0001193125-24-137671 | 10-Q | XBRL Viewer | Flutter Entertainment PLC

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Description of Business - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which the entity operates	over 100 countries

Other Current Liabilities - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities, Current [Abstract]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 119	$ 113

Changes in Accumulated Other Comprehensive Income / (Loss) (Tables)

3 Months Ended

Mar. 31, 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:


($ in millions)	Gains and losses on Cash Flow Hedges			Unrealized Gains and Losses on Available-for- Sale Debt securities			Foreign Currency Items			Total

Balance as of December 31, 2023	$	(6	)	$	(1	)	$	(1,476	)	$	(1,483	)
Other comprehensive income / (loss) before reclassifications		23			(1	)		(194	)		(172	)
Amounts reclassified from accumulated other comprehensive income		(14	)		—			—			(14	)

Net current period other comprehensive income / (loss)		9			(1	)		(194	)		(186	)

Balance as of March 31, 2024	$	3		$	(2	)	$	(1,670	)	$	(1,669	)


($ in millions)	Gains and losses on Cash Flow Hedges			Unrealized Gains and Losses on Available-for- Sale Debt securities			Foreign Currency Items			Total


Balance as of December 31, 2022	$	22		$	(6	)	$	(1,798	)	$	(1,782	)
Other comprehensive income / (loss) before reclassifications		(60	)		1			155			96
Amounts reclassified from accumulated other comprehensive loss		43			—			—			43

Net current period other comprehensive income / (loss)		(17	)		1			155			139

Balance as of March 31, 2023	$	5		$	(5	)	$	(1,643	)	$	(1,643	)

Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Accrued expenses	$ 1,031	$ 945
Betting duty, data rights, and product and race field fees	444	453
Employee benefits	192	330
Sports betting open positions	110	119
Derivatives liability	145	156
Current tax payables	123	94
Loss contingencies	79	74
Indirect and payroll taxes	155	155
Deferred consideration	26	0
Total other current liabilities	$ 2,305	$ 2,326

Interest Expense, Net (Tables)

3 Months Ended

Mar. 31, 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 months ended March 31, 2024 and 2023:


	Three months ended March 31,
($ in millions)	2024			2023

Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$	(126	)	$	(97	)
Other interest expense		(2	)		—
Interest income		16			5

Total interest expense, net	$	(112	)	$	(92	)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 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

Segments and Disaggregation of Revenue - Schedule of Revenue by Geographical Market (Detail) - Geographical Disaggregation [Member] - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 3,397	$ 2,918
US [Member]
Disaggregation of Revenue [Line Items]
Total revenue	1,399	1,083
UK [Member]
Disaggregation of Revenue [Line Items]
Total revenue	782	660
Ireland [Member]
Disaggregation of Revenue [Line Items]
Total revenue	77	78
Australia [Member]
Disaggregation of Revenue [Line Items]
Total revenue	329	351
Italy [Member]
Disaggregation of Revenue [Line Items]
Total revenue	365	369
Rest of the World [Member]
Disaggregation of Revenue [Line Items]
Total revenue	$ 445	$ 377

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

Description of Business

3 Months Ended

Mar. 31, 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 March 31, 2024, the Group offered its products in

over

100

countries

. The Group’s iGaming products are provided across its online business in many, but not all, jurisdictions in which it offers its sports services.

The Group is a public limited company incorporated in the Republic of Ireland and has its listing on the main market of the London Stock Exchange (“LSE”).

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.

Fair Value Measurements - Schedule of of the Group's financial assets, financial liabilities and redeemable non-controlling interests (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale – Player deposits – investments	$ 173	$ 172
Equity securities	7	9
Derivative financial assets	19	0
Total	199	181
Derivative financial liabilities	155	178
Fox Option Liability	580	400
Contingent consideration	19	20
Total	754	598
Redeemable non-controlling interests at fair value	(1,304)	1,100
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available for sale – Player deposits – investments	143	33
Equity securities	0	0
Derivative financial assets	0
Total	143	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	30	139
Equity securities	0	0
Derivative financial assets	19
Total	49	139
Derivative financial liabilities	155	178
Fox Option Liability	0	0
Contingent consideration	0	0
Total	155	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	7	9
Derivative financial assets	0
Total	7	9
Derivative financial liabilities	0	0
Fox Option Liability	580	400
Contingent consideration	19	20
Total	599	420
Redeemable non-controlling interests at fair value	$ (1,304)	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

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2024
Accounting Policies [Abstract]
Basis of presentation	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	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 Leases (Topic 842): Common Control Arrangements (ASU 2023-01), 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 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, if any, on its consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): which clarifies how an entity determines whether a profits 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 condition, results of operations or cash flows.

Prepaid Expenses and Other Current Assets - Schedule of Other Current Assets Consisted (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepayments and accrued income	$ 240	$ 205
Derivative financial assets	10	0
Current tax receivable	55	59
Inventory	15	13
Other receivables	128	166
Total Prepaid expenses and other current assets	$ 448	$ 443

Changes in Accumulated Other Comprehensive Income / (Loss) - Schedule of Accumulated Other Comprehensive Income / (Loss) (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 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	9,500
Total, Ending balance	(1,669)
Gains and losses on Cash Flow Hedges [Member]
Class of Stock [Line Items]
Gains and losses on Cash Flow Hedges, Beginning balance	(6)	$ 22
Other comprehensive income / (loss) before reclassifications	23	(60)
Amounts reclassified from accumulated other comprehensive income	(14)	43
Net current period other comprehensive income / (loss)	9	(17)
Gains and losses on Cash Flow Hedges, Ending balance	3	5
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	(1)	(6)
Other comprehensive income / (loss) before reclassifications	(1)	1
Amounts reclassified from accumulated other comprehensive income	0	0
Net current period other comprehensive income / (loss)	(1)	1
Unrealized Gains and Losses on Available-for-Sale Debt securities, Ending balance	(2)	(5)
Foreign Currency Items [Member]
Class of Stock [Line Items]
Foreign Currency Items, Beginning balance	(1,476)	(1,798)
Other comprehensive income / (loss) before reclassifications	(194)	155
Amounts reclassified from accumulated other comprehensive income	0	0
Net current period other comprehensive income / (loss)	(194)	155
Foreign Currency Items, Ending balance	(1,670)	(1,643)
Total Accumulated Other Comprehensive Income (Loss) [Member]
Class of Stock [Line Items]
Total, Beginning balance	(1,483)	(1,782)
Other comprehensive income / (loss) before reclassifications	(172)	96
Amounts reclassified from accumulated other comprehensive income	(14)	43
Net current period other comprehensive income / (loss)	(186)	139
Total, Ending balance	$ (1,669)	$ (1,643)

Fair Value Measurements - Additional Information (Detail) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value measurement with unobservable inputs reconciliation recurring basis asset transfers net	$ 0		$ 0
Equity securities without readily determinable fair value amount	7		9
Other liabilities at fair value	$ 580		$ 400
Percentage increase in significant unobservable input liabilities business combination contingent consideration	10.00%		10.00%
Percentage decrease in significant unobservable input liabilities business combination contingent consideration	10.00%		10.00%
Business combination contingent consideration estimated increase in liabilities due to percentage increase in significant unobservable input	$ 2		$ 2
Business combination contingent consideration estimated decrease in liabilities due to percentage increase in significant unobservable input	2		2
Fox Options [Member] \| Fox Corporation [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights outstanding	4,400		$ 4,300
Other Nonoperating Income (Expense) [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities without readily determinable fair value upward price adjustment annual amount	$ 2	$ 0
Measurement Input, Discount Rate [Member] \| Fox Options [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	20.5		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
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
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	20.4		20.4
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	13.2		13.2
Discount For Lack Of Control Based On Fan Duels Equity Ownership And Data Based On Megarstat Studies [Member] \| Fox Options [Member] \| Maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	18		18
Discount For Lack Of Control Based On Fan Duels Equity Ownership And Data Based On Megarstat Studies [Member] \| Fox Options [Member] \| Minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	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	36		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
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		$ 9
Earnings before interest tax depreciation And amortization measurement input for equity securities	6.21		8.08
Other liabilities at fair value	$ 580		$ 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	$ 580		$ 400

