0001628280-24-047147 | 10-Q | XBRL Viewer | Flutter Entertainment PLC

PREPAID EXPENSES AND OTHER CURRENT ASSETS

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following as of September 30, 2024, and December 31, 2023:


($ in millions)	As of September 30, 2024		As of December 31, 2023
Prepayments and accrued income	$	302	$	205
Derivative financial assets	41		—
Current tax receivable	46		59
Inventory	15		13
Other receivables	113		166
Total prepaid expenses and other current assets	$	517	$	443

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LONG-TERM DEBT - Additional Information (Details) € in Millions, £ in Millions, $ in Millions			3 Months Ended	9 Months Ended			12 Months Ended
	Apr. 29, 2024 USD ($)	Mar. 14, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 GBP (£)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 GBP (£)	Apr. 29, 2024 EUR (€)
Debt Instrument, Redemption [Line Items]
Gain(loss) on extinguishment of debt				$ (5)		$ (1)
First Incremental Term B Loans
Debt Instrument, Redemption [Line Items]
Proceeds from (repayments of) debt		$ 514
USD Senior Secured Notes due 2029
Debt Instrument, Redemption [Line Items]
Debt instrument face value	$ 525
Debt instrument issue price as a percentage of nominal value of debt instrument issued	100.00%
Long term debt bearing fixed interest rate percentage			6.375%	6.375%	6.375%
USD Senior Secured Notes due 2029 \| Tranche One 40% Of Aggregate Principal Amount Eligible For Redemption Prior To April 15, 2026
Debt Instrument, Redemption [Line Items]
Debt instrument redemption price as a percentage of issue price				106.375%	106.375%
Debt instrument percentage of the aggregate principal amount eligible for premature redemption			40.00%	40.00%	40.00%
USD Senior Secured Notes due 2029 \| Tranche One 10% Of Aggregate Principal Amount Eligible For Redemption Prior To April 29, 2024
Debt Instrument, Redemption [Line Items]
Debt instrument redemption price as a percentage of issue price				103.00%	103.00%
Debt instrument percentage of the aggregate principal amount eligible for premature redemption			10.00%	10.00%	10.00%
EUR Senior Secured Notes due 2029
Debt Instrument, Redemption [Line Items]
Debt instrument face value \| €									€ 500
Debt instrument issue price as a percentage of nominal value of debt instrument issued	100.00%
Long term debt bearing fixed interest rate percentage			5.00%	5.00%	5.00%
Debt instrument redemption price as a percentage of issue price				100.00%	100.00%
EUR Senior Secured Notes due 2029 \| Tranche One 40% Of Aggregate Principal Amount Eligible For Redemption Prior To April 15, 2026
Debt Instrument, Redemption [Line Items]
Debt instrument redemption price as a percentage of issue price				105.00%	105.00%
Debt instrument percentage of the aggregate principal amount eligible for premature redemption			10.00%	10.00%	10.00%
EUR Senior Secured Notes due 2029 \| Tranche One 10% Of Aggregate Principal Amount Eligible For Redemption Prior To April 29, 2024
Debt Instrument, Redemption [Line Items]
Debt instrument redemption price as a percentage of issue price				103.00%	103.00%
Debt instrument percentage of the aggregate principal amount eligible for premature redemption			40.00%	40.00%	40.00%
USD and Euro Senior Secured Notes 2029
Debt Instrument, Redemption [Line Items]
Debt issuance costs gross	$ 13
Debt instrument redemption price as a percentage of issue price				100.00%	100.00%
EUR First Lien Term Loan B due 2026
Debt Instrument, Redemption [Line Items]
Gain(loss) on extinguishment of debt			$ (5)	$ (5)
GBP Credit Facility
Debt Instrument, Redemption [Line Items]
Proceeds from (repayments of) debt				126		609
Repayments of debt				851		$ 687
Revolving Credit Facility
Debt Instrument, Redemption [Line Items]
Line of credit facility, maximum amount outstanding during period				1,300	£ 1,000		$ 537	£ 422
Line of credit facility issuance guarantees				$ 13			$ 13

FAIR VALUE MEASUREMENTS - Schedule Of Financial Assets And Liabilities Carried At Fair Value (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Attribution of net loss and other comprehensive income:
Other comprehensive income attributable to redeemable non-controlling interest	$ (8)	$ (13)	$ (22)	$ 42
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	(16)	12	17	7
Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(499)	(359)	(411)	(231)
Total gains or losses for the period:
Included in earnings	(121)	18	(213)	(99)
Included in other comprehensive income	(32)	12	(28)	1
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	0	0	0	0
Other comprehensive income attributable to redeemable non-controlling interest		0	0	0
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	0	0	0	0
Ending balance	(652)	(329)	(652)	(329)
Change in unrealized gains or losses for the period included in earnings	(121)	18	(213)	(99)
Change in unrealized gains or losses for the period included in other comprehensive income	(32)	12	(28)	1
Level 3 \| Contingent consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(16)	(20)	(20)	(22)
Total gains or losses for the period:
Included in earnings	0	0	3	0
Included in other comprehensive income	(3)	0	(2)	2
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	0	0	0	0
Other comprehensive income attributable to redeemable non-controlling interest		0	0	0
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	0	0	0	0
Ending balance	(19)	(20)	(19)	(20)
Change in unrealized gains or losses for the period included in earnings	0	0	3	0
Change in unrealized gains or losses for the period included in other comprehensive income	(3)	0	(2)	2
Level 3 \| Equity securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	7	11	9	11
Total gains or losses for the period:
Included in earnings	0	0	(2)	0
Included in other comprehensive income	0	0	0	0
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	0	0	0	0
Other comprehensive income attributable to redeemable non-controlling interest		0	0	0
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	0	0	0	0
Ending balance	7	11	7	11
Change in unrealized gains or losses for the period included in earnings	0	0	(2)	0
Change in unrealized gains or losses for the period included in other comprehensive income	0	0	0	0
Level 3 \| Fox option liability
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	(490)	(350)	(400)	(220)
Total gains or losses for the period:
Included in earnings	(121)	18	(214)	(99)
Included in other comprehensive income	(29)	12	(26)	(1)
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	0	0	0	0
Other comprehensive income attributable to redeemable non-controlling interest		0	0	0
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	0	0	0	0
Ending balance	(640)	(320)	(640)	(320)
Change in unrealized gains or losses for the period included in earnings	(121)	18	(214)	(99)
Change in unrealized gains or losses for the period included in other comprehensive income	(29)	12	(26)	(1)
Level 3 \| Redeemable non- controlling interest at fair value
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Redeemable non- controlling interest at fair value, Beginning balance	(1,248)	(1,005)	(1,100)	(781)
Total gains or losses for the period:
Included in earnings	0	0	0	0
Included in other comprehensive income	0	0	0	0
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	1	0	(5)	5
Other comprehensive income attributable to redeemable non-controlling interest		0	11	(44)
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	(187)	(12)	(340)	(197)
Redeemable non- controlling interest at fair value, Ending balance	(1,434)	(1,017)	(1,434)	(1,017)
Change in unrealized gains or losses for the period included in earnings	0	0	0	0
Change in unrealized gains or losses for the period included in other comprehensive income	$ 0	$ 0	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$ 6	$ (309)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	827	917
Change in fair value of derivatives	4	(31)
Non-cash interest expense, net	28	(39)
Non-cash operating lease expense	96	93
Foreign currency exchange (gain) loss	(24)	9
Loss on disposal	6	1
Share-based compensation – equity classified	149	135
Share-based compensation – liability classified	4	0
Other expense (net)	216	99
Deferred taxes	(117)	(181)
Loss on extinguishment of long-term debt	5	1
Change in contingent consideration	(3)	0
Change in operating assets and liabilities:
Player deposits	16	(17)
Accounts receivable	6	33
Other assets	(29)	244
Accounts payable	(18)	7
Other liabilities	(198)	62
Player deposit liability	81	(389)
Operating leases liabilities	(105)	(89)
Net cash provided by operating activities	950	546
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(87)	(70)
Purchases of intangible assets	(149)	(113)
Capitalized software	(246)	(200)
Acquisitions, net of cash acquired	(160)	0
Cash settlement of derivatives designated in net investment hedge	(5)	0
Net cash used in investing activities	(647)	(383)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of common stock upon exercise of options	21	7
Proceeds from issuance of long-term debt (net of transactions costs)	1,684	704
Repayment of long-term debt	(1,939)	(813)
Acquisition of non-controlling interests	0	(95)
Dividend distributed to non-controlling interests	(10)	0
Repurchase of common stock	0	(212)
Net cash used in financing activities	(244)	(409)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	59	(246)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — Beginning of period	3,271	2,990
Foreign currency exchange gain (loss) on cash and cash equivalents	80	(43)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:	3,410	2,701
CASH, CASH EQUIVALENTS AND RESTRICTED CASH comprise of:
Cash and cash equivalents	1,483	918
Cash and cash equivalents - restricted	56	16
Player deposits - cash & cash equivalents	1,871	1,767
CASH, CASH EQUIVALENTS AND RESTRICTED CASH — End of period:	3,410	2,701
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid	343	359
Income taxes paid	178	209
Operating cash flows from operating leases	124	103
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Right of use assets obtained in exchange for new operating lease liabilities	140	43
Adjustments to lease balances as a result of remeasurement	28	10
Business acquisitions (including contingent consideration)	$ 2	$ 0

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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 September 30, 2024
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	$	146	$	10	$	—	$	156
Equity securities - Investments	—		—		7		7
Derivative financial assets	—		41		—		41
Total	146		51		7		204
Financial liabilities measured at fair value:
Derivative financial liabilities	—		109		—		109
Fox Option liability	—		—		640		640
Contingent consideration	—		—		19		19
Total	—		109		659		768
Redeemable non-controlling interests at fair value	$	—	$	—	$	(1,434)	$	(1,434)


	As of December 31, 2023
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	$	33	$	139	$	—	$	172
Equity securities - Investments	—		—		9		9
Total	33		139		9		181
Financial liabilities measured at fair value:
Derivative financial liabilities	—		178		—		178
Fox Option liability	—		—		400		400
Contingent consideration	—		—		20		20
Total	—		178		420		598
Redeemable non-controlling interests at fair value	$	—	$	—	$	1,100	$	1,100
PokerStars trademark held and used1	$	—	$	—	$	368	$	368
Total nonrecurring fair value measurement	—		—		$	368	$	368

1. 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. There were no transfers between levels of the fair value hierarchy during the three and nine months ended September 30, 2024, and September 30, 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 a number of the bonds fall within Level 1 of the fair value hierarchy, there are a class of bonds which have been classified as Level 2 due to the existence of relatively inactive trading markets for those bonds.

Derivative financial assets and liabilities – Swap agreements

The Group uses derivative financial instruments to manage its interest rate and foreign currency risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis of the expected cash flows of each derivative and incorporates credit valuation adjustments. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, such as yield curves, spot and forward FX rates.

As of September 30, 2024, the Group assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions, determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. As a result, the Group determined that its valuations of its derivatives in their entirety are classified in Level 2 of the fair value hierarchy.

Valuation of Level 3 financial instruments

Equity securities

The Group determined the fair value of investments in equity securities that do not have a readily available market value amounting to $7 million at September 30, 2024 (December 31, 2023: $9 million) using the Market Comparable Companies Approach based on EBITDA multiple. The movement in the fair value of equity securities for the three and nine months ended September 30, 2024 and 2023 was immaterial.

Non-derivative financial instruments

Fox Option

The fair value of the Fox Option amounts to $640 million at September 30, 2024 and $400 million as of December 31, 2023 which was determined using an option pricing model. As of September 30, 2024, and December 31, 2023, the option exercise price was $4.5 billion and $4.3 billion, respectively. The significant unobservable inputs were the enterprise value of FanDuel, the discount for lack of marketability (“DLOM”), the discount for lack of control (“DLOC”), implied volatility and probability of Fox getting licensed.

