flutter’s ability to raise financing in the future;
•Flutter’s success in retaining or recruiting officers, key employees or directors;
•Litigation and the ability to adequately protect Flutter’s intellectual property rights;
•The impact of data security breaches or cyber-attacks on Flutter’s systems; and
•Flutter’s ability to remediate material weaknesses in its internal control over financial reporting.
ii
Additional factors that could cause the Company’s results to differ materially from those described in the forward-looking statements can be found in Part I, “Item 1A. Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 as filed with the SEC on March 26, 2024 and other periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in the Company’s filings with the SEC. The Company undertakes no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law.
Website and Social Media Disclosure
We use our website (www.flutter.com) and at times our corporate X account (@FlutterPLC) and LinkedIn (www.linkedin.com/company/flutter-entertainment-plc) as well as other social media channels to distribute company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. The contents of our website and social media channels are not, however, a part of this Quarterly Report on Form 10-Q.
iii
PART I
Item 1.  Financial Statements (unaudited)
FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
($ in millions except share and per share amounts)
As of
September 30,
2024		As of
December 31,
2023
ASSETS
CURRENT ASSETS:
Cash and cash equivalents$1,483 $1,497 
Cash and cash equivalents – restricted56 22 
Player deposits – cash and cash equivalents1,871 1,752 
Player deposits – investments156 172 
Accounts receivable, net87 90 
Prepaid expenses and other current assets517 443 
TOTAL CURRENT ASSETS4,170 3,976 
Investments7 9 
Property and equipment, net498 471 
Operating lease right-of-use assets528 429 
Intangible assets, net5,822 5,881 
Goodwill14,344 13,745 
Deferred tax assets30 24 
Other non-current assets81 100 
TOTAL ASSETS$25,480 $24,635 
LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable$270 $240 
Player deposit liability1,902 1,786 
Operating lease liabilities130 123 
Long-term debt due within one year67 51 
Other current liabilities2,341 2,326 
TOTAL CURRENT LIABILITIES4,710 4,526 
Operating lease liabilities – non-current437 354 
Long-term debt6,843 7,005 
Deferred tax liabilities733 802 
Other non-current liabilities747 580 
TOTAL LIABILITIES$13,470 $13,267 
COMMITMENTS AND CONTINGENCIES (Note 16)
REDEEMABLE NON-CONTROLLING INTERESTS1,604 1,152 
SHAREHOLDERS’ EQUITY
Ordinary share (Authorized 3,000,000,000 shares of €0.09 ($0.10) par value each; issued September 30, 2024: 177,824,343 shares; December 31, 2023: 177,008,649 shares)
$36 $36 
Shares held by employee benefit trust, at cost September 30, 2024: nil, December 31, 2023: nil
— — 
Additional paid-in capital1,556 1,385 
Accumulated other comprehensive loss(1,075)(1,483)
Retained earnings9,728 10,106 
Total Flutter Shareholders’ Equity10,245 10,044 
Non-controlling interests161 172 
TOTAL SHAREHOLDERS’ EQUITY10,406 10,216 
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY$25,480 $24,635 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
1
FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
($ in millions except share and per share amounts)
Three months ended
September 30,		Nine months ended
September 30,
2024202320242023
Revenue$3,248 $2,558 $10,256 $8,477 
Cost of Sales(1,752)(1,386)(5,380)(4,418)
Gross profit1,496 1,172 4,876 4,059 
Technology, research and development expenses(213)(214)(619)(558)
Sales and marketing expenses(748)(701)(2,375)(2,250)
General and administrative expenses(438)(394)(1,292)(1,181)
Operating profit97 (137)590 70 
Other expense, net(122)(44)(207)(79)
Interest expense, net(105)(92)(325)(266)
Income (loss) before income taxes(130)(273)58 (275)
Income tax (expense) benefit16 11 (52)(34)
Net income (loss)(114)(262)6 (309)
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests5 1 27 (6)
Adjustment of redeemable non-controlling interest to redemption value(16)12 17 7 
Net loss attributable to Flutter shareholders(103)(275)(38)(310)
Loss per share
Basic(0.58)(1.55)(0.21)(1.75)
Diluted(0.58)(1.55)(0.21)(1.75)
Other comprehensive income (loss), net of tax:
Effective portion of changes in fair value of cash flow hedges(124)51 (111)(25)
Fair value of cash flow hedges transferred to the income statement119 (60)117 24 