Commitments and Contingencies - Schedule of Other Purchase Obligations (Detail) - Other Purchase Obligations [Member] $ in Millions	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
From April 1, 2023 to December 31, 2024	$ 831
2025	720
2026	458
2027	316
2028	191
Thereafter	480
Total commitment	$ 2,996

Interest Expense, Net

3 Months Ended

Mar. 31, 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 months ended March 31, 2024 and 2023:


	Three months ended March 31,
($ in millions)	2024			2023

Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$	(126	)	$	(97	)
Other interest expense		(2	)		—
Interest income		16			5

Total interest expense, net	$	(112	)	$	(92	)

Segments and Disaggregation of Revenue - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) Segments	Mar. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Advisory fees	$ 25
Restructuring and other strategic initiative fees	$ 23	$ 21
Description of Effect on Previously Reported Segment Information for Change in Composition of Reportable Segments	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 months ended March 31, 2023, have been revised to reflect the change in operating segment measurement and change in operating segment composition.
Segment Reporting, No Asset Information [true false]	true
Segment Reporting, Measurement Differences Between Segment and Consolidated Profit (Loss)	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 of $25 million related to implementation of internal controls, information system changes and other activities related to the anticipated change in the primary listing of the Group for the three months ended March 31, 2024. 3 During the three months ended March 31, 2024, costs of $23 million (three months ended March 31, 2023: $21 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 Segments [Member]
Segment Reporting Information [Line Items]
Number of Reportable Segments \| Segments	4

Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
First Incremental Term B Loans [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from (repayments of) debt	$ 514
GBP Credit Facility [Member]
Debt Instrument, Redemption [Line Items]
Proceeds from (repayments of) debt	126	$ 609
Repayments of debt	309	$ 598
Revolving Credit Facility [Member]
Debt Instrument, Redemption [Line Items]
Line of credit facility, maximum amount outstanding during period	716		$ 537
Line of credit facility issuance guarantees	$ 13		$ 13

Share-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Based Payment Arrangement [Line Items]
Employee benefits and share-based compensation	$ 41	$ 46
Restricted Stock Units (RSUs) [Member]
Share Based Payment Arrangement [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, number	3,434,407

Derivatives - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	$ 1,092		$ 1,094
Interest rate cash flow hedge gain (loss) reclassified to earnings, net	(14)	$ 43
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net	4
Other comprehensive income (loss), net investment hedge, gain (loss), reclassification, before tax	0	0
Net Investment Hedging [Member]
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	959
Gain (loss) on foreign currency derivatives recorded in earnings, net	(21)	$ 4
Cross Currency Interest Rate Contract [Member]
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	1,599		$ 1,603
Cross Currency Interest Rate Contract [Member] \| Net Investment Hedging [Member]
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net	$ 350
Minimum [Member]
Derivative [Line Items]
Derivatives month of maturity.	2024-09
Minimum [Member] \| Cross Currency Interest Rate Contract [Member]
Derivative [Line Items]
Derivatives month of maturity.	2024-09
Maximum [Member]
Derivative [Line Items]
Derivatives month of maturity.	2025-06
Maximum [Member] \| Cross Currency Interest Rate Contract [Member]
Derivative [Line Items]
Derivatives month of maturity.	2025-06

Interest Expense, Net - Schedule of the Details in Interest Expense (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Income (Expense), Net [Abstract]
Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$ (126)	$ (97)
Other interest expense	(2)	0
Interest income	16	5
Total interest expense, net	$ (112)	$ (92)

Prepaid Expenses and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2024, and December 31, 2023:


($ in millions)	As of March 31, 2024		As of December 31, 2023
Prepayments and accrued income	$	240	$	205
Derivative financial assets		10		—
Current tax receivable		55		59
Inventory		15		13
Other receivables		128		166

Total Prepaid expenses and other current assets	$	448	$	443

Income Taxes

3 Months Ended

Mar. 31, 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

ordinary income. The tax effects of unusual or infrequently occurring items, including changes in judgment about beginning of year valuation allowances and effects of changes in tax laws or rates, are reported in the interim period in which they occur. The Group’s effective income tax rate was a provision of 9.2% on loss before income taxes for the three months ended March 31, 2024 (benefit of 27.0% on loss before income taxes for the three months ended March 31, 2023). The difference in the effective income tax rate compared to the Irish corporation trading tax rate of 12.5% primarily reflects the tax impact of the impact of

amortization

of acquired intangibles and profit mix across jurisdictions, as well as the tax impact of discrete adjustments which includes our loss making jurisdictions and the fair value loss on Fox Option Liability.

The Group do

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

Co-operation

and Development (OECD) has a framework to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2), with certain aspects of Pillar 2 effective January 1, 2024 and other aspects effective January 1, 2025. Certain countries in which we operate have adopted the legislation, and other countries are in the process of introducing legislation to implement Pillar 2. The Group does not expect Pillar 2 to have a material impact on its effective tax rate and continues to monitor the impact of the Pillar 2 legislation on its future financial performance.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (177)	$ (111)
Adjustments to reconcile net loss to net cash from operating activities:
Depreciation and amortization	297	297
Change in fair value of derivatives	(15)	17
Non-cash interest income, net	(1)	(8)
Non-cash operating lease expense	32	31
Unrealized foreign currency exchange loss / (gain), net	8	(36)
Share-based compensation – equity classified	40	32
Share-based compensation – liability classified	1	14
Other expense, net	186	64
Deferred tax benefit	(48)	(113)
Change in contingent consideration		(2)
Change in operating assets and liabilities:
Player deposits - investments		(7)
Accounts receivable, net	19	45
Prepaid expenses and other current assets	13	(73)
Accounts payable	(18)	25
Other current liabilities	(40)	(119)
Player deposit liability	73	(77)
Operating leases liabilities	(33)	(28)
Net cash provided by / (used in) operating activities	337	(49)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(22)	(18)
Purchases of intangible assets	(57)	(43)
Capitalized software	(73)	(66)
Acquisitions, net of cash acquired	(107)
Net cash used in investing activities	(259)	(127)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of ordinary share upon exercise of options	14	1
Proceeds from issuance of long-term debt (net of transaction costs)	639	609
Repayment of long-term debt	(834)	(608)
Net cash (used in)/provided by financing activities	(181)	2
NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(103)	(174)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – Beginning of the period	3,271	2,990
Foreign currency exchange gain on cash and cash equivalents	(11)	25
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of the period	3,157	2,841
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of:
Cash and cash equivalents	1,353	821
Cash and cash equivalents – restricted	22	28
Player deposits – cash & and cash equivalents	1,782	1,992
CASH, CASH EQUIVALENTS AND RESTRICTED CASH – End of the period	3,157	2,841
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	123	97
Income taxes paid	29	52
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Operating cash flows from operating leases	38	32
Right of use assets obtained in exchange for new operating lease liabilities	20	20
Adjustments to lease balances as a result of remeasurement.	(2)	$ 6
Business acquisitions (including contingent consideration)	$ 26

Derivatives - Schedule of the Fair Value of Derivatives Assets and Liabilities (Detail) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative Assets, Total derivatives designated as cash flow hedges	$ 5	$ 0
Derivative Assets, Total derivatives designated as hedging instrument	4	0
Derivative Assets, Total derivatives not designated as hedging instruments	10	0
Total derivatives assets	19	0
Derivative Liabilities, Total derivatives designated as cash flow hedges	(106)	(125)
Derivative Liabilities, Total derivatives designated as hedging instrument	0	(1)
Derivative Liabilities, Total derivatives not designated as hedging instruments	(49)	(52)
Total derivatives liabilities	(155)	(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
Derivative Assets, Total derivatives designated as hedging instrument	4	0
Other non-current assets [Member] \| Interest rate swaps [Member]
Derivative [Line Items]
Derivative Assets, Total derivatives designated as cash flow hedges	5	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 not designated as hedging instruments	10	0
Other current liabilities [Member] \| Cross-currency interest swaps [Member]
Derivative [Line Items]
Derivative Liabilities, Total derivatives designated as cash flow hedges	(96)	(104)
Derivative Liabilities, Total derivatives not designated as hedging instruments	(49)	(52)
Other non-current liabilities [Member] \| Cross-currency interest swaps [Member]
Derivative [Line Items]
Derivative Liabilities, Total derivatives designated as cash flow hedges	(10)	(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

Loss Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Loss Per Share

7.	LOSS PER SHARE

The following table sets forth the computation of the Group’s basic and diluted net loss per ordinary share attributable to the Group:


	Three months ended March 31,
($ in millions except share and per share amounts)	2024			2023

Numerator
Net loss	$	(177	)	$	(111	)
Net gain/(loss) attributable to non-controlling interests and redeemable non-controlling interests		4			(9	)
Adjustment of redeemable non-controlling interest to redemption value		15			0

Net loss attributable to Flutter shareholders – basic and diluted	$	(196	)	$	(102	)

Denominator
Weighted average shares – basic and diluted		178			177

Net loss per share attributable to Flutter shareholders – basic and diluted	$	(1.10	)	$	(0.58	)

The number of options excluded from the diluted weighted average number of

ordinary

share calculation due to their effect being anti-dilutive is

1,987,193

(2023:

2,111,280

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	12 Months Ended
	Dec. 31, 2023 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	5.00%
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

Derivatives (Tables)

3 Months Ended

Mar. 31, 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 March 31, 2024 and December 31, 2023:


$ in millions	Derivative Assets								Derivative Liabilities
	Mar-24				Dec-23				Mar-24					Dec-23
	Balance sheet location		Fair value		Balance sheet location		Fair value		Balance sheet location		Fair value			Balance sheet location		Fair value
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	$	(96	)		Other current liabilities	$	(104	)
Cross-currency interest rate swaps		Other non-current assets		—		Other non-current assets		—		Other non-current liabilities		(10	)		Other non-current liabilities		(21	)
Interest rate swaps		Other non-current assets		5		Other non-current assets		—		Other non-current liabilities		—			Other non-current liabilities		—

Total derivatives designated as cash flow hedges			$	5			$	—			$	(106	)			$	(125	)

Derivatives designated as net investment hedges:
Cross-currency interest swaps		Other non-current assets		4		Other non-current assets	$	—		Other non-current liabilities	$	—			Other non-current liabilities	$	(1	)

Total derivatives designated as hedging instrument				4			$	—			$	—				$	(1	)


$ in millions	Derivative Assets								Derivative Liabilities
	Mar-24				Dec-23				Mar-24					Dec-23
Derivatives not designated as hedging instruments:
Cross-currency interest rate swaps		Prepaid expenses and other current assets		10		Prepaid expenses and other current assets		—		Other current liabilities	$	(49	)		Other current liabilities	$	(52	)

Total derivatives not designated as hedging instruments			$	10			$	—			$	(49	)			$	(52	)

Total derivatives			$	19			$	—			$	(155	)			$	(178	)

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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 Leases (Topic 842): Common Control Arrangements (ASU

2023-01),

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 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, if any, on its consolidated financial statements.

In March 2024, the FASB issued ASU

2024-01,

Compensation – Stock Compensation (Topic 718): which clarifies how an entity determines whether a profits 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 condition, results of operations or cash flows.

Segments and Disaggregation of Revenue - Schedule of Group's Segment Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	$ 3,397	$ 2,918
US [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	1,410	1,071
GB [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	861	736
International segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	797	760
AU [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	329	351
Sportsbook [Member] \| US [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	986	759
Sportsbook [Member] \| GB [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	411	376
Sportsbook [Member] \| International segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	160	181
Sportsbook [Member] \| AU [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	329	351
iGaming [Member] \| US [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	358	241
iGaming [Member] \| GB [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	406	319
iGaming [Member] \| International segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	600	553
Other [Member] \| US [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	66	71
Other [Member] \| GB [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	44	41
Other [Member] \| International segment [Member]
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	$ 37	$ 26

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

+ Details

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Tax Examination [Line Items]
Effective income tax rate reconciliation, percent, total	9.20%	27.00%
Unrecognized tax benefits	$ 0
Organization For Economic Cooperation And Development [Member]
Income Tax Examination [Line Items]
Global minimum corporate tax	15.00%
Her Majesty's Revenue and Customs (HMRC) [Member]
Income Tax Examination [Line Items]
Statutory tax rate percentage	12.50%

Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On April 29, 2024, the Group issued $525 million aggregate principal amount of

USD-denominated

6.375% senior secured notes due 2029 (the USD Notes) and €500 million aggregate principal amount of

EUR-denominated

5.000% senior secured notes due 2029 (the EUR Notes and, together with the USD Notes, the Notes), each issued at 100%

of their nominal value, by its subsidiary Flutter Treasury DAC. The Group used the proceeds of the Notes to repay the EUR First Lien Term Loan B due 2026 under the existing syndicated facility agreement dated July 10, 2018, and to repay borrowings under the existing multi-currency revolving credit facility, and pay certain costs, fees and expenses in connection with the offering of the Notes.

Shareholders at the Company’s Annual General Meeting held on May 1, 2024, approved the Company’s primary listing on the NYSE. As of May 31, 2024, the Company expects to transfer the Company’s LSE listing category on the Official List of the Financial Conduct Authority from “Premium Listing (commercial company)” to “Standard Listing (shares)”. Following such transfer, the Company’s shares will remain eligible for and continue to trade on the Main Market of the LSE as a Standard Listing segment issuer.

Share-Based Compensation

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Share-Based Compensation

14.	SHARE-BASED COMPENSATION

For the three months ended March 31, 2024, the Group did not grant any restricted awards or share options.

As of March 31, 2024, 3,434,407 restricted awards and options were outstanding across all employee share schemes.

Total compensation cost arising from employee share schemes for the

three mont

hs ended March 31, 2024, and March 31, 2023, was $41 million and $46 million

respectively, classified in the Condensed Consolidated Statements of Comprehensive (Loss) / Income as follows:


($ in millions)	Three months ended March 31,
($ in millions)	2024		2023
Cost of sales	$	4	$	3
Technology, research and development expenses		7		7
Sales and marketing expenses		2		3
General and administrative expenses		28		33

Total share-based compensation	$	41	$	46

Long-Term Debt (Table)

3 Months Ended

Mar. 31, 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 March 31, 2024					As of December 31, 2023
	Principal outstanding balance in currency of borrowing Local currency (in millions)		Outstanding Balance ($ in millions)			Principal outstanding balance in currency of borrowing Local currency (in millions)		Outstanding Balance ($ 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		548		€	507		560
TLA/TLB/RCF Agreement
GBP First Lien Term Loan A due 2028	£	1,034		1,307		£	1,034		1,315
EUR First Lien Term Loan A due 2028	€	380		411		€	380		419
USD First Lien Term Loan A due 2028	$	166		166		$	166		166
USD First Lien Term Loan B due 2030	$	3,905		3,908		$	3,400		3,400
GBP Revolving Credit Facility due 2028	£	433		548		£	578		736
Total debt principal including accrued interest				6,888					7,110

Less: unamortized debt issuance costs				(52	)				(54	)
Total debt				6,836					7,056
Current portion				(46	)				(51	)

Total long-term debt			$	6,790				$	7,005

Schedule of Contractual Principal Repayments

As of March 31, 2024, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:


($in millions)

2024	$	31
2025		39
2026		587
2027		39
2028		2,468
Thereafter		3,719

Total	$	6,883

Other Expense, Net

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Expense, Net

4.	OTHER EXPENSE, NET

The following table shows the detail of other expense, net for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
($ in millions)	2024			2023

Foreign exchange (loss) / gain, net	$	(3	)	$	36
Fair value gain / (loss) on derivative instruments		15			(17	)
Fair value loss on Fox Option liability		(184	)		(64	)
Fair value loss on investment		(2	)		—

Total other expense, net	$	(174	)	$	(45	)

Other Expense, Net - Schedule of Other Expense, Net (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net [Abstract]
Foreign exchange (loss) / gain, net	$ (3)	$ 36
Fair value gain / (loss) on derivative instruments	15	(17)
Fair value loss on Fox Option liability	(184)	(64)
Fair value loss on investment	(2)	0
Total other expense, net	$ (174)	$ (45)