The enterprise value of FanDuel was determined using an equal weight to the value indications of the discounted cash flow analysis and the guideline public company analysis. The discount rate used in the discounted cash flow analysis was 21.0% and 19% as of September 30, 2024 and as of December 31, 2023, respectively.

Additionally, management applied a combined 35.0% discount for lack of marketability and lack of control as of September 30, 2024, and as of December 31, 2023. A range of DLOMs obtained using various securities-based approaches was 14.2% to 22.3% . DLOC was estimated at 18.4% using implied discounts in previous observable transactions involving FanDuel’s equity ownership and data based on Mergerstat studies as of September 30, 2024, and as of December 31, 2023 respectively.

Management selected a discount rate of 36.5%, which is on the higher end of the third quartile based on the ranges considered by management.

The volatility was 36.5% and 36.0% as of September 30, 2024 and year ended December 31, 2023, which was within the range of selected comparable companies. In developing the fair value measurement, the probability of a market participant submitting to and obtaining a license was estimated at 75.0% as of September 30, 2024, and as of December 31, 2023.

Changes in discount rates, revenue multiples, DLOM, DLOC, implied volatility and probability of Fox getting licensed, each in isolation, may change the fair value of the Fox Option. Generally, an increase in discount rates and DLOM, DLOC or decrease in revenue multiples, implied volatility and probability of Fox getting licensed may result in a decrease in the fair value of the Fox Option. Due to the inherent uncertainty of determining the fair value of the Fox Option, the fair value of the Fox Option may fluctuate from period to period. Additionally, the fair value of the Fox Option may differ significantly from the value that would have been used had a readily available market existed for FanDuel Group LLC. In addition, changes in the market environment and other events that may occur over the life of the Fox Option may cause the losses ultimately realized on the Fox Option to be different than the unrealized losses reflected in the valuations currently assigned.

Redeemable non-controlling 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 September 30, 2024 and December 31, 2023 is considered in measuring the fair value of redeemable non-controlling interests owned by Boyd.

Contingent consideration

The contingent consideration payable is primarily determined with reference to forecast performance of 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 of 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 or decrease in the predetermined base target will not have a material impact on the fair value of contingent consideration as of September 30, 2024 as the expected settlement date is in early 2025. An increase and decrease of 10% in the excess over the predetermined base target would increase and decrease the value of contingent consideration as of December 31, 2023 by $2 million and $2 million, respectively.

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 as of June 30, 2024	$	(16)	$	7	$	(490)	$	(499)	$	(1,248)
Total gains or losses for the period:
Included in earnings	—		—		(121)		(121)		—
Included in other comprehensive income	(3)		—		(29)		(32)		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		1

Acquisitions and settlements:

Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(187)
Balance as of September 30, 2024	(19)		7		(640)		(652)		(1,434)
Change in unrealized gains or losses for the period included in earnings	—		—		(121)		(121)		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	(3)	$	—	$	(29)	$	(32)	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2023	$	(20)	$	9	$	(400)	$	(411)	$	(1,100)
Total gains or losses for the period:
Included in earnings	3		(2)		(214)		(213)		—
Included in other comprehensive income	(2)		—		(26)		(28)		—
Attribution of net loss and other comprehensive income:
Net income attributable to redeemable non-controlling interest	—		—		—		—		(5)
Other comprehensive loss attributable to redeemable non-controlling interest	—		—		—		—		11
Acquisitions and settlements:

Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(340)
Balance as of September 30, 2024	(19)		7		(640)		(652)		(1,434)
Change in unrealized gains or losses for the period included in earnings	3		(2)		(214)		(213)		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	(2)	$	—	$	(26)	$	(28)	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of June 30, 2023	$	(20)	$	11	$	(350)	$	(359)	$	(1,005)
Total gains or losses for the period:
Included in earnings	—		—		18		18		—
Included in other comprehensive income	—		—		12		12		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		—
Other comprehensive income attributable to redeemable non-controlling interest	—		—		—		—		—
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(12)
Balance as of September 30, 2023	(20)		11		(320)		(329)		(1,017)
Change in unrealized gains or losses for the period included in earnings	—		—		18		18		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	—	$	—	$	12	$	12	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2022	$	(22)	$	11	$	(220)	$	(231)	$	(781)
Total gains or losses for the period:
Included in earnings	—		—		(99)		(99)		—
Included in other comprehensive income	2		—		(1)		1		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		5
Other comprehensive income attributable to redeemable non-controlling interest	—		—		—		—		(44)
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(197)
Balance as of September 30, 2023	(20)		11		(320)		(329)		(1,017)
Change in unrealized gains or losses for the period included in earnings	—		—		(99)		(99)		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	2	$	—	$	(1)	$	1	$	—

- 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

DERIVATIVES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Derivative [Line Items]
Other comprehensive income (loss), net investment hedge, gain (loss), reclassification, before tax	$ 0	$ 0	$ 0	$ 0
Cash Flow Hedging
Derivative [Line Items]
Notional amount	1,954		1,954		$ 1,094
Interest rate cash flow hedge gain (loss) reclassified to earnings, net	(119)	60	(117)	(24)
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net			1
Fair Value Hedging
Derivative [Line Items]
Gain (loss) on foreign currency fair value hedge derivatives	(8)		(8)
Derivative, excluded component, gain (loss), recognized in earnings	(1)		(1)
Net Investment Hedging
Derivative [Line Items]
Gain (loss) on foreign currency derivatives recorded in earnings, net	27	$ (2)	56	$ 10
Term Loan A \| Net Investment Hedging
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net			424
EUR Senior Notes \| Net Investment Hedging
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net			570
EUR Term Loan \| Net Investment Hedging
Derivative [Line Items]
Interest rate cash flow hedge derivative at fair value, net					980
Cross-currency interest rate swaps \| Cash Flow Hedging
Derivative [Line Items]
Notional amount	691		691		1,603
Cross-currency interest rate swaps \| Cash Flow Hedging \| USD Senior Secured Notes due 2029
Derivative [Line Items]
Notional amount	525		525		0
Cross-currency interest rate swaps \| Fair Value Hedging
Derivative [Line Items]
Notional amount	1,428		1,428		0
Cross-currency interest rate swaps \| Net Investment Hedging
Derivative [Line Items]
Notional amount	$ 894		$ 894		$ 359

DERIVATIVES (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of the Fair Value of Derivatives Assets and Liabilities

The following table summarizes the fair value of derivatives as of September 30, 2024 and December 31, 2023:


($ in millions)	Derivative Assets						Derivative Liabilities
	September-24			December-23			September-24			December-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	$	14	Prepaid expenses and other current assets	$	—	Other current liabilities	$	(68)	Other current liabilities	$	(104)
Cross-currency interest rate swaps	Other non-current assets	—		Other non-current assets	—		Other non-current liabilities	(20)		Other non-current liabilities	(21)
Interest rate swaps	Prepaid expenses and other current assets	$	5	Prepaid expenses and other current assets	—		Other current liabilities	(2)		Other current liabilities	—
Interest rate swaps	Other non-current assets	$	—	Other non-current assets	$	—	Other non-current liabilities	$	(4)	Other non-current liabilities	$	—
Total derivatives designated as cash flow hedges		$	19		$	—		$	(94)		$	(125)

Derivatives designated as fair value hedges:
Cross-currency interest rate swaps	Prepaid expenses and other current assets	$	21	Prepaid expenses and other current assets	$	—	Other current liabilities	$	(6)	Other current liabilities	$	—


Cross-currency interest rate swaps	Other non-current assets	$	—	Other non-current assets	$	—	Other non-current liabilities	$	(3)	Other non-current liabilities	$	—
Total derivatives not designated as hedging instruments		$	21		$	—		$	(9)		$	—

Derivatives designated as net investment hedges:
Cross-currency interest rate swaps	Prepaid expenses and other current assets	$	—	Prepaid expenses and other current assets	$	—	Other current liabilities	$	—	Other non-current liabilities	$	(1)
Cross-currency interest rate swaps	Other non-current assets	$	—	Other non-current assets	$	—	Other non-current liabilities	$	(6)	Other non-current liabilities	$	—
Total derivatives designated as hedging instruments		$	—		$	—		$	(6)		$	(1)

Derivatives not designated as hedging instruments:
Cross-currency interest rate swaps	Prepaid expenses and other current assets	$	—	Prepaid expenses and other current assets	$	—	Other current liabilities	$	—	Other current liabilities	$	(52)
Foreign currency forward contracts	Prepaid expenses and other current assets	$	1	Prepaid expenses and other current assets	$	—	Other current liabilities	$	—	Other current liabilities	$	—
Total derivatives not designated as hedging instruments		$	1		$	—		$	—		$	(52)
Total derivatives		$	41		$	—		$	(109)		$	(178)

LONG-TERM DEBT

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

LONG-TERM DEBT

The Group’s debt comprised of the following:


	As of September 30, 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	560
TLA/TLB/RCF Agreement
GBP First Lien Term Loan A due 2028	£	1,034	1,384	£	1,034	1,315
EUR First Lien Term Loan A due 2028	€	380	424	€	380	419
USD First Lien Term Loan A due 2028	$	166	166	$	166	166
USD First Lien Term Loan B due 2030	$	3,885	3,886	$	3,400	3,400
GBP Revolving Credit Facility due 2028	£	—	—	£	578	736
Senior secured notes
EUR Senior Secured Notes due 2029	€	500	570	€	—	—
USD Senior Secured Notes due 2029	$	525	539	$	—	—
Total debt principal including accrued interest			6,969			7,110
Less: unamortized debt issuance costs			(59)			(54)
Total debt			6,910			7,056
Less: current portion of long-term debt			(67)			(51)
Total long-term debt			6,843			7,005

As of September 30, 2024, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:


($ in millions)
2024	$	10
2025	39
2026	39
2027	39
2028	3,096
Thereafter	3,719
Total	6,942

During the nine months ended September 30, 2024, the Group has drawn $126 million (September 30, 2023: $609 million) and repaid $851 million (September 30, 2023: $687 million) under the GBP revolving credit facility. The Group had an undrawn revolving credit commitment of $1.3 billion (£1 billion) as of September 30, 2024 (December 31, 2023: $537 million (£422 million)), of which $13 million (December 31, 2023: $13 million) was reserved for issuing guarantees.

On March 14, 2024, the Group entered into the First Incremental Assumption Agreement (the “Assumption Agreement”) to the TLA/TLB/RCF Agreement dated as of November 24, 2023 (as amended, the “Credit Agreement”). After giving effect to the Assumption Agreement, the aggregate principal amount of Term B loans outstanding under the Credit Agreement increased by $514 million (the “First Incremental Term B Loans”), which is fungible with the existing Term B loans outstanding under the Credit Agreement. The proceeds of the First Incremental Term B Loans were used to refinance the USD First Term Loan B due 2028. As the terms of First Incremental Term B Loans were not substantially different from those of the original USD First Lien Term Loan B due 2028, the refinance was treated as continuation of the original debt instrument for accounting purposes.

On April 29, 2024, the Group issued $525 million aggregate principal amount of USD-denominated senior secured notes due 2029 (the “USD Notes”) and €500 million aggregate principal amount of EUR-denominated senior secured notes due 2029 (the “EUR Notes” and, together with the USD Notes, the “Notes”), each issued at 100% of their nominal par 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 GBP Revolving Credit Facility due 2028, and pay certain costs, fees and expenses in connection with the offering of the Notes. The Group incurred issuance costs amounting $13 million in connection with the Notes which has been reduced from the debt’s initial net carrying amount and amortized as additional interest expense over the life of the debt. The Group recognized an extinguishment loss of $5 million on repayment of the EUR First Lien Term Loan B due 2026 during the three and nine months ended September 30, 2024.

The USD Notes have interest at a rate of 6.375% per annum and the EUR Notes bear interest at a rate of 5.000% per annum, both payable semi-annually in arrears. The Notes are senior secured obligations and rank pari passu in right of payment with all existing and future senior debt. The Notes are secured on a first-ranking basis by security interests granted over the collateral that also secure, as applicable, the obligations of the Group under the Credit Agreement.