Changes in excluded components of fair value hedge(1)— (1)— 
Foreign exchange gain (loss) on net investment hedges27 (2)56 10 
Foreign exchange gain (loss) on translation of the net assets of foreign currency denominated entities570 (358)325 (83)
Fair value movements on available for sale debt instruments— — — — 
Other comprehensive income (loss)591 (369)386 (74)
Other comprehensive income (loss) attributable to Flutter shareholders599 (356)408 (116)
Other comprehensive (loss) income attributable to non-controlling interest and redeemable non-controlling interest(8)(13)(22)42 
Total comprehensive income (loss) $477 $(631)$392 $(383)
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
2
FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND REDEEMABLE NON-CONTROLLING INTERESTS
($ in millions except share amounts)
Ordinary sharesShares held by
 employee benefit trust
Redeemable non- controlling
 interests
SharesAmountSharesAmount
 Additional paid-in capital
 Accumulated other comprehensive loss
Retained
 earnings
 Total Flutter shareholders’ equity
 Non- controlling interests Total
 equity		Net (loss) income
Balance as of December 31, 2023$1,152 177,008,649$36 —— $1,385 $(1,483)$10,106 $10,044 $172 $10,216 
Net income (loss)15 —— —— — — (196)(196)4 (192)(177)
Adjustment of redeemable non-controlling interest to fair value216 —— —— — — (216)(216)— (216)
Shares issued on exercise of employee share options— 436,5460 —— 14 — — 14 — 14 
Equity-settled transactions – expense recorded in the income statement— —— —— 40 — — 40 — 40 
Acquisition of redeemable non-controlling interests89 —— —— — — — — — — 
Other comprehensive (loss)(10)—— —— — (186)— (186)(2)(188)
Balance as of March 31, 2024$1,462 177,445,195$36 —$— $1,439 $(1,669)$9,694 $9,500 $174 $9,674 
Net income33 — — — — — — 261 261 3 264 297 
Adjustment of redeemable non-controlling interest to fair value(63)— — — — — — 63 63 — 63 
Shares issued on exercise of employee share options— 236,711 0 — — 7 — — 7 — 7 
Equity-settled transactions – expense recorded in the income statement— — — — — 57 — — 57 — 57 
Dividend distributed to non-controlling interests— — — — — — — — — (6)(6)
Other comprehensive loss— — — — — — (5)— (5)(2)(7)
Balance as of June 30, 2024$1,432 177,681,906$36 —$— $1,503 $(1,674)$10,018 $9,883 $169 $10,052 
Net (loss) income(15)—— —— — — (103)(103)4 (99)(114)
Adjustment of redeemable non-controlling interest to fair value187 —— —— — — (187)(187)— (187)
Shares issued on exercise of employee share options— 142,437— —— — — — — — — 
Equity-settled transactions – expense recorded in the income statement— —— —— 53 — — 53 — 53 
Dividend distributed to non-controlling interests— —— —— — — — — (4)(4)
Other comprehensive income (loss)— —— —— — 599 — 599 (8)591 
Balance as of September 30, 2024$1,604 177,824,343$36 —$— $1,556 $(1,075)$9,728 $10,245 $161 $10,406 
3
FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND REDEEMABLE NON-CONTROLLING INTERESTS (Continued)
($ in millions except share amounts)
Ordinary sharesShares held by
employee benefit trust
Redeemable non- controlling
 interests		SharesAmountSharesAmount
 Additional paid-in capital
Accumulated other comprehensive lossRetained
 earnings		Total Flutter shareholders’ equity Non- controlling interestsTotal
 equity		Net (loss) income
Balance as of December 31, 2022$929 176,091,902$36 1,396$(1)$1,192 $(1,782)$11,590 $11,035 $156 $11,191 
Net loss(7)—— —— — — (102)(102)(2)(104)(111)
Adjustment of redeemable non-controlling interest to fair value125 —— —— — — (125)(125)— (125)
Shares issued on exercise of employee share options— 330,4830 —— 1 — — 1 — 1 
Equity-settled transactions – expense recorded in the income statement— —— —— 32 — — 32 — 32 
Other comprehensive income24 —— —— — 139 — 139 2 141 
Balance as of March 31, 2023$1,071 176,422,385$36 1,396$(1)$1,225 $(1,643)$11,363 $10,980 $156 $11,136 
Net (loss) income(8)— — — — — — 67 67 5 72 64 
Adjustment of redeemable non-controlling interest to fair value60 — — — — — — (60)(60)— (60)
Shares issued on exercise of employee share options— 162,779 0 — — 3 — — 3 — 3 
Ordinary shares of the Company acquired by the Employee Benefit Trust— — — 825,400 (166)— — — (166)— (166)
Equity-settled transactions – expense recorded in the income statement— — — — — 55 — — 55 — 55 
Acquisition of redeemable non-controlling interests(95)— — — — — — — — — — 
Other comprehensive income25 — — — — — 101 — 101 4 105 
Balance as of June 30, 2023$1,053 176,585,164$36 826,796$(167)$1,283 $(1,542)$11,370 $10,980 $165 $11,145 