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Condensed Consolidated Statements Of Comprehensive (Loss) / Income - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenue	$ 3,397	$ 2,918
Cost of sales	(1,793)	(1,541)
Gross profit	1,604	1,377
Technology, research and development expenses	(190)	(168)
Sales and marketing expenses	(881)	(882)
General and administrative expenses	(409)	(342)
Operating profit / (loss)	124	(15)
Other expense, net	(174)	(45)
Interest expense, net	(112)	(92)
Loss before income taxes	(162)	(152)
Income tax (expense) / income	(15)	41
Net loss	(177)	(111)
Net gain / (loss) attributable to non-controlling interests and redeemable non-controlling interests	4	(9)
Adjustment of redeemable non-controlling interest to redemption value	15	0
Net loss attributable to Flutter shareholders	$ (196)	$ (102)
Net loss per share
Basic	$ (1.1)	$ (0.58)
Diluted	$ (1.1)	$ (0.58)
Other comprehensive (loss) / income, before tax:
Effective portion of changes in fair value of cash flow hedges	$ 23	$ (60)
Fair value of cash flow hedges transferred to the income statement	(14)	43
Foreign exchange (loss) / gain on net investment hedges	(21)	4
Foreign exchange (loss) / gain on translation of the net assets of foreign currency denominated entities	(185)	177
Fair value movements on available for sale debt instruments	(1)	1
Other comprehensive (loss) / income	(198)	165
Other comprehensive (loss) / income attributable to Flutter shareholders	(188)	139
Other comprehensive (loss) / income attributable to non-controlling interest and redeemable non-controlling interest	(10)	26
Total comprehensive (loss) / income	$ (375)	$ 54

Share-Based Compensation - Schedule of Total Compensation Cost Arising From Employee Share Schemes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items]
Total share-based compensation	$ 41	$ 46
Cost of sales [Member]
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items]
Total share-based compensation	4	3
Technology, research and development expenses [Member]
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items]
Total share-based compensation	7	7
Sales and marketing expenses [Member]
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items]
Total share-based compensation	2	3
General and administrative expenses [Member]
Schedule Of Share Based Compensation Employee Stock Purchase Plan Activity [Line Items]
Total share-based compensation	$ 28	$ 33

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.	COMMITMENTS AND CONTINGENCIES

Guarantees

The Group has uncommitted working capital overdraft facilities as of March 31, 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 March 31, 2024 was $313 million (December 31, 2023: $322 million). No claims had been made against the guarantees as of March 31, 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 $53 million as of March 31, 2024 (December 31, 2023: $29 million).

Other purchase obligations

The Group is a party to several

non-cancelable

contracts with vendors where the Group is obligated to make future minimum payments under the terms of these contracts as follows:


($ in millions)	Three months ended March 31, 2024

From April 1, 2023 to December 31, 2024	$	831
2025		720
2026		458
2027		316
2028		191
Thereafter		480

		$2,996

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 est

ima

tes 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 litigations, 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

with their respective local laws. The Group strongly disputes the basis of these claims and judgements made by Austrian and German courts in awarding the player’s claims.

As of March 31, 2024, the Group expects to settle claims amounting to €13 million ($15 million) and has recognized an accrued liability within loss contingencies forming part of other current liabilities. In addition, there are further claims made against the Group amounting to €40 million ($44 million

)

as of March 31, 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.

Others

During the three months ended March 31, 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 litigations in relation to the Group’s previously reported tax dispute in PokerStars business in Italy, cybersecurity incident and G

oods and

Services Tax appli

cab

le to operations in India as discussed in our 2023 Annual

Report.

Derivatives

3 Months Ended

Mar. 31, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

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

activities.

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 A maturing in 2028 and USD First Lien Term Loan B maturing in 2030 respectively are managed using interest rate swaps and cross-currency interest rate swaps respectively, which are designated as cash flow hedges with the objective of reducing the volatility of interest expense and foreign currency gains and losses. Under the terms of the cross-currency interest rate swaps, the Group makes fixed- rate interest payments in pounds sterling (GBP) or euro (EUR) 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 at maturity whereby the Group will receive USD from and pay GBP or EUR to the counterparties at exchange rates which are determined at contract inception. Under the terms of the interest rate swaps, 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 debts.

The notional amount of cross-currency interest rate swaps accounted for as cash-flow hedges was $1,599 million as of March 31, 2024, and $1,603 million as of December 31, 2023 with maturities of ranging from September 2024 to June 2025. The notional amount of interest-rate swaps accounted for as cash-flow hedges was $1,092 million as of March 31, 2024 and $1,094 million as of December 31, 2023 with maturities ranging from September 2024 to June 2025. Changes

in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of cash-flow hedges are recorded in other comprehensive income / (loss), until earnings are affected by the variability of cash flows. Amounts recorded in accumulated other comprehensive income / (loss) were recognized in earnings within interest expense, net when the hedged interest payment was accrued. In addition, since the cross-currency interest rate swaps was a hedge of variability of the functional-currency-equivalent cash flows of the recognized term loan liability remeasured at spot exchange rates under ASC 830, “Foreign Currency Matters,” an amount that offset the gain or loss arising from the remeasurement of the hedged term loan liability was reclassified each period from accumulated other comprehensive income / (loss) to earnings in the foreign exchange loss, net, which is a component of other income, net.

The

amount reclassified from accumulated other comprehensive income / (loss) into

earnings was a net loss of $14 million for the three months ended March 31, 2024

and a net gain of $43 million for the three months ended March 31, 202

The Group expects to reclassify a gain of $4 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 Lien Term Loan B maturing in 2026 and receive fixed rate, pay fixed rate cross-currency interest swaps whereby the Group will receive GBP from and pay Euro to the counterparties at exchange rates which are determined at contract inception, as a net investment hedge of its Euro denominated subsidiaries which are intended to mitigate foreign currency exposure related to

non-GBP

net investments in certain Euro functional subsidiaries.

As of March 31, 2024, the nominal exposures of EUR First Lien Term Loan A and EUR First Lien Term Loan B designated as net investment hedges were $959 million. 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 $350 million

as of March 31, 2024.

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. Losses, net of tax, included in the foreign currency translation adjustment were

$21

million for the three months ended March 31, 2024, and gains, net of tax amounting to

$4 million for the

three months

ended March 31, 2023. There were no amounts reclassified out of accumulated other comprehensive income (“AOCI”) pertaining to the net investment hedge during the

three months

ended March 31, 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 March 31, 2024, the cross-currency interest rate swaps have maturities of September 2024 and June 2025.

The following table summarizes the fair value of derivatives as of March 31, 2024 and December 31, 2023:


$ in millions	Derivative Assets								Derivative Liabilities
	Mar-24				Dec-23				Mar-24					Dec-23
	Balance sheet location		Fair value		Balance sheet location		Fair value		Balance sheet location		Fair value			Balance sheet location		Fair value
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	$	(96	)		Other current liabilities	$	(104	)
Cross-currency interest rate swaps		Other non-current assets		—		Other non-current assets		—		Other non-current liabilities		(10	)		Other non-current liabilities		(21	)
Interest rate swaps		Other non-current assets		5		Other non-current assets		—		Other non-current liabilities		—			Other non-current liabilities		—

Total derivatives designated as cash flow hedges			$	5			$	—			$	(106	)			$	(125	)

Derivatives designated as net investment hedges:
Cross-currency interest swaps		Other non-current assets		4		Other non-current assets	$	—		Other non-current liabilities	$	—			Other non-current liabilities	$	(1	)

Total derivatives designated as hedging instrument				4			$	—			$	—				$	(1	)


$ in millions	Derivative Assets								Derivative Liabilities
	Mar-24				Dec-23				Mar-24					Dec-23
Derivatives not designated as hedging instruments:
Cross-currency interest rate swaps		Prepaid expenses and other current assets		10		Prepaid expenses and other current assets		—		Other current liabilities	$	(49	)		Other current liabilities	$	(52	)

Total derivatives not designated as hedging instruments			$	10			$	—			$	(49	)			$	(52	)

Total derivatives			$	19			$	—			$	(155	)			$	(178	)

Segments and Disaggregation of Revenue - Schedule of Reconciliation of Reportable Segment Adjusted EBITDA to Loss Before Taxes (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	$ 550	$ 387
Unallocated corporate overhead	(36)	(35)
Depreciation and amortization	(297)	(297)
Share-based compensation expense	(41)	(46)
Transaction fees and associated costs	(29)	(3)
Restructuring and integration costs	(23)	(21)
Other expense, net	(174)	(45)
Interest expense, net	(112)	(92)
Loss before income taxes	(162)	(152)
US [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	26	(53)
UK [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	268	206
Australia [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	83	85
International Segement [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	173	149
Segment Reconciling Items [Member]
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Interest expense, net	$ (112)	$ (92)

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 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

interests measured at fair value based on the three-tier fair value hierarchy:


	As of March 31, 2024
($ in millions)	Level 1		Level 2		Level 3			Total
Financial assets measured at fair value:
Available for sale – Player deposits – investments	$	143	$	30	$	—		$	173
Equity securities		—		—		7			7
Derivative financial assets		—		19		—			19

Total		143		49		7			199

Financial liabilities measured at fair value:
Derivative financial liabilities		—		155		—			155
Fox Option Liability		—		—		580			580
Contingent consideration		—		—		19			19

Total		—		155		599			754

Redeemable non-controlling interests at fair value	$	—	$	—	$	(1,304	)	$	(1,304	)


	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		—		—		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 interests at fair value	$	—	$	—	$	1,100	$	1,100
Pokerstars trademark held and used 1	$	—	$	—	$	368	$	368

Total nonrecurring fair value measurement	$	—	$	—	$	368	$	368

In accordance with subtopic

360-10,

Pokerstars trademark held and used with a carrying amount of $1,093 million was written down to its fair value of $368 million, in the fourth quarter of 2023 resulting in an impairment of $725 million, which was included in sales and marketing expenses. The Group utilized the relief from royalty method under the income approach to estimate the fair value. Assumptions inherent in estimating the fair value included revenue forecast, royalty rate of 5.0%, income tax rate of 12.5%, and discount rate of 12.5%. The Group selected the assumptions used in the financial forecasts of cash flows specific to the remaining useful life of the trademark using historical data, supplemented by current and anticipated market conditions and estimated growth rates. Financial forecasts beyond the period covered by the plans were estimated by extrapolating the forecasts based on the plans using a steady growth in line with the long-term average growth for the countries in which the trademark is used. As the fair value measurements were based on significant inputs not observable in the market, they represented Level 3 measurements within the fair value hierarchy.

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 consideration			Equity securities			Fox Option liability			Total			Redeemable non- controlling interest at fair value


Balance at December 31, 2023	$	(20	)	$	9		$	(400	)	$	(411	)	$	(1,100	)
Total gains or losses for the period:
Included in earnings		—			(2	)		(184	)		(186	)		—
Included in other comprehensive income		1			—			4			5			—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest		—			—			—			—			1
Other comprehensive income attributable to redeemable non-controlling interest		—			—			—			—			11
Adjustment of redeemable non-controlling interest to redemption at fair value		—			—			—			—			(216	)

Balance at March 31, 2024		(19	)		7			(580	)		(592	)		(1,304	)

Change in unrealized gains or losses for the period included in earnings		—			(2	)		(184	)		(186	)		—

Change in unrealized gains or losses for the period included in other comprehensive income	$	—		$	—		$	4		$	4		$	—


($ in millions)	Contingent consideration			Equity securities		Fox Option liability			Total			Redeemable non- controlling interest at fair value


Balance at December 31, 2022	$	(22	)	$	11	$	(220	)	$	(231	)	$	(781	)
Total gains or losses for the period:
Included in earnings		—			—		(64	)		(64	)		—
Included in other comprehensive income		2			—		(6	)		(4	)		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest		—			—		—			—			4
Other comprehensive income attributable to redeemable non-controlling interest		—			—		—			—			(17	)
Adjustment of redeemable non-controlling interest to redemption at fair value		—			—		—			—			(125	)

Balance at March 31, 2023		(20	)		11		(290	)		(299	)		(919	)

Change in unrealized gains or losses for the period included in earnings		—			—		(64	)		(64	)		—

Change in unrealized gains or losses for the period included in other comprehensive income	$	—		$	—	$	(6	)	$	(6	)	$	—

Segments and Disaggregation of Revenue

3 Months Ended

Mar. 31, 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;

•

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 months ended March 31, 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 March 31,
($ in millions)	2024		2023
Revenue
U.S.
Sportsbook	$	986	$	759
iGaming		358		241
Other		66		71

U.S. segment revenue		1,410		1,071

UKI
Sportsbook		411		376
iGaming		406		319
Other		44		41

UKI segment revenue		861		736

International
Sportsbook		160		181
iGaming		600		553
Other		37		26

International segment revenue		797		760

Australia
Sportsbook		329		351

Australia segment revenue		329		351

Total reportable segment revenue	$	3,397	$	2,918

iGaming revenue includes iGaming, Poker, and

Lottery

The information below summarizes revenue by geographical market for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
($ in millions)	2024		2023

U.S.	$	1,399	$	1,083
UK		782		660
Ireland		77		78
Australia		329		351
Italy		365		369
Rest of the world		445		377

Total revenue	$	3,397	$	2,918

The information below shows the reconciliation of reportable segment Adjusted EBITDA to loss before taxes for the three months ended March 31, 2024, and 2023:


	Three months ended March 31,
($ in millions)	2024			2023

U.S.	$	26		$	(53	)
UKI		268			206
International		173			149
Australia		83			85

Reportable segment adjusted EBITDA		550			387
Unallocated corporate overhead 1		(36	)		(35	)
Depreciation and amortization		(297	)		(297	)
Share-based compensation expense		(41	)		(46	)
Transaction fees and associated costs 2		(29	)		(3	)
Restructuring and integration costs 3		(23	)		(21	)
Other expense, net		(174	)		(45	)
Interest expense, net		(112	)		(92	)

Loss before taxes	$	(162	)	$	(152	)

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 of $25 million related to implementation of internal controls , information system changes and other activities related to the anticipated change in the primary listing of the Group for the three months ended March 31, 2024.

During the three months ended March 31, 2024, costs of $23 million (three months ended March 31, 2023: $21

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.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Basic And Diluted Net Loss Per Ordinary Share

The following table sets forth the computation of the Group’s basic and diluted net loss per ordinary share attributable to the Group:


	Three months ended March 31,
($ in millions except share and per share amounts)	2024			2023

Numerator
Net loss	$	(177	)	$	(111	)
Net gain/(loss) attributable to non-controlling interests and redeemable non-controlling interests		4			(9	)
Adjustment of redeemable non-controlling interest to redemption value		15			0

Net loss attributable to Flutter shareholders – basic and diluted	$	(196	)	$	(102	)

Denominator
Weighted average shares – basic and diluted		178			177

Net loss per share attributable to Flutter shareholders – basic and diluted	$	(1.10	)	$	(0.58	)

Business Combinations

3 Months Ended

Mar. 31, 2024

Business Combinations [Abstract]

Business Combinations

11.	BUSINESS COMBINATIONS

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. This process is expected to be completed in the second quarter of

2024.

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 th

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

interest shareholder groups exercise the options within the option exercise period. The option price is calculated using a multiple of MaxBet’s EBITDA less net debt or plus net cash, as defined in the shareholders agreement, subject to a cap calculated as $7 billion (€6 billion) less the purchase consideration. The options can be settled, at the Group’s election, in cash or freely tradeable shares of Flutter.

The provisional fair value of assets and liabilities acquired was $117 million. 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 interest was $89 million, which was provisionally estimated by applying a discount for lack of marketability

of 20%

considering the output of the Finnerty method and discount for lack of control

of 20%

using implied discounts from observable transactions and data based on Mergerstat studies.

Acquisition-related costs during the three months ended March 31, 2024 and March 31, 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 March 31, 202

, MaxBet has contributed revenue of $47 million and $3 million

of profit after tax to the results of the Group. Considering the size of the acquisition is not material, no additional informati

n is provided.