Prior to April 15, 2026, the Group is entitled, at its option, to redeem all or a portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes being redeemed, plus accrued and unpaid interest and additional amounts, if any, to, but excluding the date of the redemption, plus a make-whole premium. In addition, prior to April 15, 2026, the Group is entitled to redeem up to 40% of the aggregate principal amount of each series of Notes using the net cash proceeds from certain equity offerings at a price equal to 106.375% of the principal amount of the USD Notes and 105% of the principal amount of the EUR Notes being redeemed, plus accrued and unpaid interest and additional amounts, if any, to, but excluding the date of the redemption, subject to certain conditions set forth in the Indenture that governs the Notes. Furthermore, at any time prior to April 15, 2026, the Group is entitled, during each twelve month period commencing April 29, 2024, redeem up to 10% of the aggregate principal amount of each series of Notes at a redemption price equal to 103% of the principal amount redeemed, plus accrued and unpaid interest and additional amounts, if any, to, but excluding, the date of redemption. On or after April 15, 2026, the Group may redeem some or all of the Notes at redemption prices as set forth in the Indenture that governs the Notes.

Following repayment of the EUR First Lien Term Loan B due 2026 and the USD First Lien Term Loan B due 2028, the facilities under the Credit Agreement and the Notes are secured by a first priority security interest (subject to permitted liens) (x) in respect of obligors organized or incorporated outside of the United States, over the shares held by an obligor in another obligor and (y) in respect of obligors organized or incorporated in the United States, substantially all of our assets (subject to certain exceptions), in each case, in accordance with the Agreed Guarantee and Security Principles (as defined in the Credit Agreement).

As of September 30, 2024, the Group was in compliance with all debt covenants.

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Reconciliation of Reportable Segment Adjusted EBITDA to Income (Loss) Before Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Other expense, net	$ (122)	$ (44)	$ (207)	$ (79)
Interest expense, net	(105)	(92)	(325)	(266)
Income (loss) before income taxes	(130)	(273)	58	(275)
Restructuring and other strategic initiative fees	42	28	87	75
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	519	311	1,852	1,372
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Unallocated corporate overhead	(69)	(53)	(150)	(129)
Depreciation and amortization	(258)	(316)	(827)	(917)
Share-based compensation expense	(53)	(25)	(153)	(135)
Transaction fees and associated costs	0	(26)	(45)	(46)
Restructuring and integration costs	(42)	(28)	(87)	(75)
Other expense, net	(122)	(44)	(207)	(79)
Interest expense, net	(105)	(92)	(325)	(266)
UKI \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	237	184	798	639
U.S. \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	58	(55)	344	64
International \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	152	119	481	413
Australia \| Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Reportable segment adjusted EBITDA	$ 72	$ 63	$ 229	$ 256

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)

The following tables presents the changes in accumulated other comprehensive income / (loss) by component for the three and nine months ended September 30, 2024 and 2023:


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2024	$	—	$	5	$	(1)	$	(1,678)	$	(1,674)
Other comprehensive income (loss) before reclassifications	(1)		(124)		—		605		480
Amounts reclassified from accumulated other comprehensive loss	—		119		—		—		119
Net current period other comprehensive income (loss)	(1)		(5)		—		605		599
Balance as of September 30, 2024	$	(1)	$	—	$	(1)	$	(1,073)	$	(1,075)


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2023	$	—	$	(6)	$	(1)	$	(1,476)	$	(1,483)
Other comprehensive income (loss) before reclassifications	(1)		(111)		—		403		291
Amounts reclassified from accumulated other comprehensive loss	—		117		—		—		117
Net current period other comprehensive income (loss)	(1)		6		—		403		408
Balance as of September 30, 2024	$	(1)	$	—	$	(1)	$	(1,073)	$	(1,075)


($ in millions)	Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2023	$	30	$	(5)	$	(1,567)	$	(1,542)
Other comprehensive income (loss) before reclassifications	51		—		(347)		(296)
Amounts reclassified from accumulated other comprehensive loss	(60)		—		—		(60)
Net current period other comprehensive income	(9)		—		(347)		(356)
Balance as of September 30, 2023	$	21	$	(5)	$	(1,914)	$	(1,898)


($ in millions)	Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2022	$	22	$	(6)	$	(1,798)	$	(1,782)
Other comprehensive income (loss) before reclassifications	(25)		1		(116)		(140)
Amounts reclassified from accumulated other comprehensive loss	24		—		—		24
Net current period other comprehensive income	(1)		1		(116)		(116)
Balance as of September 30, 2023	$	21	$	(5)	$	(1,914)	$	(1,898)

LONG-TERM DEBT - Schedule of Contractual Principal Repayments (Details) $ in Millions	Sep. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 10
2025	39
2026	39
2027	39
2028	3,096
Thereafter	3,719
Total	$ 6,942

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Accumulated Other Comprehensive Income / (Loss)

The following tables presents the changes in accumulated other comprehensive income / (loss) by component for the three and nine months ended September 30, 2024 and 2023:


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2024	$	—	$	5	$	(1)	$	(1,678)	$	(1,674)
Other comprehensive income (loss) before reclassifications	(1)		(124)		—		605		480
Amounts reclassified from accumulated other comprehensive loss	—		119		—		—		119
Net current period other comprehensive income (loss)	(1)		(5)		—		605		599
Balance as of September 30, 2024	$	(1)	$	—	$	(1)	$	(1,073)	$	(1,075)


($ in millions)	Fair value hedges		Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2023	$	—	$	(6)	$	(1)	$	(1,476)	$	(1,483)
Other comprehensive income (loss) before reclassifications	(1)		(111)		—		403		291
Amounts reclassified from accumulated other comprehensive loss	—		117		—		—		117
Net current period other comprehensive income (loss)	(1)		6		—		403		408
Balance as of September 30, 2024	$	(1)	$	—	$	(1)	$	(1,073)	$	(1,075)


($ in millions)	Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of June 30, 2023	$	30	$	(5)	$	(1,567)	$	(1,542)
Other comprehensive income (loss) before reclassifications	51		—		(347)		(296)
Amounts reclassified from accumulated other comprehensive loss	(60)		—		—		(60)
Net current period other comprehensive income	(9)		—		(347)		(356)
Balance as of September 30, 2023	$	21	$	(5)	$	(1,914)	$	(1,898)


($ in millions)	Gains and loss on cash flow hedges		Unrealized gains and losses on available- for- sale debt securities		Foreign currency translation, net of net investment hedges		Total
Balance as of December 31, 2022	$	22	$	(6)	$	(1,798)	$	(1,782)
Other comprehensive income (loss) before reclassifications	(25)		1		(116)		(140)
Amounts reclassified from accumulated other comprehensive loss	24		—		—		24
Net current period other comprehensive income	(1)		1		(116)		(116)
Balance as of September 30, 2023	$	21	$	(5)	$	(1,914)	$	(1,898)

OTHER EXPENSE, NET (Tables)

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

Schedule of Other Expense, Net

The following table shows the detail of other expense, net for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
Foreign exchange gain (loss)	$	31	$	(80)	$	21	$	(9)
Fair value (loss) gain on derivative instruments	(25)		19		(4)		31
Fair value gain on contingent consideration	—		—		3		—
Loss on settlement of long-term debt	—		(1)		(5)		(1)
Loss on disposal	(7)		—		(6)		(1)
Fair value (loss) gain on Fox Option liability	(121)		18		(214)		(99)
Fair value loss on investment	—		—		(2)		—
Total other expense, net	$	(122)	$	(44)	$	(207)	$	(79)

SEGMENTS AND DISAGGREGATION OF REVENUE

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

SEGMENTS AND DISAGGREGATION OF REVENUE

The Group reports its consolidated financial statements based on four reportable segments:

•U.S.;

•UK & Ireland (“UKI”);

•International; and

•Australia

The segment information aligns with how the chief operating decision maker (“CODM”) reviews and manages the business. The Group determined that it is the Chief Executive Officer and Chief Financial Officer jointly who are performing the function of CODM.

Beginning January 1, 2024, the Group revised its definition of Adjusted EBITDA, which is the segment measurement used to evaluate performance and allocate resources. The definition of Adjusted EBITDA now excludes share-based compensation as management believes inclusion of share-based compensation can obscure underlying business trends as share-based compensation could vary widely among companies due to different plans in place resulting in companies using share-based compensation awards differently, both in type and quantity of awards granted.

Effective January 1, 2024, subsequent to the Group’s decision to close the sports betting platform “FOX Bet”, the Group reorganized how the PokerStars (U.S.) business is managed which resulted in a change in operating segment composition. From January 1, 2024, PokerStars (U.S.) is included in the International segment as opposed to the U.S. segment.

Segment results for the three and nine months ended September 30, 2023, have been revised to reflect the change in operating segment measurement and change in operating segment composition.

The Group manages its assets on a total company basis, not by operating segment. Therefore, the CODM does not regularly review any asset information by operating segment and accordingly, the Group does not report asset information by operating segment.

The following tables present the Group’s segment information:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
Revenue
U.S.
Sportsbook	$	822	$	506	$	2,907	$	2,046
iGaming	368		252		1,083		736
Other	60		70		197		214
U.S. segment revenue	1,250		828		4,187		2,996
UKI
Sportsbook	356		326		1,218		1,103
iGaming	454		351		1,283		1,009
Other	36		42		134		132
UKI segment revenue	846		719		2,635		2,244
International
Sportsbook	160		122		517		457
iGaming	589		531		1,763		1,624
Other	32		26		105		84
International segment revenue	781		679		2,385		2,165
Australia
Sportsbook	371		332		1,049		1,072
Australia segment revenue	371		332		1,049		1,072
Total reportable segment revenue	$	3,248	$	2,558	$	10,256	$	8,477

iGaming revenue includes Poker and Lottery.

The information below summarizes revenue by geographical market for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
U.S.	$	1,235	$	834	$	4,129	$	3,004
UK	765		648		2,395		2,015
Ireland	72		73		225		231
Australia	371		332		1,049		1,072
Italy	346		302		1,082		1,003
Rest of the world	459		369		1,376		1,152
Total revenue	$	3,248	$	2,558	$	10,256	$	8,477

The information below shows the reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
UKI	$	237	$	184	$	798	$	639
U.S.	58		(55)		344		64
International	152		119		481		413
Australia	72		63		229		256
Reportable segment adjusted EBITDA	519		311		1,852		1,372
Unallocated corporate overhead 1	(69)		(53)		(150)		(129)
Depreciation and amortization	(258)		(316)		(827)		(917)
Share-based compensation expense	(53)		(25)		(153)		(135)
Transaction fees and associated costs 2	—		(26)		(45)		(46)
Restructuring and integration costs 3	(42)		(28)		(87)		(75)
Other expense, net	(122)		(44)		(207)		(79)
Interest expense, net	(105)		(92)		(325)		(266)
Income (loss) before income taxes	$	(130)	$	(273)	$	58	$	(275)

1.Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments.

2.Comprises advisory fees related to implementation of internal controls, information system changes and other strategic advisory related to the change in the primary listing of the Group for the three and nine months ended September 30, 2024, respectively. For the three and nine months ended September 30, 2023 transaction fees and associated costs comprised advisory fees related to the listing of Flutter’s ordinary shares in the U.S.

3.During the three and nine months ended September 30, 2024, costs of $42 million and $87 million (three and nine months ended September 30, 2023: $28 million and $75 million) primarily relate to various restructuring and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.