Net income (loss) 15 —— —— — — (275)(275)(2)(277)(262)
Adjustment of redeemable non-controlling interest to fair value12 —— —— — — (12)(12)— (12)
Shares issued on exercise of employee share options— 86,6590 —— 3 — — 3 — 3 
Ordinary shares of the Company acquired by the Employee Benefit Trust— —— 281,017(46)— — — (46)— (46)
Equity settled transactions - vesting— —— (1,107,813)213 — — (4)209 — 209 
Equity-settled transactions – expense recorded in the income statement— —— —— 47 — — 47 — 47 
Other comprehensive loss(2)—— —— — (356)— (356)(11)(367)
Balance as of September 30, 2023$1,078 176,671,823$36 —$— $1,333 $(1,898)$11,079 $10,550 $152 $10,702 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
4
FLUTTER ENTERTAINMENT PLC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
($ in millions)
Nine months ended September 30,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)$6 $(309)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization827 917 
Change in fair value of derivatives4 (31)
Non-cash interest expense, net28 (39)
Non-cash operating lease expense96 93 
Foreign currency exchange (gain) loss(24)9 
Loss on disposal6 1 
Share-based compensation – equity classified149 135 
Share-based compensation – liability classified4 — 
Other expense (net)216 99 
Deferred taxes(117)(181)
Loss on extinguishment of long-term debt5 1 
Change in contingent consideration(3)— 
Change in operating assets and liabilities:
Player deposits16 (17)
Accounts receivable6 33 
Other assets(29)244 
Accounts payable(18)7 
Other liabilities(198)62 
Player deposit liability81 (389)
Operating leases liabilities(105)(89)
Net cash provided by operating activities950 546 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment(87)(70)
Purchases of intangible assets(149)(113)
Capitalized software(246)(200)
Acquisitions, net of cash acquired(160)— 
Cash settlement of derivatives designated in net investment hedge(5)— 
Net cash used in investing activities(647)(383)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of common stock upon exercise of options21 7 
Proceeds from issuance of long-term debt (net of transactions costs)1,684 704 
Repayment of long-term debt(1,939)(813)
Acquisition of non-controlling interests— (95)
Dividend distributed to non-controlling interests(10)— 
Repurchase of common stock— (212)
Net cash used in financing activities(244)(409)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH59 (246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period3,271 2,990 
Foreign currency exchange gain (loss) on cash and cash equivalents80 (43)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:3,410 2,701 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of:
Cash and cash equivalents$1,483 $918 
Cash and cash equivalents - restricted56 16 
Player deposits - cash & cash equivalents1,871 1,767 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:$3,410 $2,701 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid343 359 
Income taxes paid178 209 
Operating cash flows from operating leases124 103 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Right of use assets obtained in exchange for new operating lease liabilities140 43 
Adjustments to lease balances as a result of remeasurement28 10 
Business acquisitions (including contingent consideration)$2 $— 
The accompanying notes are an integral part of these Unaudited Condensed Consolidated Financial Statements.
5
FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 September 30, 2024, the Group offers 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.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of presentation — These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting and the rules and regulations of the SEC. As such, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Group’s audited consolidated financial statements as of and for the year ended December 31, 2023. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on March 26, 2024 (the “2023 Annual Report”). These condensed consolidated financial statements are unaudited; however, in the opinion of management, they include all normal and recurring adjustments necessary for a fair presentation of the Group’s unaudited condensed consolidated financial statements for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year, due to seasonal fluctuations in the Group’s revenue as a result of the timing of various sports seasons, sporting events and other factors.