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 1,353	$ 1,497
Cash and cash equivalents – restricted	22	22
Player deposits – cash and cash equivalents	1,782	1,752
Player deposits – investments	173	172
Accounts receivable, net	82	90
Prepaid expenses and other current assets	448	443
TOTAL CURRENT ASSETS	3,860	3,976
Investments	7	9
Property and equipment, net	478	471
Operating lease right-of-use assets	449	429
Intangible assets, net	5,787	5,881
Goodwill	13,678	13,745
Deferred tax assets	27	24
Other non-current assets	104	100
TOTAL ASSETS	24,390	24,635
CURRENT LIABILITIES:
Accounts payable	265	240
Player deposit liability	1,842	1,786
Operating lease liabilities	128	123
Long-term debt due within one year	46	51
Other current liabilities	2,305	2,326
TOTAL CURRENT LIABILITIES	4,586	4,526
Operating lease liabilities – Non-current	362	354
Long-term debt	6,790	7,005
Deferred tax liabilities	783	802
Other non-current liabilities	733	580
TOTAL LIABILITIES	13,254	13,267
COMMITMENTS AND CONTINGENCIES (Note 16)
REDEEMABLE NON-CONTROLLING INTERESTS	1,462	1,152
SHAREHOLDERS' EQUITY
Ordinary share (Authorized 300,000,000 shares of €0.09 ($0.09) par value each; issued March 31, 2024: 177,445,195 shares; December 31, 2023: 177,008,649 shares)	36	36
Shares held by employee benefit trust, at cost March 31, 2024: 0 shares, December 31, 2023: 0 shares
Additional paid-in capital	1,439	1,385
Accumulated other comprehensive loss	(1,669)	(1,483)
Retained earnings	9,694	10,106
Total Flutter Shareholders' Equity	9,500	10,044
Non-controlling interests	174	172
TOTAL SHAREHOLDERS' EQUITY	9,674	10,216
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS' EQUITY	$ 24,390	$ 24,635

Long-Term Debt

3 Months Ended

Mar. 31, 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 March 31, 2024					As of December 31, 2023
	Principal outstanding balance in currency of borrowing Local currency (in millions)		Outstanding Balance ($ in millions)			Principal outstanding balance in currency of borrowing Local currency (in millions)		Outstanding Balance ($ 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		548		€	507		560
TLA/TLB/RCF Agreement
GBP First Lien Term Loan A due 2028	£	1,034		1,307		£	1,034		1,315
EUR First Lien Term Loan A due 2028	€	380		411		€	380		419
USD First Lien Term Loan A due 2028	$	166		166		$	166		166
USD First Lien Term Loan B due 2030	$	3,905		3,908		$	3,400		3,400
GBP Revolving Credit Facility due 2028	£	433		548		£	578		736
Total debt principal including accrued interest				6,888					7,110

Less: unamortized debt issuance costs				(52	)				(54	)
Total debt				6,836					7,056
Current portion				(46	)				(51	)

Total long-term debt			$	6,790				$	7,005

As of March 31, 2024, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:


($in millions)

2024	$	31
2025		39
2026		587
2027		39
2028		2,468
Thereafter		3,719

Total	$	6,883

During

the

three months

ended March 31, 2024, the Group has drawn $126 million (March 31, 2023: $609 million) and repaid of $309 million (March 31, 2023: $598 million) under the GBP revolving credit facility. The Group had an undrawn revolving credit commitment of $716 million as of March 31, 2024 (December 31, 2023:

537 million), of which $13 million (December 31, 2023: $13 million) was reserved for issuing guarantees.

March 14, 2024, the Group refinanced the remaining amounts due under the USD First Lien Term Loan B due 2028 by entering 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. 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

the original debt instrument for accounting purposes.

As of March 31, 2024, and December 31, 2023, the Group was in compliance with all debt covenants.

Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] $ in Millions	Apr. 29, 2024 USD ($)
Six Point Three Seven Five Percent Senior Secured Notes Due Two Thousand And Twenty Nine [Member]
Subsequent Event [Line Items]
Debt instrument face value	$ 525
Long term debt bearing fixed interest rate percentage	6.375%
Five Percent Senior Secured Notes Due Two Thousand And Twenty Nine [Member]
Subsequent Event [Line Items]
Debt instrument face value	$ 500
Long term debt bearing fixed interest rate percentage	5.00%
Six Point Three Seven Five And Five Percent Senior Secured Notes Due Two Thousand And Twenty Nine [Member]
Subsequent Event [Line Items]
Long term debt year of maturity	2029
Long term debt value issued as a percentage of nominal value	100.00%

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 profit / (loss)		(7)
Adjustment of redeemable non-controlling interest to redeemable fair value		125
Other comprehensive income / (loss)	$ 141	24				$ 139		$ 139	$ 2
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 profit / (loss)	(104)						(102)	(102)	(2)
Adjustment of redeemable non-controlling interest to redeemable 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	24				139		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
Beginning Balance at Dec. 31, 2023		1,152
Net profit / (loss)		15
Adjustment of redeemable non-controlling interest to redeemable fair value		216
Acquisition of redeemable non-controlling interests		89
Other comprehensive income / (loss)	(188)	(10)				(186)		(186)	(2)
Balance Ending at Mar. 31, 2024		1,462
Beginning Balance at Dec. 31, 2023	10,216		$ 36		1,385	(1,483)	10,106	10,044	172
Beginning Balance , Shares at Dec. 31, 2023			177,008,649
Net profit / (loss)	(192)						(196)	(196)	4
Adjustment of redeemable non-controlling interest to redeemable 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)	$ (10)				(186)		(186)	(2)
Balance Ending at Mar. 31, 2024	$ 9,674		$ 36		$ 1,439	$ (1,669)	$ 9,694	$ 9,500	$ 174
Balance Ending , shares at Mar. 31, 2024			177,445,195

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2024	May 09, 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	Mar. 31, 2024
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
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		177,569,013
Former Address [Member]
Document Information [Line Items]
Entity Address, Address Line One	Belfield Office Park
Entity Address, Address Line Two	Beech Hill Road Clonskeagh
Entity Address, Address Line Three	Dublin 4
Entity Address, Country	IE
Entity Address, Postal Zip Code	D04 V972

Long-Term Debt - Schedule of Contractual Principal Repayments (Detail) $ in Millions	Mar. 31, 2024 USD ($)
Long-Term Debt, by Current and Noncurrent [Abstract]
2024	$ 31
2025	39
2026	587
2027	39
2028	2,468
Thereafter	3,719
Total	$ 6,883

Loss Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Weighted average number of diluted shares outstanding	1,987,193	2,111,280

Other Expense, Net (Tables)

3 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net

The following table shows the detail of other expense, net for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
($ in millions)	2024			2023

Foreign exchange (loss) / gain, net	$	(3	)	$	36
Fair value gain / (loss) on derivative instruments		15			(17	)
Fair value loss on Fox Option liability		(184	)		(64	)
Fair value loss on investment		(2	)		—

Total other expense, net	$	(174	)	$	(45	)

Other Current Liabilities - Schedule of Contract Liability Balance (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Other Liabilities, Current [Abstract]
Contract liability - Beginning balance	$ 119
Contract liability - Ending balance	110
Total reportable segment revenue	$ 119	$ 113

Loss Per Share - Schedule of Basic And Diluted Net Loss Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (177)	$ (111)
Net loss attributable to Flutter shareholders – basic	$ (196)	$ (102)
Net loss per share attributable to Flutter shareholders – basic	$ (1.1)	$ (0.58)
Net loss per share attributable to Flutter shareholders – diluted	$ (1.1)	$ (0.58)
Flutter Entertainment Plc [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net loss	$ (177)	$ (111)
Net gain/(loss) attributable to non-controlling interests and redeemable non-controlling interests	4	(9)
Adjustment of redeemable non-controlling interest to redemption value	15	0
Net loss attributable to Flutter shareholders – basic	(196)	(102)
Net loss attributable to Flutter shareholders – diluted	$ (196)	$ (102)
Weighted average shares – basic	178	177
Weighted average shares – diluted	178	177
Net loss per share attributable to Flutter shareholders – basic	$ (1.1)	$ (0.58)
Net loss per share attributable to Flutter shareholders – diluted	$ (1.1)	$ (0.58)

Other Current Liabilities

3 Months Ended

Mar. 31, 2024

Other Liabilities, Current [Abstract]

Other Current Liabilities

10.	OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following as of March 31, 2024 and December 31, 2023:


($ in millions)	As of March 31, 2024		As of December 31, 2023

Accrued expenses	$	1,031	$	945
Betting duty, data rights, and product and race field fees		444		453
Employee benefits		192		330
Sports betting open positions		110		119
Derivatives liability		145		156
Current tax payables		123		94
Loss contingencies		79		74
Indirect and payroll taxes		155		155
Deferred consideration		26		—

Total other current liabilities	$	2,305	$	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:


	For the three months ended March 31, 2024

Contract liability, beginning of the reporting period	$	119
Contract liability, end of the reporting period		110
Revenue recognized in the period from amounts included in contract liability at the beginning of the reporting period		119

Revenue recognized related to the contract liability for the three months ended March 31, 2023

was $113 million.