- 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

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Examination [Line Items]
Effective income tax rate reconciliation, percent, total	12.30%	4.00%	89.70%	12.40%
Unrecognized tax benefits			$ 0
OECD
Income Tax Examination [Line Items]
Global minimum corporate tax			15.00%
HMRC
Income Tax Examination [Line Items]
Statutory tax rate percentage			12.50%

COMMITMENTS AND CONTINGENCIES - Additional Information (Details) € in Millions, ლ in Millions, $ in Millions, ₨ in Billions	1 Months Ended		9 Months Ended
	Aug. 31, 2024 USD ($)	Aug. 31, 2024 GEL (ლ)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 INR (₨)	Dec. 31, 2023 USD ($)
Other Commitments [Line Items]
Other commitments			$ 3,109
Loss contingency, monetary damage	$ 330	ლ 896
Austria And German Payer Claims
Other Commitments [Line Items]
Loss contingency estimate of possible loss			49		€ 44
Austria And German Payer Claims \| Other current liabilities
Other Commitments [Line Items]
Loss contingency accrual current			17		€ 15
Case Relting To PokerStar Business In Respect Of Income Tax Payable \| Ministry of Economic Affairs and Finance, Italy
Other Commitments [Line Items]
Loss contingency settled during the period			9	€ 8
Letter Of Guarantee \| Bank Overdrafts
Other Commitments [Line Items]
Off balance sheet commitment liability			26				$ 21
Counter Indemnities \| Bank Guarantee
Other Commitments [Line Items]
Guarantee obligation maximum exposure			300				322
Claims against the guarantee			0				0
Security deposit			$ 62				$ 29
Goods And Service Tax Claim Pending In Respect Of Online Gaming Business
Other Commitments [Line Items]
Applicable goods and service tax rate on online gaming if characterized as a game of skill			18.00%	18.00%
Goods and service tax rate subject to approval by tax authorities if categorized as a game of chance			28.00%	28.00%
Other commitments			$ 2,100			₨ 179.1
Past goods and service tax percentage paid and subject to approval by tax authorities			18.00%	18.00%

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule Of The Group's Financial Assets, Financial Liabilities And Redeemable Non-controlling Interests


	As of September 30, 2024
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	$	146	$	10	$	—	$	156
Equity securities - Investments	—		—		7		7
Derivative financial assets	—		41		—		41
Total	146		51		7		204
Financial liabilities measured at fair value:
Derivative financial liabilities	—		109		—		109
Fox Option liability	—		—		640		640
Contingent consideration	—		—		19		19
Total	—		109		659		768
Redeemable non-controlling interests at fair value	$	—	$	—	$	(1,434)	$	(1,434)


	As of December 31, 2023
($ in millions)	Level 1		Level 2		Level 3		Total
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	$	33	$	139	$	—	$	172
Equity securities - Investments	—		—		9		9
Total	33		139		9		181
Financial liabilities measured at fair value:
Derivative financial liabilities	—		178		—		178
Fox Option liability	—		—		400		400
Contingent consideration	—		—		20		20
Total	—		178		420		598
Redeemable non-controlling interests at fair value	$	—	$	—	$	1,100	$	1,100
PokerStars trademark held and used1	$	—	$	—	$	368	$	368
Total nonrecurring fair value measurement	—		—		$	368	$	368

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 as of June 30, 2024	$	(16)	$	7	$	(490)	$	(499)	$	(1,248)
Total gains or losses for the period:
Included in earnings	—		—		(121)		(121)		—
Included in other comprehensive income	(3)		—		(29)		(32)		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		1

Acquisitions and settlements:

Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(187)
Balance as of September 30, 2024	(19)		7		(640)		(652)		(1,434)
Change in unrealized gains or losses for the period included in earnings	—		—		(121)		(121)		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	(3)	$	—	$	(29)	$	(32)	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2023	$	(20)	$	9	$	(400)	$	(411)	$	(1,100)
Total gains or losses for the period:
Included in earnings	3		(2)		(214)		(213)		—
Included in other comprehensive income	(2)		—		(26)		(28)		—
Attribution of net loss and other comprehensive income:
Net income attributable to redeemable non-controlling interest	—		—		—		—		(5)
Other comprehensive loss attributable to redeemable non-controlling interest	—		—		—		—		11
Acquisitions and settlements:

Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(340)
Balance as of September 30, 2024	(19)		7		(640)		(652)		(1,434)
Change in unrealized gains or losses for the period included in earnings	3		(2)		(214)		(213)		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	(2)	$	—	$	(26)	$	(28)	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of June 30, 2023	$	(20)	$	11	$	(350)	$	(359)	$	(1,005)
Total gains or losses for the period:
Included in earnings	—		—		18		18		—
Included in other comprehensive income	—		—		12		12		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		—
Other comprehensive income attributable to redeemable non-controlling interest	—		—		—		—		—
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(12)
Balance as of September 30, 2023	(20)		11		(320)		(329)		(1,017)
Change in unrealized gains or losses for the period included in earnings	—		—		18		18		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	—	$	—	$	12	$	12	$	—


($ in millions)	Contingent consideration		Equity securities		Fox option liability		Total		Redeemable non- controlling interest at fair value
Balance as of December 31, 2022	$	(22)	$	11	$	(220)	$	(231)	$	(781)
Total gains or losses for the period:
Included in earnings	—		—		(99)		(99)		—
Included in other comprehensive income	2		—		(1)		1		—
Attribution of net loss and other comprehensive income:
Net loss attributable to redeemable non-controlling interest	—		—		—		—		5
Other comprehensive income attributable to redeemable non-controlling interest	—		—		—		—		(44)
Acquisitions and settlements:
Adjustment of redeemable non-controlling interest at redemption at fair value	—		—		—		—		(197)
Balance as of September 30, 2023	(20)		11		(320)		(329)		(1,017)
Change in unrealized gains or losses for the period included in earnings	—		—		(99)		(99)		—
Change in unrealized gains or losses for the period included in other comprehensive income	$	2	$	—	$	(1)	$	1	$	—

OTHER EXPENSE, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
OTHER EXPENSE, NET (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Foreign exchange gain (loss)	$ 31	$ (80)	$ 21	$ (9)
Fair value (loss) gain on derivative instruments	(25)	19	(4)	31
Fair value gain on contingent consideration	0	0	(3)	0
Loss on settlement of long-term debt	0	(1)	(5)	(1)
Loss on disposal	(7)	0	(6)	(1)
Fair value (loss) gain on Fox Option liability	(121)	18	(214)	(99)
Fair value loss on investment	0	0	(2)	0
Total other expense, net	$ (122)	$ (44)	$ (207)	$ (79)

- 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

INTEREST EXPENSE, NET (Tables)

9 Months Ended

Sep. 30, 2024

Interest Income (Expense), Net [Abstract]

Schedule of the Details in Interest Expense

The following table shows the detail of interest expense, net for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$	123	$	101	$	371	$	296
Other interest expense	3		1		7		(1)
Interest income	(21)		(10)		(53)		(29)
Interest expense, net	$	105	$	92	$	325	$	266

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	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 benefit of 12.3% on loss before income taxes for the three months ended September 30, 2024 (benefit of 4.0% on loss before income taxes for the three months ended September 30, 2023) and was an expense of 89.7% on profit before income taxes for the nine months ended September 30, 2024 (expense of 12.4% on loss before income taxes for the nine months ended September 30, 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 does not expect there to be any material changes to its existing unrecognized tax benefits over the next 12 months, due to the current position with taxing authorities. The Group regularly reviews its tax position on the basis of current law. The Organization for Economic Co-operation and Development (OECD) is co-ordinating negotiations to implement a global minimum corporate tax of 15% for companies with global revenues and profits above certain thresholds (referred to as Pillar 2). Certain aspects of Pillar 2 effective from January 1, 2024 and other aspects are effective from January 1, 2025. The Group does not expect Pillar 2 to have a material impact on its effective tax rate, however as this legislation is enacted in jurisdictions in which the Group operates, transitional rules lapse, and other provisions of Pillar 2 become effective, we expect our effective tax rate and cash tax payments may increase in future years. Under U.S. GAAP, the OECD Pillar 2 rules are considered an alternative minimum tax and therefore deferred taxes would not be recognized or adjusted for the estimated effects of the future minimum tax.

- 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

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

9 Months Ended

Sep. 30, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Expenses and Other Current Assets Consisted

Prepaid expenses and other current assets consisted of the following as of September 30, 2024, and December 31, 2023:


($ in millions)	As of September 30, 2024		As of December 31, 2023
Prepayments and accrued income	$	302	$	205
Derivative financial assets	41		—
Current tax receivable	46		59
Inventory	15		13
Other receivables	113		166
Total prepaid expenses and other current assets	$	517	$	443

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepayments and accrued income	$ 302	$ 205
Derivative financial assets	41	0
Current tax receivable	46	59
Inventory	15	13
Other receivables	113	166
Total prepaid expenses and other current assets	$ 517	$ 443

FAIR VALUE MEASUREMENTS - Additional Information (Details) $ in Millions	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities - Investments	$ 7
Other liabilities at fair value	640
Percentage increase in significant unobservable input liabilities business combination contingent consideration		10.00%
Percentage decrease in significant unobservable input liabilities business combination contingent consideration		10.00%
Business combination contingent consideration estimated increase in liabilities due to percentage increase in significant unobservable input		$ 2
Business combination contingent consideration estimated decrease in liabilities due to percentage increase in significant unobservable input		2
Fox Options \| Fox Corporation
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights outstanding	$ 4,500	$ 4,300
Discount Rate \| Fox Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	0.210	0.19
Discount For Lack Of Marketability And Control \| Fox Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	0.350	0.350
Discount For Lack Of Marketability And Control \| Fox Options \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	0.142
Discount for Lack of Marketability \| Fox Options \| Minimum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input		0.142
Discount for Lack of Marketability \| Fox Options \| Maximum
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	0.223	0.223
Discount For Lack Of Control Based On Fan Duels Equity Ownership And Data Based On Megarstat Studies \| Fox Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	0.184	0.184
Price Volatility \| Fox Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	0.365	0.360
Probabiltiy Of Market Participant Submitting And Obtaining License \| Fox Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Warrants and rights measurement input	0.750	0.750
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity securities - Investments	$ 7	$ 9
Other liabilities at fair value	640
Level 3 \| Fox Options
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Other liabilities at fair value	$ 640	$ 400

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Guarantees

The Group has uncommitted working capital overdraft facilities as of September 30, 2024 of $26 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 September 30, 2024 was $300 million (December 31, 2023: $322 million). No claims had been made against the guarantees as of September 30, 2024 (December 31, 2023: nil). 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 $62 million as of September 30, 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)	As of September 30, 2024
From September 30, 2024 to December 31, 2024	$	417
2025	966
2026	630
2027	427
2028	193
Thereafter	476
	$	3,109

Legal Contingencies

The Group is involved, from time to time, in various litigation, administrative and other legal proceedings, including regulatory actions, incidental or related to its business. The Group establishes an accrued liability for legal claims and indemnification claims when the Group determines that a loss is both probable and the amount of the loss can be reasonably estimated. The estimates are based on all known facts at the time and our assessment of the ultimate outcome. As additional information becomes available, the Group reassesses the potential liability related to our pending claims and litigation, which may also revise our estimates. The amount of any loss ultimately incurred in relation to these matters may be higher or lower than the amounts accrued. Due to the unpredictable nature of litigation, there can be no assurance that our accruals will be sufficient to cover the extent of our potential exposure to losses. Any fees, expenses, fines, penalties, judgments, or settlements which might be incurred by us in connection with the various proceedings could affect our results of operations and financial condition.

Austrian and German player claims

As previously reported, the Group has seen a number of player claims in Austria and Germany for reimbursement of historic gaming losses. The basis of these claims is rooted in the Group having provided remote services in Austria and Germany (outside of Schleswig-Holstein) from Maltese entities on the basis of multi-jurisdictional Maltese licenses, which the Group continues to believe is compliant in accordance with EU law. However, the Austrian Courts and certain German Courts consider the Group’s services non-compliant 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 September 30, 2024, the Group expects to settle claims amounting to €15 million ($17 million) and has recognized an accrued liability within loss contingencies forming part of other current liabilities. It is reasonably possible that the actual losses could be in excess of the Group’s accrual. The Group is unable to estimate a reasonably possible loss or range of loss in excess of its accrual due to the complexities and uncertainty around the judicial process. In addition, there are further claims made against the Group amounting to €44 million ($49 million) as of September 30, 2024, the settlement of which is predicated on the merits of the case and whether the enforcement proceedings are successful in laying claim over the Group’s Maltese assets for settlement of these claims. The Group, based on advice from its legal counsel, believes such cross-border enforcement of judgements is in contravention to Maltese public policy and Regulation (EU) 1215/2012 and has not accrued any liability for these claims. The Group has filed countersuits before the Maltese Civil Court for setting aside these claims. The defendants have also filed garnishee orders with the Maltese Civil Court to attach the Group’s Maltese assets, some of which have already been declined by the Maltese Civil Court. Should the Maltese Courts decide in favor of the Group, there would be grounds for dismissal of all pending player claims instituted against the Group.