Recent Accounting Pronouncements Adopted
In January 2024, the Group adopted Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Accounting Standards Codification Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions and (ASU 2023-01), Leases (Topic 842): Common Control Arrangements, which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standards did not have material impact on the Group’s unaudited condensed consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted
In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU 2023-07, it does not expect ASU 2023-07 to have a material effect, on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for the year ending December 31, 2025. The Group is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively.
6
FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): which clarifies how an entity determines whether a profit interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU 2024-01, it does not expect ASU 2024-01 to have a material effect on the Group’s consolidated financial position, results of operations or cash flows.
In November 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to consolidated financial statements, of specified information about certain costs and expenses. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2024-03. The impact of the adoption will be limited to disclosure in the notes to the consolidated financial statements.
3. SEGMENTS AND DISAGGREGATION OF REVENUE
The Group reports its consolidated 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 nine months ended September 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.
7
FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
The following tables present the Group’s segment information:
Three months ended
September 30,		Nine months ended
September 30,
($ in millions)2024202320242023
Revenue
U.S.
Sportsbook$822 $506 $2,907 $2,046 
iGaming368 252 1,083 736 
Other60 70 197 214 
U.S. segment revenue1,250 828 4,187 2,996 
UKI
Sportsbook356 326 1,218 1,103 
iGaming454 351 1,283 1,009 
Other36 42 134 132 
UKI segment revenue846 719 2,635 2,244 
International
Sportsbook160 122 517 457 
iGaming589 531 1,763 1,624 
Other32 26 105 84 
International segment revenue781 679 2,385 2,165 
Australia
Sportsbook371 332 1,049 1,072 
Australia segment revenue371 332 1,049 1,072 
Total reportable segment revenue$3,248 $2,558 $10,256 $8,477 
iGaming revenue includes Poker and Lottery.
The information below summarizes revenue by geographical market for the three and nine months ended September 30, 2024 and 2023:
Three months ended
September 30,		Nine months ended
September 30,
($ in millions)2024202320242023
U.S.$1,235 $834 $4,129 $3,004 
UK765 648 2,395 2,015 
Ireland72 73 225 231 
Australia371 332 1,049 1,072 
Italy346 302 1,082 1,003 
Rest of the world459 369 1,376 1,152 
Total revenue$3,248 $2,558 $10,256 $8,477 
8
FLUTTER ENTERTAINMENT PLC
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (continued)
The information below shows the reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes for the three and nine months ended September 30, 2024 and 2023:
 Three months ended
September 30,		Nine months ended
September 30,
($ in millions)2024202320242023
UKI$237 $184 $798 $639 
U.S.58 (55)344 64 
International152 119 481 413 
Australia72 63 229 256 
Reportable segment adjusted EBITDA519 311 1,852 1,372 
Unallocated corporate overhead 1
(69)(53)(150)(129)
Depreciation and amortization(258)(316)(827)(917)
Share-based compensation expense(53)(25)(153)(135)
Transaction fees and associated costs 2
— (26)(45)(46)
Restructuring and integration costs 3
(42)(28)(87)(75)
Other expense, net(122)(44)(207)(79)
Interest expense, net(105)(92)(325)(266)
Income (loss) before income taxes$(130)$(273)$58 $(275)
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 nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2023 transaction fees and associated costs comprised advisory fees related to the listing of Flutter’s ordinary shares in the U.S.
3.During the three and nine months ended September 30, 2024, costs of $42 million and $87 million (three and nine months ended September 30, 2023: $28 million and $75 million) primarily relate to various restructuring and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.

4. OTHER EXPENSE, NET
The following table shows the detail of other expense, net for the three and nine months ended September 30, 2024 and 2023:
Three months ended
September 30,		Nine months ended
September 30,
($ in millions)2024202320242023
Foreign exchange gain (loss)$31 $(80)$21 $(9)
Fair value (loss) gain on derivative instruments(25)19 (4)31 
Fair value gain on contingent consideration— — 3 — 
Loss on settlement of long-term debt— (1)(5)(1)
Loss on disposal(7)—