Fair Value Measurements

3 Months Ended

Mar. 31, 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

interests measured at fair value based on the three-tier fair value hierarchy:


	As of March 31, 2024
($ in millions)	Level 1		Level 2		Level 3			Total
Financial assets measured at fair value:
Available for sale – Player deposits – investments	$	143	$	30	$	—		$	173
Equity securities		—		—		7			7
Derivative financial assets		—		19		—			19

Total		143		49		7			199

Financial liabilities measured at fair value:
Derivative financial liabilities		—		155		—			155
Fox Option Liability		—		—		580			580
Contingent consideration		—		—		19			19

Total		—		155		599			754

Redeemable non-controlling interests at fair value	$	—	$	—	$	(1,304	)	$	(1,304	)


	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		—		—		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 interests at fair value	$	—	$	—	$	1,100	$	1,100
Pokerstars trademark held and used 1	$	—	$	—	$	368	$	368

Total nonrecurring fair value measurement	$	—	$	—	$	368	$	368

In accordance with subtopic

360-10,

There were no

transfers between levels of the fair value hierarchy during the three months ended March 31, 2024, and December 31, 2023.

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

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 March 31, 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 March 31, 2024 (December 31, 2023: $9 million) using the Market

Comparable Companies Approach. The EBITDA

multiple used to develop the level 3 fair value measured was 6.21 for the three months ended March 31, 2024 (December 31, 2023: 8.08), which was based on the guideline public company method. An increase in the input would result in an increase in the investments in equity securities valuation; a decrease in the input would result in a decrease in the investments in equity securities valuation. The total

unrealized loss

of $2 million for the three months ended March 31, 2024 (March 31, 2023: $0

million)

is recognized with other expense, net in the Condensed Consolidated Statements of Comprehensive (Loss) / Income.

Non-derivative financial instruments

Fox Option

The fair value of the Fox Option amounts t

o $580

million at March 31, 2024 and

$400

million at December 31, 2023 which was determined using an option pricing model. As of March 31, 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 20.5% and 19.0%

for the

three months

ended March 31, 2024 and

year ended

December 31, 2023, respectively.

Additionally, management applied a combined

35%

discount for lack of marketability and lack of control as of March 31, 2024, and year ended December 31, 2023. A range of DLOMs obtained using these approaches was

13.2

20.4

DLOC was estimated at 18.4% and 18% using implied discounts in previous observable transactions involving FanDuel’s equity ownership and data based on Mergerstat studies for the three months ended March 31, 2024, and the year ended December 31, 2023 respectively.

Management selected a discount rate of 35%, which is on the higher end of the third quartile based on the ranges considered by management.

The

volatility was 36% and 36%

for the three months ended March 31, 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

for the three months ended March 31, 2024, and the year ended 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 certain 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

interests at fair value

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

enterprise value determined in the same manner as discussed earlier for March 31, 2024 and December 31, 2023 is considered in measuring the fair value of redeemable

non-controlling

interests owned by Boyd.

Contingent c

nsideration

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 March 31, 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 value

The movements in respect of the financial assets and liabilities carried at fair value are as follows:


($ in millions)	Contingent consideration			Equity securities			Fox Option liability			Total			Redeemable non- controlling interest at fair value


Balance at December 31, 2023	$	(20	)	$	9		$	(400	)	$	(411	)	$	(1,100	)
Total gains or losses for the period:
Included in earnings		—			(2	)		(184	)		(186	)		—
Included in other comprehensive income		1			—			4			5			—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest		—			—			—			—			1
Other comprehensive income attributable to redeemable non-controlling interest		—			—			—			—			11
Adjustment of redeemable non-controlling interest to redemption at fair value		—			—			—			—			(216	)

Balance at March 31, 2024		(19	)		7			(580	)		(592	)		(1,304	)

Change in unrealized gains or losses for the period included in earnings		—			(2	)		(184	)		(186	)		—

Change in unrealized gains or losses for the period included in other comprehensive income	$	—		$	—		$	4		$	4		$	—


($ in millions)	Contingent consideration			Equity securities		Fox Option liability			Total			Redeemable non- controlling interest at fair value


Balance at December 31, 2022	$	(22	)	$	11	$	(220	)	$	(231	)	$	(781	)
Total gains or losses for the period:
Included in earnings		—			—		(64	)		(64	)		—
Included in other comprehensive income		2			—		(6	)		(4	)		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest		—			—		—			—			4
Other comprehensive income attributable to redeemable non-controlling interest		—			—		—			—			(17	)
Adjustment of redeemable non-controlling interest to redemption at fair value		—			—		—			—			(125	)

Balance at March 31, 2023		(20	)		11		(290	)		(299	)		(919	)

Change in unrealized gains or losses for the period included in earnings		—			—		(64	)		(64	)		—

Change in unrealized gains or losses for the period included in other comprehensive income	$	—		$	—	$	(6	)	$	(6	)	$	—

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

Other Liabilities, Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following as of March 31, 2024 and December 31, 2023:


($ in millions)	As of March 31, 2024		As of December 31, 2023

Accrued expenses	$	1,031	$	945
Betting duty, data rights, and product and race field fees		444		453
Employee benefits		192		330
Sports betting open positions		110		119
Derivatives liability		145		156
Current tax payables		123		94
Loss contingencies		79		74
Indirect and payroll taxes		155		155
Deferred consideration		26		—

Total other current liabilities	$	2,305	$	2,326

Schedule of Conract Liability In Relation To Sports Betting Open Positions

The contract liability balance was as follows:


	For the three months ended March 31, 2024

Contract liability, beginning of the reporting period	$	119
Contract liability, end of the reporting period		110
Revenue recognized in the period from amounts included in contract liability at the beginning of the reporting period		119

Business Combinations - Additional Information (Detail) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Jan. 10, 2024	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Business Combination Consideration Transferred	$ 144	€ 132
Percentage Of Acquisition Remaining	49.00%
Percentage of discount on Marketability	20.00%
Percentage of discount on Control	20.00%
Business Acquisition Revenue	$ 47
Business Acquisitions Net Income Loss	3
Goodwill	13,678			$ 13,745
Redeemable Preferred Stock [Member]
Business Acquisition [Line Items]
Non-controlling interest	89
MaxBet [Member]
Business Acquisition [Line Items]
Percentage Of Acquisition			51.00%
MaxBet Acquisition [Member]
Business Acquisition [Line Items]
Provisional fair value	117
Goodwill	$ 116

Segments and Disaggregation of Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Group's Segment Information

The following tables present the Group’s segment information:


	Three months ended March 31,
($ in millions)	2024		2023
Revenue
U.S.
Sportsbook	$	986	$	759
iGaming		358		241
Other		66		71

U.S. segment revenue		1,410		1,071

UKI
Sportsbook		411		376
iGaming		406		319
Other		44		41

UKI segment revenue		861		736

International
Sportsbook		160		181
iGaming		600		553
Other		37		26

International segment revenue		797		760

Australia
Sportsbook		329		351

Australia segment revenue		329		351

Total reportable segment revenue	$	3,397	$	2,918

Schedule of Revenue by Geographical Market

The information below summarizes revenue by geographical market for the three months ended March 31, 2024 and 2023:


	Three months ended March 31,
($ in millions)	2024		2023

U.S.	$	1,399	$	1,083
UK		782		660
Ireland		77		78
Australia		329		351
Italy		365		369
Rest of the world		445		377

Total revenue	$	3,397	$	2,918

The information below shows the reconciliation of reportable segment Adjusted EBITDA to loss before taxes for the three months ended March 31, 2024, and 2023:


	Three months ended March 31,
($ in millions)	2024			2023

U.S.	$	26		$	(53	)
UKI		268			206
International		173			149
Australia		83			85

Reportable segment adjusted EBITDA		550			387
Unallocated corporate overhead 1		(36	)		(35	)
Depreciation and amortization		(297	)		(297	)
Share-based compensation expense		(41	)		(46	)
Transaction fees and associated costs 2		(29	)		(3	)
Restructuring and integration costs 3		(23	)		(21	)
Other expense, net		(174	)		(45	)
Interest expense, net		(112	)		(92	)

Loss before taxes	$	(162	)	$	(152	)

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 of $25 million related to implementation of internal controls , information system changes and other activities related to the anticipated change in the primary listing of the Group for the three months ended March 31, 2024.