While the Group believes that it has strong arguments, at this time, the Group is unable to reasonably estimate the likelihood of the outcome due to the complexities and uncertainty around the judicial process.

Tax dispute in relation to operations in Italy

As previously reported, the Italian Tax Police initiated an investigation of the operations conducted by PokerStars business in Italy (hereinafter referred to as ‘PS Italy’), alleging that PS Italy’s server infrastructure located in Italy amounts to an Italian permanent establishment for corporate tax purposes. As of September 30, 2024, the Group has fully settled this tax dispute with the Italian Tax Authorities for an amount of €8 million ($9 million).

Goods and Services Tax (“GST”) rate applicable to operations in India

As previously reported, India’s Directorate General of Goods & Services Tax (the “DGGI”) is currently investigating the historical characterization of products such as rummy, fantasy games and poker as ‘games of skill’ (subjects to tax of 18% on player commission) rather than ‘games of chance’ (subject to 28% tax on player stakes). In making GST returns, Junglee and PokerStars India have consistently followed the Supreme Court of India’s rulings in relation to the distinction between games of skill and games of chance.

The DGGI has issued notices to multiple online gaming businesses alleging historical underpayment of GST, including to the Group’s operations in India (Junglee) of ₹179.1 billion ($2.1 billion). Junglee disputes that any additional tax is payable and has been advised that the notice received is not in accordance with the GST provisions applicable to past periods.

As of the date of issue of these unaudited condensed consolidated financial statements, Junglee has filed a petition with the Supreme Court of India, and has joined its case to the cases of other online gaming operators pending at the Supreme Court of India. The lead case (The Directorate General of GST Intelligence vs. Gameskraft Technologies Private Limited) was ruled in favor of Gameskraft, the taxpayer, at the Karnataka High Court in May 2023, and found that taxes had been paid in accordance with the law, but the case remains unresolved at the Supreme Court of India.

On June 22, 2024, a meeting of India’s Goods and Services Tax Council (the “GST Council”) (a constitutional body responsible for the formation and recommendation of GST law changes, held by the Supreme Court of India to be the ultimate authority on the GST issues), recommended amending the GST law to empower the Indian Central Government, on the recommendation of the GST Council, to waive any historical taxes not paid, where the common trade practice was either:

1.not to subject the goods or services to tax, or

2.to subject the goods or services to a lower tax rate than what is now being suggested by the DGGI.

The recommendation of the GST Council was incorporated into the Finance Act, 2024.

Whilst this law is not industry specific, if applied by the GST Council to be applied to the online real money gaming industry, we would expect the 18% GST already paid on platform commissions for past periods to be accepted as the applicable tax rate and the litigation will cease.

As of the date of issue of the unaudited condensed consolidated financial statements, no liability has been accrued as the Group has determined that it is not probable that a liability has been incurred considering the progress of the cases pending at the Supreme Court of India, decisions of the State High Courts in favor of the industry, the arguments of legal counsel representing the industry and the opinion of the Group’s own legal counsel.

The Group is unable to make an estimate of any reasonably possible loss or range of losses, if any, were there to be an adverse final decision in the cases pending before the Supreme Court of India associated with the notice received.

Trademark and copyright claim regarding the use of the Aviator brand by Adjarabet in Georgia

Aviator LLC, a company owned by parties connected with the former owner of Adjarabet sued Atlas Holdings LLC, the Group's legal entity operating the Adjarabet brand in Georgia and Armenia, for damages alleging infringement of intellectual property rights in the brand name “AVIATOR” used within four third-party online casino games which were available on Adjarabet’s website, and distributed by Spribe, which offers the game globally, and another international game provider. While management believes the claims asserted against the Group to be baseless and without merit, in August 2024, the Georgian Court of First Instance issued a judgment against Atlas Holdings LLC amounting to GEL 896 million ($330 million), which, further, bears no resemblance or basis to the economics of the alleged infringement.

As of the date of issue of the unaudited condensed consolidated financial statements, no liability has been accrued as the Group has determined that it is not probable a liability has been incurred having regard to the legal facts of the case, the status of the on-going appeal process and related ICC London arbitration proceedings and the opinion of legal counsel. The potential effects of the judgement will continue to be evaluated on an ongoing basis.

Others

During the three months ended September 30, 2024, no additional information has become available that would cause the Group to reassess the potential liability related to the Group’s pending claims and litigation in relation to the Group’s cybersecurity incident as disclosed in our 2023 Annual Report.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical)	Sep. 30, 2024 € / shares shares	Sep. 30, 2024 $ / shares shares	Dec. 31, 2023 € / shares shares	Dec. 31, 2023 $ / shares shares
Statement of Financial Position [Abstract]
Common stock, shares authorized (in shares)	3,000,000,000	3,000,000,000	3,000,000,000	3,000,000,000
Common stock, par value (in USD per share and Euro per share) \| (per share)	€ 0.09	$ 0.10	€ 0.09	$ 0.10
Common stock, shares issued (in shares)	177,824,343	177,824,343	177,008,649	177,008,649
Common stock, shares held by employee benefit trust (in shares)	0	0	0	0

BUSINESS COMBINATIONS (Details) € in Millions, $ in Millions				3 Months Ended	9 Months Ended
	May 31, 2024 USD ($)	Jan. 10, 2024 USD ($)	Jan. 10, 2024 EUR (€)	Sep. 30, 2024 USD ($)	Sep. 30, 2024 USD ($)	Jan. 10, 2024 EUR (€)	Dec. 31, 2023 USD ($)
Business Acquisition [Line Items]
Goodwill				$ 14,344	$ 14,344		$ 13,745
MaxBet
Business Acquisition [Line Items]
Percentage of acquisition		51.00%				51.00%
Business combination, provisional cash consideration		$ 143	€ 131
Percentage of acquisition remaining		49.00%				49.00%
Business acquisition, exercise period		30 days				30 days
Threshold limit maximum for calculating the value of option price cap		$ 7,000				€ 6,000
Provisional fair value		118
Business combination, identifiable intangibles assets acquired		135
Goodwill		114
Percentage of discount on marketability				20.00%	20.00%
Percentage of discount on control				20.00%	20.00%
Business combination, pro forma information, revenue of acquiree since acquisition date, actual					$ 149
Business combination, pro forma information, earnings or loss of acquiree since acquisition date, actual					10
Business acquisition revenue				$ 50
Business acquisitions net income loss				2
MaxBet \| Trademark
Business Acquisition [Line Items]
Finite lived intangible assets acquired		100
MaxBet \| Customer Relations
Business Acquisition [Line Items]
Finite lived intangible assets acquired		$ 22
MaxBet \| Redeemable Preferred Stock
Business Acquisition [Line Items]
Non-controlling interest				$ 89	$ 89
BeyondPlay
Business Acquisition [Line Items]
Business combination, provisional cash consideration	$ 26
Goodwill	$ 9
Business acquisition percentage of voting interests acquired	100.00%
Business combination consideration recognized identifiable assets acquired goodwill and liabilities assumed	$ 17
Deferred tax liability	1
BeyondPlay \| Technology Intangibles Assets
Business Acquisition [Line Items]
Goodwill	$ 18

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 3,248	$ 2,558	$ 10,256	$ 8,477
Cost of Sales	(1,752)	(1,386)	(5,380)	(4,418)
Gross profit	1,496	1,172	4,876	4,059
Technology, research and development expenses	(213)	(214)	(619)	(558)
Sales and marketing expenses	(748)	(701)	(2,375)	(2,250)
General and administrative expenses	(438)	(394)	(1,292)	(1,181)
Operating profit	97	(137)	590	70
Other expense, net	(122)	(44)	(207)	(79)
Interest expense, net	(105)	(92)	(325)	(266)
Income (loss) before income taxes	(130)	(273)	58	(275)
Income tax (expense) benefit	16	11	(52)	(34)
Net income (loss)	(114)	(262)	6	(309)
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	5	1	27	(6)
Adjustment of redeemable non-controlling interest to redemption value	(16)	12	17	7
Net loss attributable to Flutter shareholders	$ (103)	$ (275)	$ (38)	$ (310)
Loss per share
Basic (in USD per share)	$ (0.58)	$ (1.55)	$ (0.21)	$ (1.75)
Diluted (in USD per share)	$ (0.58)	$ (1.55)	$ (0.21)	$ (1.75)
Other comprehensive income (loss), net of tax:
Effective portion of changes in fair value of cash flow hedges	$ (124)	$ 51	$ (111)	$ (25)
Fair value of cash flow hedges transferred to the income statement	119	(60)	117	24
Changes in excluded components of fair value hedge	(1)	0	(1)	0
Foreign exchange gain (loss) on net investment hedges	27	(2)	56	10
Foreign exchange gain (loss) on translation of the net assets of foreign currency denominated entities	570	(358)	325	(83)
Fair value movements on available for sale debt instruments	0	0	0	0
Other comprehensive income (loss)	591	(369)	386	(74)
Other comprehensive income (loss) attributable to Flutter shareholders	599	(356)	408	(116)
Other comprehensive (loss) income attributable to non-controlling interest and redeemable non-controlling interest	(8)	(13)	(22)	42
Total comprehensive income (loss)	$ 477	$ (631)	$ 392	$ (383)

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	$ 10,052	$ 11,145	$ 10,216	$ 11,191
Other comprehensive income (loss) before reclassifications	480	(296)	291	(140)
Amounts reclassified from accumulated other comprehensive loss	119	(60)	117	24
Other comprehensive income (loss) attributable to Flutter shareholders	599	(356)	408	(116)
Ending balance	10,406	10,702	10,406	10,702
Fair value hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	0		0
Other comprehensive income (loss) before reclassifications	(1)		(1)
Amounts reclassified from accumulated other comprehensive loss	0		0
Other comprehensive income (loss) attributable to Flutter shareholders	(1)		(1)
Ending balance	(1)		(1)
Gains and loss on cash flow hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	5	30	(6)	22
Other comprehensive income (loss) before reclassifications	(124)	51	(111)	(25)
Amounts reclassified from accumulated other comprehensive loss	119	(60)	117	24
Other comprehensive income (loss) attributable to Flutter shareholders	(5)	(9)	6	(1)
Ending balance	0	21	0	21
Unrealized gains and losses on available- for- sale debt securities
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1)	(5)	(1)	(6)
Other comprehensive income (loss) before reclassifications	0	0	0	1
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Other comprehensive income (loss) attributable to Flutter shareholders	0	0	0	1
Ending balance	(1)	(5)	(1)	(5)
Foreign currency translation, net of net investment hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,678)	(1,567)	(1,476)	(1,798)
Other comprehensive income (loss) before reclassifications	605	(347)	403	(116)
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Other comprehensive income (loss) attributable to Flutter shareholders	605	(347)	403	(116)
Ending balance	(1,073)	(1,914)	(1,073)	(1,914)
Total
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Beginning balance	(1,674)	(1,542)	(1,483)	(1,782)
Ending balance	$ (1,075)	$ (1,898)	$ (1,075)	$ (1,898)

OTHER CURRENT LIABILITIES (Tables)

9 Months Ended

Sep. 30, 2024

Other Liabilities, Current [Abstract]

Schedule of Other Current Liabilities

Other current liabilities consisted of the following as of September 30, 2024, and December 31, 2023:


($ in millions)	As of September 30, 2024		As of December 31, 2023
Accrued expenses	$	1,091	$	945
Betting duty, data rights, and product and racefield fees	445		453
Employee benefits	333		330
Liability-classified share-based awards	31		—
Sports betting open positions	128		119
Derivative financial liabilities	76		156
Current tax payables	59		94
Loss contingencies	73		74
Indirect and payroll taxes	87		155

Contingent consideration	18		—
Total other current liabilities	$	2,341	$	2,326

Schedule of Contract Liability in Relation to Sports Betting Open Positions

The Group includes the contract liability in relation to sports betting open positions in the Condensed Consolidated Balance Sheet. The contract liability balance was as follows:


			As of September 30, 2024
($ in millions)			2024
Contract liability, beginning of the period			119
Contract liability, end of the period 1			130

1 Includes $2 million included in Other non-current liabilities.

SUBSEQUENT EVENTS (Details) - Term Loan Facility - Secured Debt - Subsequent Event € in Billions	Oct. 23, 2024 EUR (€)
Subsequent Event [Line Items]
Debt instrument face value	€ 2.5
Debt instrument, term	12 months
Debt instrument, term, extension option	6 months
Debt instrument, variable rate, minimum threshold	0.00%
Debt instrument, variable rate percentage	1.25%
Variable Rate Component One
Subsequent Event [Line Items]
Debt instrument, adjustment to basis spread on variable rate	0.20%
Variable Rate Component Teo
Subsequent Event [Line Items]
Debt instrument, adjustment to basis spread on variable rate	0.40%

DESCRIPTION OF BUSINESS - Additional Information (Detail)	Sep. 30, 2024 country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of countries in which entity operates	100

OTHER CURRENT LIABILITIES - Schedule of Contract Liability in Relation to Sports Betting Open Positions (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Contract liability, beginning and end of period	$ 130	$ 119
Contract with customer, liability, noncurrent	$ 2

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 04, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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		178,035,332
Entity Central Index Key	0001635327
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

SHARE-BASED COMPENSATION	9 Months Ended
SHARE-BASED COMPENSATION	Sep. 30, 2024
Share-Based Payment Arrangement, Disclosure [Abstract]
SHARE-BASED COMPENSATION	SHARE-BASED COMPENSATION On June 26, 2024, the Board adopted the Flutter Entertainment plc 2024 Omnibus Equity Incentive Plan (the “2024 Incentive Plan”) as a vehicle to continue granting equity to the Group, and the Group’s affiliates’, current and prospective employees, together with officers, non-employee directors and consultants. The 2024 Incentive Plan provides for an initial share pool of 1,770,000 shares, with such reserve amount to be reduced by the number of shares (if any) covered by awards granted under the Group’s legacy equity-based incentive plans (including the Sharesave Scheme). During the three and nine months ended September 30, 2024, the Group granted 149,540 restricted awards and options under the 2024 Incentive Plan. Of the options awarded under this plan, 70,146 options have a market condition based on the Total Shareholder Return (TSR) relative to the TSR performance of the S&P 500 equity index. The market condition was directly factored into the fair value-based measure of the award at the grant date. The Group engaged a third-party valuation specialist to provide a fair value for the awards using a Monte Carlo simulation model. The key inputs in the model were the expected weighted average volatility of 39.10%, the weighted average correlation of 43.00% and, the weighted average share price of the Group at the date of grant of the award of $207.54. The weighted average fair value of the awards at the grant date was $278.40. The remaining 79,394 options and restricted awards had a weighted average grant date fair value of $210.90 based on the quoted trading price of the Group’s share price on the date of the grant. During the nine months ended September 30, 2024, the group granted: •52,902 options under the Flutter Entertainment plc 2015 Deferred Share Incentive Plan at the weighted average grant date fair value of $207.70. The fair value of the options granted was based on the quoted trading price of the Group’s share on the date of the grant. •7,466 options under the Flutter Entertainment plc 2022 Supplementary Restricted Share Plan at the weighted average grant date fair value of $200.14. The fair value of the options granted was based on the quoted trading price of the Group’s share on the date of the grant. •792,246 options under the Flutter Entertainment plc 2016 Restricted Share Plan. Of the options awarded under the Flutter Entertainment plc 2016 Restricted Share Plan, 197,519 options have a market condition based on the Total Shareholder Return (TSR) relative to the TSR performance of the S&P 500 equity index. This market condition was directly factored into the fair value-based measure of the award at the grant date. The Group engaged a third-party valuation specialist to provide a fair value for the awards using a Monte Carlo simulation model. The key inputs in the model were the expected weighted-average volatility of 35.58% and the weighted-average share price of the Group at the date of grant of the award of $196.70. The weighted-average fair value of the awards at the grant date was $73.98. The remaining 594,727 options had a weighted average grant date fair value of $194.08 based on the quoted trading price of the Group’s share on the date of the grant. •45,733 share options with a nominal exercise price were granted under the 2023 Long Term Incentive Plan (“2023 LTIP”). The Group engaged a third-party valuation specialist to provide a fair value for the awards using a Monte Carlo simulation model. The key inputs in the model were the expected weighted-average volatility of 39.94% and the share price of the Group at the date of grant of the award of $180.70. The weighted-average fair value of the awards at grant date was $62.14. Another 30,697 share options granted under the 2023 LTIP. The Group engaged a third-party valuation specialist to provide a fair value for the awards using a Monte Carlo simulation model. The key inputs in the model were the expected weighted-average volatility of 37.37% and the weighted-average share price of the Group at the date of grant of the award of $214.76. The weighted-average fair value of the awards at the grant date was $102.62. The performance targets associated with a further 61,395 share options were not determined as of September 30, 2024 and as a result no grant date has been established under ASC 718 and no compensation cost has been recognized in the period ended September 30, 2024. In April 2023, the Group adopted the 2023 LTIP which enables the Group to grant share awards and nil cost options with a single award vesting in tranches (if the relevant performance conditions are met) after the end of the performance period applicable to the tranche. Awards granted under the 2023 LTIP have a performance period of not less than three years. The awards granted under the 2023 LTIP have a market condition based on the Total Shareholder Return (“TSR”) relative to the FTSE 100 (excluding house builders, real estate investment trusts and natural resources companies). This market condition was directly factored into the fair-value-based measure of the award. For the three and nine months ended September 30, 2023, the Group granted: • 524,954 restricted awards and 469,084 share options with a nominal exercise price under the Flutter Entertainment plc 2016 Restricted Share Plan. The weighted-average grant date fair value of awards granted in the period was $160.49 based on the quoted trading price of the Group’s share on the date of the grant. •Other employee share schemes, the Group granted 34,419 restricted awards and share options with a nominal exercise price. The weighted-average grant date fair value of awards granted in the period under other plans was $163.75 based on the quoted trading price of the Group’s share on the date of the grant. •44,820 share options with a nominal exercise price under the 2023 LTIP. The Group engaged a third party valuation specialist to provide a fair value for the awards using a Monte Carlo simulation model. The key inputs in the model were the expected weighted-average volatility of 35.91% and the share price of the Group at the date of grant of the award of $199.22. The weighted-average fair value of the awards at the grant date was $111.60. The performance targets associated with a further 134,460 share options were not determined as of September 30, 2023 and as a result no grant date has been established under ASC 718 and no compensation cost recognized in the period ended September 30, 2023. As of September 30, 2024, 3,901,066 restricted awards and options were outstanding across all employee share schemes. Total compensation cost arising from employee share schemes for the three and nine months ended September 30, 2024, and September 30, 2023, was $53 million and $153 million, and $25 million and $135 million respectively in the Condensed Consolidated Statements of Comprehensive Income (Loss).

OTHER CURRENT LIABILITIES

9 Months Ended

Sep. 30, 2024

Other Liabilities, Current [Abstract]

OTHER CURRENT LIABILITIES

Other current liabilities consisted of the following as of September 30, 2024, and December 31, 2023:


($ in millions)	As of September 30, 2024		As of December 31, 2023
Accrued expenses	$	1,091	$	945
Betting duty, data rights, and product and racefield fees	445		453
Employee benefits	333		330
Liability-classified share-based awards	31		—
Sports betting open positions	128		119
Derivative financial liabilities	76		156
Current tax payables	59		94
Loss contingencies	73		74
Indirect and payroll taxes	87		155

Contingent consideration	18		—
Total other current liabilities	$	2,341	$	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 the contract liability in relation to sports betting open positions in the Condensed Consolidated Balance Sheet. The contract liability balance was as follows:


			As of September 30, 2024
($ in millions)			2024
Contract liability, beginning of the period			119
Contract liability, end of the period 1			130

1 Includes $2 million included in Other non-current liabilities.

Due to the short term nature of our contract liabilities, a substantial portion of the contract liability at the beginning of the period is recognized in revenue in the immediate subsequent reporting period.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn October 23, 2024, the Group entered into an amended and restated commitment letter originally dated September 12, 2024 with certain banks to obtain binding commitments in respect of a senior secured first lien term loan comprising an aggregate Euro principal of €2.5 billion (the “Facility”) to fund, among others, the strategic acquisition of Snaitech S.p.A which was announced by the Group in September 2024. If implemented, the Facility will (i) mature 12 months from first utilization of the Facility, subject to an extension option of six months which can be exercised twice and (ii) bear interest at a per annum rate equal to EURIBOR (provided that in no event shall EURIBOR be less than 0.00%) plus an applicable margin equal to 1.25% per annum, subject to an increase of 0.20% per annum on the last day of each fiscal quarter, commencing with the second complete quarter following first utilization of the Facility. The increase shall be 0.40% per annum instead of 0.20% per annum from the date being twelve calendar months after first utilization of the Facility. The other terms of Facility will be on substantially similar terms to that of the Credit Agreement dated as of November 24, 2023 between, among others, certain members of the Group and the lenders named therein.

DERIVATIVES - Schedule of the Fair Value of Derivatives Assets and Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Derivative [Line Items]
Derivative asset, current	$ 41	$ 0
Derivative liability, current	(76)	(156)
Derivative Assets	(41)	0
Derivative Liabilities	(109)	(178)
Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Derivative Assets	(19)	0
Derivative Liabilities	(94)	(125)
Designated as Hedging Instrument \| Net Investment Hedging
Derivative [Line Items]
Derivative Assets	0	0
Derivative Liabilities	(6)	(1)
Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative Assets	(1)	0
Derivative Liabilities	0	(52)
Not Designated as Hedging Instrument \| Fair Value Hedging
Derivative [Line Items]
Derivative Assets	(21)	0
Derivative Liabilities	(9)	0
Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Derivative asset, current	14	0
Derivative liability, current	(68)	(104)
Derivative asset, noncurrent	0	0
Derivative liability, noncurrent	(20)	(21)
Cross-currency interest rate swaps \| Designated as Hedging Instrument \| Net Investment Hedging
Derivative [Line Items]
Derivative asset, current	0	0
Derivative liability, current	0	(1)
Derivative asset, noncurrent	0	0
Derivative liability, noncurrent	(6)	0
Cross-currency interest rate swaps \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset, current	0	0
Derivative liability, current	0	(52)
Cross-currency interest rate swaps \| Not Designated as Hedging Instrument \| Fair Value Hedging
Derivative [Line Items]
Derivative asset, current	21	0
Derivative liability, current	(6)	0
Derivative asset, noncurrent	0	0
Derivative liability, noncurrent	(3)	0
Interest rate swaps \| Designated as Hedging Instrument \| Cash Flow Hedging
Derivative [Line Items]
Derivative asset, current	5	0
Derivative liability, current	(2)	0
Derivative asset, noncurrent	0	0
Derivative liability, noncurrent	(4)	0
Foreign currency forward contracts \| Not Designated as Hedging Instrument
Derivative [Line Items]
Derivative asset, noncurrent	1	0
Derivative liability, noncurrent	$ 0	$ 0

DESCRIPTION OF BUSINESS	9 Months Ended
DESCRIPTION OF BUSINESS	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	DESCRIPTION OF BUSINESS Flutter Entertainment plc (the “Company” or “Flutter”) and its subsidiaries (together referred to as the “Group”) is a global online sports betting and iGaming entity, operating some of the world’s most innovative, diverse and distinctive online sports betting and gaming brands such as FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, tombola, Betfair, TVG, Junglee Games, Adjarabet and MaxBet. As of September 30, 2024, the Group offers its products in over 100 countries. The Group is a public limited company incorporated in the Republic of Ireland. Public Listing on the New York Stock Exchange (“NYSE”) On January 29, 2024, the Group completed its registration process with the United States Securities and Exchange Commission (“SEC”), and listed on the New York Stock Exchange (“NYSE”) for public trading. On May 31, 2024, the Group moved its primary listing to the NYSE following the approval of shareholders at the Company’s Annual General Meeting held on May 1, 2024. In addition, the Group maintains a listing on the main market of the London Stock Exchange.