During the three months ended March 31, 2024, costs of $23 million (three months ended March 31, 2023: $21

Long-Term Debt - Schedule of Group's debt comprised (Detail) € in Millions, £ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Mar. 31, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 6,888			$ 7,110
Less: unamortized debt issuance costs	(52)			(54)
Total debt	6,836			7,056
Current portion	(46)			(51)
Total long-term debt	6,790			7,005
USD First Lien Term Loan B Due 2028 [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 0			514
Debt Instrument, Maturity Date, Description	2028
USD First Lien Term Loan B Due 2028 [Member] \| Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 0			514
EUR First Lien Term Loan B Due 2026 [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 548			560
Debt Instrument, Maturity Date, Description	2026
EUR First Lien Term Loan B Due 2026 [Member] \| Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross \| €		€ 507			€ 507
GBP First Lien Term Loan A Due 2028 [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 1,307			1,315
Debt Instrument, Maturity Date, Description	2028
GBP First Lien Term Loan A Due 2028 [Member] \| Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross \| £			£ 1,034			£ 1,034
EUR First Lien Term Loan A Due 2028 [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 411			419
Debt Instrument, Maturity Date, Description	2028
EUR First Lien Term Loan A Due 2028 [Member] \| Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross \| €		€ 380			€ 380
USD First Lien Term Loan A Due 2028 [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 166			166
Debt Instrument, Maturity Date, Description	2028
USD First Lien Term Loan A Due 2028 [Member] \| Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 166			166
USD First Lien Term Loan B Due 2030 [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 3,908			3,400
Debt Instrument, Maturity Date, Description	2030
USD First Lien Term Loan B Due 2030 [Member] \| Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 3,905			3,400
GBP Revolving Credit Facility Due 2028 [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross	$ 548			$ 736
Debt Instrument, Maturity Date, Description	2028
GBP Revolving Credit Facility Due 2028 [Member] \| Domestic Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Debt, Gross \| £			£ 433			£ 578

Commitments and Contingencies - Additional Information (Detail) € in Millions, $ in Millions	Mar. 31, 2024 USD ($)	Mar. 31, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Austria And German Payer Claims [Member]
Other Commitments [Line Items]
Loss contingency estimate of possible loss	$ 44	€ 40
Austria And German Payer Claims [Member] \| Other Current Liabilities [Member]
Other Commitments [Line Items]
Loss contingency accrual current	15	€ 13
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	313		322
Claims against the guarantee	0		0
Security deposit	$ 53		$ 29

Fair Value Measurements - Schedule of financial assets and liabilities carried at fair value (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other comprehensive income attributable to redeemable non-controlling interest	$ 10	$ (26)
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning balance	(411)	(231)
Included in earnings	(186)	(64)
Included in other comprehensive income	5	(4)
Net loss attributable to redeemable non-controlling interest	0	0
Other comprehensive income attributable to redeemable non-controlling interest	0	0
Adjustment of redeemable non-controlling interest to redemption at fair value	0	0
Ending balance	(592)	(299)
Change in unrealized gains or losses for the period included in earnings	(186)	(64)
Change in unrealized gains or losses for the period included in other comprehensive income	4	(6)
Fair Value, Inputs, Level 3 [Member] \| Contingentent Consideration [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning balance	(20)	(22)
Included in earnings	0	0
Included in other comprehensive income	1	2
Net loss attributable to redeemable non-controlling interest	0	0
Other comprehensive income attributable to redeemable non-controlling interest	0	0
Adjustment of redeemable non-controlling interest to redemption at fair value	0	0
Ending balance	(19)	(20)
Change in unrealized gains or losses for the period included in earnings	0	0
Change in unrealized gains or losses for the period included in other comprehensive income	0	0
Fair Value, Inputs, Level 3 [Member] \| Equity securities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning balance	9	11
Included in earnings	(2)	0
Included in other comprehensive income	0	0
Net loss attributable to redeemable non-controlling interest	0	0
Other comprehensive income attributable to redeemable non-controlling interest	0	0
Adjustment of redeemable non-controlling interest to redemption at fair value	0	0
Ending balance	7	11
Change in unrealized gains or losses for the period included in earnings	(2)	0
Change in unrealized gains or losses for the period included in other comprehensive income	0	0
Fair Value, Inputs, Level 3 [Member] \| Fox Option liability [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Beginning balance	(400)	(220)
Included in earnings	(184)	(64)
Included in other comprehensive income	4	(6)
Net loss attributable to redeemable non-controlling interest	0	0
Other comprehensive income attributable to redeemable non-controlling interest	0	0
Adjustment of redeemable non-controlling interest to redemption at fair value	0	0
Ending balance	(580)	(290)
Change in unrealized gains or losses for the period included in earnings	(184)	(64)
Change in unrealized gains or losses for the period included in other comprehensive income	4	(6)
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	(1,100)	(781)
Included in earnings	0	0
Included in other comprehensive income	0	0
Net loss attributable to redeemable non-controlling interest	1	4
Other comprehensive income attributable to redeemable non-controlling interest	11	(17)
Adjustment of redeemable non-controlling interest to redemption at fair value	(216)	(125)
Redeemable non- controlling interest at fair value, Ending balance	(1,304)	(919)
Change in unrealized gains or losses for the period included in earnings	0	0
Change in unrealized gains or losses for the period included in other comprehensive income	$ 0	$ 0

Prepaid Expenses and Other Current Assets

3 Months Ended

Mar. 31, 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 March 31, 2024, and December 31, 2023:


($ in millions)	As of March 31, 2024		As of December 31, 2023
Prepayments and accrued income	$	240	$	205
Derivative financial assets		10		—
Current tax receivable		55		59
Inventory		15		13
Other receivables		128		166

Total Prepaid expenses and other current assets	$	448	$	443

Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Total Compensation Cost Arising From Employee Share Schemes

Total compensation cost arising from employee share schemes for the

three mont

hs ended March 31, 2024, and March 31, 2023, was $41 million and $46 million

respectively, classified in the Condensed Consolidated Statements of Comprehensive (Loss) / Income as follows:


($ in millions)	Three months ended March 31,
($ in millions)	2024		2023
Cost of sales	$	4	$	3
Technology, research and development expenses		7		7
Sales and marketing expenses		2		3
General and administrative expenses		28		33

Total share-based compensation	$	41	$	46

Condensed Consolidated Balance Sheets (Parenthetical)	Mar. 31, 2024 € / shares shares	Mar. 31, 2024 $ / shares 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	300,000,000
Common stock par or stated value per share \| (per share)	€ 0.09	$ 0.09	€ 0.09	$ 0.09
Common stock shares issued	177,445,195	177,445,195	177,008,649	177,008,649
Common stock shares held by employee benefit trust	0	0	0	0

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (177)	$ (111)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (c)
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-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Changes in Accumulated Other Comprehensive Income / (Loss)

3 Months Ended

Mar. 31, 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:


($ in millions)	Gains and losses on Cash Flow Hedges			Unrealized Gains and Losses on Available-for- Sale Debt securities			Foreign Currency Items			Total

Balance as of December 31, 2023	$	(6	)	$	(1	)	$	(1,476	)	$	(1,483	)
Other comprehensive income / (loss) before reclassifications		23			(1	)		(194	)		(172	)
Amounts reclassified from accumulated other comprehensive income		(14	)		—			—			(14	)

Net current period other comprehensive income / (loss)		9			(1	)		(194	)		(186	)

Balance as of March 31, 2024	$	3		$	(2	)	$	(1,670	)	$	(1,669	)


($ in millions)	Gains and losses on Cash Flow Hedges			Unrealized Gains and Losses on Available-for- Sale Debt securities			Foreign Currency Items			Total


Balance as of December 31, 2022	$	22		$	(6	)	$	(1,798	)	$	(1,782	)
Other comprehensive income / (loss) before reclassifications		(60	)		1			155			96
Amounts reclassified from accumulated other comprehensive loss		43			—			—			43

Net current period other comprehensive income / (loss)		(17	)		1			155			139

Balance as of March 31, 2023	$	5		$	(5	)	$	(1,643	)	$	(1,643	)

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Other Purchase Obligations

The Group is a party to several

non-cancelable

contracts with vendors where the Group is obligated to make future minimum payments under the terms of these contracts as follows:


($ in millions)	Three months ended March 31, 2024

From April 1, 2023 to December 31, 2024	$	831
2025		720
2026		458
2027		316
2028		191
Thereafter		480

		$2,996