OTHER CURRENT LIABILITIES - Schedule of Other Current Liabilities (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities, Current [Abstract]
Accrued expenses	$ 1,091	$ 945
Betting duty, data rights, and product and racefield fees	445	453
Employee benefits	333	330
Liability-classified share-based awards	31	0
Sports betting open positions	128	119
Derivative financial liabilities	76	156
Current tax payables	59	94
Loss contingencies	73	74
Indirect and payroll taxes	87	155
Contingent consideration	18	0
Total other current liabilities	$ 2,341	$ 2,326

SHARE-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 26, 2024
Share Based Payment Arrangement [Line Items]
Share-based compensation, correlation coefficient	43.00%		43.00%
Employee benefits and share-based compensation	$ 53	$ 25	$ 153	$ 135
Flutter Entertainment plc 2024 Omnibus Equity Incentive Plan
Share Based Payment Arrangement [Line Items]
Common stock shares reserved for future issuance (in shares)					1,770,000
Share compensation by share based award options granted (in shares)	149,540		149,540
Flutter Entertainment plc 2024 Omnibus Equity Incentive Plan \| Weighted Average Fair Value Of Options Granted
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)	79,394		79,394
Share based compensation by share based award weighted average fair value of options (in USD per share)	$ 210.90		$ 210.90
Flutter Entertainment plc 2015 Deferred Share Incentive Plan
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)			52,902
Flutter Entertainment plc 2022 Supplementary Restricted Share Plan
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)			7,466
Flutter Entertainment plc 2016 Restricted Share Plan
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)		469,084	792,246	469,084
Share based compensation by share based award weighted average fair value of options (in USD per share)		$ 160.49		$ 160.49
Flutter Entertainment plc 2016 Restricted Share Plan \| Weighted Average Fair Value Of Options Granted
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)			594,727
Share based compensation by share based award weighted average fair value of options (in USD per share)			$ 194.08
Flutter Entertainment plc 2023 Long Term Incentive Plan \| Tranche One
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)			45,733
Share based compensation by share based payment award weighted average volatility rate (in percent)			39.94%
Share based compensation by share based payment award weighted average fair value of options granted (in USD per share)			$ 62.14
Flutter Entertainment plc 2023 Long Term Incentive Plan \| Tranche Two
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)			30,697
Share based compensation by share based payment award weighted average volatility rate (in percent)			37.37%
Share based compensation by share based payment award weighted average fair value of options granted (in USD per share)			$ 102.62
Share based compensation by share based award options granted for which performance conditions have not yet been determined (in shares)	61,395		61,395
Flutter Entertainment plc 2023 Long Term Incentive Plan \| Weighted Average \| Tranche One
Share Based Payment Arrangement [Line Items]
Share price (in USD per share)	$ 180.70		$ 180.70
Flutter Entertainment plc 2023 Long Term Incentive Plan \| Weighted Average \| Tranche Two
Share Based Payment Arrangement [Line Items]
Share price (in USD per share)	$ 214.76		$ 214.76
Other Employee Share Schemes
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)		34,419		34,419
Share based compensation by share based award weighted average fair value of options (in USD per share)		$ 163.75		$ 163.75
TSR Performance Of The S&P 500 Equity Index \| Flutter Entertainment plc 2024 Omnibus Equity Incentive Plan
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)	70,146		70,146
Share based compensation by share based payment award weighted average volatility rate (in percent)	39.10%		39.10%
Share based compensation by share based payment award weighted average fair value of options granted (in USD per share)	$ 278.40		$ 278.40
TSR Performance Of The S&P 500 Equity Index \| Flutter Entertainment plc 2024 Omnibus Equity Incentive Plan \| Weighted Average
Share Based Payment Arrangement [Line Items]
Share price on grant date (in USD per share)	$ 207.54		$ 207.54
TSR Performance Of The S&P 500 Equity Index \| Flutter Entertainment plc 2016 Restricted Share Plan
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)			197,519
Share based compensation by share based payment award weighted average volatility rate (in percent)			35.58%
Share based compensation by share based payment award weighted average fair value of options granted (in USD per share)			$ 73.98
TSR Performance Of The S&P 500 Equity Index \| Flutter Entertainment plc 2016 Restricted Share Plan \| Weighted Average
Share Based Payment Arrangement [Line Items]
Share price on grant date (in USD per share)			196.70
Deferred Share Incentive Plan
Share Based Payment Arrangement [Line Items]
Share based compensation by share based award weighted average fair value of options (in USD per share)			207.70
Restricted Share Plan
Share Based Payment Arrangement [Line Items]
Share based compensation by share based award weighted average fair value of options (in USD per share)			$ 200.14
Share-based compensation arrangement by share-based payment award, options, outstanding, number (in shares)	3,901,066		3,901,066
Restricted Share Plan \| Flutter Entertainment plc 2016 Restricted Share Plan
Share Based Payment Arrangement [Line Items]
Share based compensation by share based award equity instruments other than options granted (in shares)		524,954		524,954
Total Shareholder Return (“TSR”) relative to the FTSE 100 \| Flutter Entertainment plc 2023 Long Term Incentive Plan
Share Based Payment Arrangement [Line Items]
Share compensation by share based award options granted (in shares)		44,820		44,820
Share based compensation by share based payment award weighted average volatility rate (in percent)		35.91%		35.91%
Share price (in USD per share)		$ 199.22		$ 199.22
Share based compensation by share based award options granted for which performance conditions have not yet been determined (in shares)		134,460		134,460
Share based compensation by share based payment award vesting period		3 years
Allocated share based compensation		$ 0
Total Shareholder Return (“TSR”) relative to the FTSE 100 \| Flutter Entertainment plc 2023 Long Term Incentive Plan \| Weighted Average
Share Based Payment Arrangement [Line Items]
Share based compensation by share based payment award weighted average fair value of options granted (in USD per share)		$ 111.60		$ 111.60

EARNINGS (LOSS) PER SHARE - Schedule of Basic and Diluted Net Earnings (Loss) Per Ordinary Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator
Net income (loss)	$ (114)	$ 297	$ (177)	$ (262)	$ 64	$ (111)	$ 6	$ (309)
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	5			1			27	(6)
Adjustment of redeemable non-controlling interest to redemption value	(16)			12			17	7
Net loss attributable to Flutter shareholders	(103)			(275)			(38)	(310)
Net (loss) attributable to Flutter shareholder – diluted	$ (103)			$ (275)			$ (38)	$ (310)
Denominator
Basic weighted average outstanding shares (in shares)	178,000,000			178,000,000			178,000,000	178,000,000
Effective of dilutive stock awards (in shares)	0			0			0	0
Diluted weighted average outstanding shares (in shares)	178,000,000			178,000,000			178,000,000	178,000,000
Earnings (Loss) per share
Basic (in USD per share)	$ (0.58)			$ (1.55)			$ (0.21)	$ (1.75)
Diluted (in USD per share)	$ (0.58)			$ (1.55)			$ (0.21)	$ (1.75)

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 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)	As of September 30, 2024
From September 30, 2024 to December 31, 2024	$	417
2025	966
2026	630
2027	427
2028	193
Thereafter	476
	$	3,109

LONG-TERM DEBT (Tables)

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Schedule of Group's Debt Comprised

The Group’s debt comprised of the following:


	As of September 30, 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	560
TLA/TLB/RCF Agreement
GBP First Lien Term Loan A due 2028	£	1,034	1,384	£	1,034	1,315
EUR First Lien Term Loan A due 2028	€	380	424	€	380	419
USD First Lien Term Loan A due 2028	$	166	166	$	166	166
USD First Lien Term Loan B due 2030	$	3,885	3,886	$	3,400	3,400
GBP Revolving Credit Facility due 2028	£	—	—	£	578	736
Senior secured notes
EUR Senior Secured Notes due 2029	€	500	570	€	—	—
USD Senior Secured Notes due 2029	$	525	539	$	—	—
Total debt principal including accrued interest			6,969			7,110
Less: unamortized debt issuance costs			(59)			(54)
Total debt			6,910			7,056
Less: current portion of long-term debt			(67)			(51)
Total long-term debt			6,843			7,005

Schedule of Contractual Principal Repayments

As of September 30, 2024, the contractual principal repayments of the Group’s outstanding borrowings, excluding accrued interest, amount to the following:


($ in millions)
2024	$	10
2025	39
2026	39
2027	39
2028	3,096
Thereafter	3,719
Total	6,942

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 1,483	$ 1,497
Cash and cash equivalents – restricted	56	22
Player deposits – cash and cash equivalents	1,871	1,752
Player deposits – investments	156	172
Accounts receivable, net	87	90
Prepaid expenses and other current assets	517	443
TOTAL CURRENT ASSETS	4,170	3,976
Investments	7	9
Property and equipment, net	498	471
Operating lease right-of-use assets	528	429
Intangible assets, net	5,822	5,881
Goodwill	14,344	13,745
Deferred tax assets	30	24
Other non-current assets	81	100
TOTAL ASSETS	25,480	24,635
CURRENT LIABILITIES:
Accounts payable	270	240
Player deposit liability	1,902	1,786
Operating lease liabilities	130	123
Long-term debt due within one year	67	51
Other current liabilities	2,341	2,326
TOTAL CURRENT LIABILITIES	4,710	4,526
Operating lease liabilities – non-current	437	354
Long-term debt	6,843	7,005
Deferred tax liabilities	733	802
Other non-current liabilities	747	580
TOTAL LIABILITIES	13,470	13,267
COMMITMENTS AND CONTINGENCIES (Note 16)
REDEEMABLE NON-CONTROLLING INTERESTS	1,604	1,152
SHAREHOLDERS’ EQUITY
Ordinary share (Authorized 3,000,000,000 shares of €0.09 ($0.10) par value each; issued September 30, 2024: 177,824,343 shares; December 31, 2023: 177,008,649 shares)	36	36
Shares held by employee benefit trust, at cost September 30, 2024: nil, December 31, 2023: nil	0	0
Additional paid-in capital	1,556	1,385
Accumulated other comprehensive loss	(1,075)	(1,483)
Retained earnings	9,728	10,106
Total Flutter Shareholders’ Equity	10,245	10,044
Non-controlling interests	161	172
TOTAL SHAREHOLDERS’ EQUITY	10,406	10,216
TOTAL LIABILITIES, REDEEMABLE NON-CONTROLLING INTERESTS AND SHAREHOLDERS’ EQUITY	$ 25,480	$ 24,635

INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INTEREST EXPENSE, NET (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest Income (Expense), Net [Abstract]
Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$ 123	$ 101	$ 371	$ 296
Other interest expense	3	1	7	(1)
Interest income	(21)	(10)	(53)	(29)
Interest expense, net	$ 105	$ 92	$ 325	$ 266

SEGMENTS AND DISAGGREGATION OF REVENUE - Additional Information (Details)	9 Months Ended
	Sep. 30, 2024 Segments
Segment Reporting [Abstract]
Number of reportable segments	4

EARNINGS (LOSS) PER SHARE - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,023,140	1,844,942	1,846,515	2,167,967

EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

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


	Three months ended September 30,				Nine months ended September 30,
($ in millions except per share amounts)	2024		2023		2024		2023
Numerator
Net income (loss)	(114)		(262)		6		(309)
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	5		1		27		(6)
Adjustment of redeemable non-controlling interest to redemption value	(16)		12		17		7
Net (loss) attributable to Flutter shareholder – basic and diluted	(103)		(275)		(38)		(310)

Denominator
Basic weighted average outstanding shares	178		178		178		178
Effective of dilutive stock awards	—		—		—		—
Diluted weighted average outstanding shares	178		178		178		178

Earnings (Loss) per share
Basic	$	(0.58)	$	(1.55)	$	(0.21)	$	(1.75)
Diluted	$	(0.58)	$	(1.55)	$	(0.21)	$	(1.75)

The number of options excluded from the diluted weighted average number of ordinary share calculation due to their effect being anti-dilutive as the assumed proceeds were greater than the average market price was 2,023,140 and 1,846,515 for the three and nine months ended September 30, 2024 respectively (2023: 1,844,942 and 2,167,967 for the three and nine months ended September 30, 2023 respectively).

LONG-TERM DEBT - Schedule of Group's Debt Comprised (Details) € in Millions, £ in Millions, $ in Millions	9 Months Ended			12 Months Ended
	Sep. 30, 2024 USD ($)	Sep. 30, 2024 EUR (€)	Sep. 30, 2024 GBP (£)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 EUR (€)	Dec. 31, 2023 GBP (£)
Debt Instrument [Line Items]
Outstanding Balance	$ 6,969			$ 7,110
Less: unamortized debt issuance costs	(59)			(54)
Total debt	6,910			7,056
Less: current portion of long-term debt	(67)			(51)
Long-term debt	6,843			7,005
USD First Lien Term Loan B due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	0			514
Outstanding Balance	0			514
EUR First Lien Term Loan B due 2026
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| €		€ 0			€ 507
Outstanding Balance	0			560
GBP First Lien Term Loan A due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| £			£ 1,034			£ 1,034
Outstanding Balance	1,384			1,315
EUR First Lien Term Loan A due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| €		380			380
Outstanding Balance	424			419
USD First Lien Term Loan A due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	166			166
Outstanding Balance	166			166
USD First Lien Term Loan B due 2030
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	3,885			3,400
Outstanding Balance	3,886			3,400
GBP Revolving Credit Facility due 2028
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| £			£ 0			£ 578
Outstanding Balance	0			736
EUR Senior Secured Notes due 2029
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency \| €		€ 500			€ 0
Outstanding Balance	570			0
USD Senior Secured Notes due 2029
Debt Instrument [Line Items]
Principal outstanding balance in currency of borrowing Local currency	525			0
Outstanding Balance	$ 539			$ 0

FAIR VALUE MEASUREMENTS - Schedule Of The Group's Financial Assets, Financial Liabilities And Redeemable Non-controlling Interests (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	$ 156			$ 156
Equity securities - Investments	7			7
Derivative financial assets	41	$ 0		41
Total	204			204
Financial liabilities measured at fair value:
Derivative financial liabilities	109	178		109
Fox Option liability	640			640
Contingent consideration	19			19
Total	768			768
Redeemable non-controlling interests at fair value	(1,434)			(1,434)
Fair value measurement with unobservable inputs reconciliation recurring basis asset transfers net	0		$ 0	0	$ 0
Pokerstars Trade Mark
Financial liabilities measured at fair value:
Finite lived intangible asset carrying value		1,093
Impairment of finite lived intangible assets		$ 725
Pokerstars Trade Mark \| Royalty Rate
Financial liabilities measured at fair value:
Finite lived intangible assets measurement input		5.00%
Pokerstars Trade Mark \| Input Tax Rate
Financial liabilities measured at fair value:
Finite lived intangible assets measurement input		12.50%
Pokerstars Trade Mark \| Discount Rate
Financial liabilities measured at fair value:
Finite lived intangible assets measurement input		12.50%
Level 1
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	146			146
Equity securities - Investments	0			0
Derivative financial assets	0			0
Total	146			146
Financial liabilities measured at fair value:
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
Level 2
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	10			10
Equity securities - Investments	0			0
Derivative financial assets	41			41
Total	51			51
Financial liabilities measured at fair value:
Derivative financial liabilities	109			109
Fox Option liability	0			0
Contingent consideration	0			0
Total	109			109
Redeemable non-controlling interests at fair value	0			0
Level 3
Financial assets measured at fair value:
Available for sale – Player deposits – Investments	0			0
Equity securities - Investments	7	$ 9		7
Derivative financial assets	0			0
Total	7			7
Financial liabilities measured at fair value:
Derivative financial liabilities	0			0
Fox Option liability	640			640
Contingent consideration	19			19
Total	659			659
Redeemable non-controlling interests at fair value	$ (1,434)			$ (1,434)
Level 3 \| Pokerstars Trade Mark
Financial liabilities measured at fair value:
Total nonrecurring fair value measurement		368
Fair Value, Recurring
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		172
Equity securities - Investments		9
Total		181
Financial liabilities measured at fair value:
Derivative financial liabilities		178
Fox Option liability		400
Contingent consideration		20
Total		598
Redeemable non-controlling interests at fair value		1,100
Fair Value, Recurring \| Level 1
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		33
Equity securities - Investments		0
Total		33
Financial liabilities measured at fair value:
Derivative financial liabilities		0
Fox Option liability		0
Contingent consideration		0
Total		0
Redeemable non-controlling interests at fair value		0
Fair Value, Recurring \| Level 2
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		139
Equity securities - Investments		0
Total		139
Financial liabilities measured at fair value:
Derivative financial liabilities		178
Fox Option liability		0
Contingent consideration		0
Total		178
Redeemable non-controlling interests at fair value		0
Fair Value, Recurring \| Level 3
Financial assets measured at fair value:
Available for sale – Player deposits – Investments		0
Equity securities - Investments		9
Total		9
Financial liabilities measured at fair value:
Derivative financial liabilities		0
Fox Option liability		400
Contingent consideration		20
Total		420
Redeemable non-controlling interests at fair value		1,100
Fair Value, Nonrecurring
Financial assets measured at fair value:
Total		368
Fair Value, Nonrecurring \| Level 1
Financial assets measured at fair value:
Total		0
Fair Value, Nonrecurring \| Level 2
Financial assets measured at fair value:
Total		0
Fair Value, Nonrecurring \| Level 3
Financial assets measured at fair value:
Total		368
Fair Value, Nonrecurring \| Pokerstars Trade Mark
Financial liabilities measured at fair value:
Total nonrecurring fair value measurement		368
Fair Value, Nonrecurring \| Pokerstars Trade Mark \| Level 1
Financial liabilities measured at fair value:
Total nonrecurring fair value measurement		0
Fair Value, Nonrecurring \| Pokerstars Trade Mark \| Level 2
Financial liabilities measured at fair value:
Total nonrecurring fair value measurement		0
Fair Value, Nonrecurring \| Pokerstars Trade Mark \| Level 3
Financial liabilities measured at fair value:
Total nonrecurring fair value measurement		$ 368

SEGMENTS AND DISAGGREGATION OF REVENUE (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Group's Segment Information

The following tables present the Group’s segment information:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
Revenue
U.S.
Sportsbook	$	822	$	506	$	2,907	$	2,046
iGaming	368		252		1,083		736
Other	60		70		197		214
U.S. segment revenue	1,250		828		4,187		2,996
UKI
Sportsbook	356		326		1,218		1,103
iGaming	454		351		1,283		1,009
Other	36		42		134		132
UKI segment revenue	846		719		2,635		2,244
International
Sportsbook	160		122		517		457
iGaming	589		531		1,763		1,624
Other	32		26		105		84
International segment revenue	781		679		2,385		2,165
Australia
Sportsbook	371		332		1,049		1,072
Australia segment revenue	371		332		1,049		1,072
Total reportable segment revenue	$	3,248	$	2,558	$	10,256	$	8,477

iGaming revenue includes Poker and Lottery.

Schedule of Revenue by Geographical Market

The information below summarizes revenue by geographical market for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
U.S.	$	1,235	$	834	$	4,129	$	3,004
UK	765		648		2,395		2,015
Ireland	72		73		225		231
Australia	371		332		1,049		1,072
Italy	346		302		1,082		1,003
Rest of the world	459		369		1,376		1,152
Total revenue	$	3,248	$	2,558	$	10,256	$	8,477

The information below shows the reconciliation of reportable segment Adjusted EBITDA to income (loss) before income taxes for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
UKI	$	237	$	184	$	798	$	639
U.S.	58		(55)		344		64
International	152		119		481		413
Australia	72		63		229		256
Reportable segment adjusted EBITDA	519		311		1,852		1,372
Unallocated corporate overhead 1	(69)		(53)		(150)		(129)
Depreciation and amortization	(258)		(316)		(827)		(917)
Share-based compensation expense	(53)		(25)		(153)		(135)
Transaction fees and associated costs 2	—		(26)		(45)		(46)
Restructuring and integration costs 3	(42)		(28)		(87)		(75)
Other expense, net	(122)		(44)		(207)		(79)
Interest expense, net	(105)		(92)		(325)		(266)
Income (loss) before income taxes	$	(130)	$	(273)	$	58	$	(275)

1.Unallocated corporate overhead includes shared technology, research and development, sales and marketing, and general and administrative expenses that are not allocated to specific segments.

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Group's Segment Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	$ 3,248	$ 2,558	$ 10,256	$ 8,477
U.S.
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	1,250	828	4,187	2,996
U.S. \| Sportsbook
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	822	506	2,907	2,046
U.S. \| iGaming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	368	252	1,083	736
U.S. \| Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	60	70	197	214
UKI
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	846	719	2,635	2,244
UKI \| Sportsbook
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	356	326	1,218	1,103
UKI \| iGaming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	454	351	1,283	1,009
UKI \| Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	36	42	134	132
International
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	781	679	2,385	2,165
International \| Sportsbook
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	160	122	517	457
International \| iGaming
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	589	531	1,763	1,624
International \| Other
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	32	26	105	84
Australia
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	371	332	1,049	1,072
Australia \| Sportsbook
Segment Reporting, Revenue Reconciling Item [Line Items]
Total reportable segment revenue	$ 371	$ 332	$ 1,049	$ 1,072

- Definition

Amount, including 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
-SubTopic 10
-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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
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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
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
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-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 22
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 41
-Subparagraph (a)
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-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

SEGMENTS AND DISAGGREGATION OF REVENUE - Schedule of Revenue by Geographical Market (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Revenue	$ 3,248	$ 2,558	$ 10,256	$ 8,477
U.S.
Disaggregation of Revenue [Line Items]
Revenue	1,235	834	4,129	3,004
UK
Disaggregation of Revenue [Line Items]
Revenue	765	648	2,395	2,015
Ireland
Disaggregation of Revenue [Line Items]
Revenue	72	73	225	231
Australia
Disaggregation of Revenue [Line Items]
Revenue	371	332	1,049	1,072
Italy
Disaggregation of Revenue [Line Items]
Revenue	346	302	1,082	1,003
Rest of the world
Disaggregation of Revenue [Line Items]
Revenue	$ 459	$ 369	$ 1,376	$ 1,152

- 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

+ References

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation — These unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting and the rules and regulations of the SEC. As such, certain notes or other information that are normally required by U.S. GAAP have been omitted if they substantially duplicate the disclosures contained in the Group’s audited consolidated financial statements as of and for the year ended December 31, 2023. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as filed with the SEC on March 26, 2024 (the “2023 Annual Report”). These condensed consolidated financial statements are unaudited; however, in the opinion of management, they include all normal and recurring adjustments necessary for a fair presentation of the Group’s unaudited condensed consolidated financial statements for the periods presented. Results of operations reported for interim periods are not necessarily indicative of results for the entire year, due to seasonal fluctuations in the Group’s revenue as a result of the timing of various sports seasons, sporting events and other factors. Recent Accounting Pronouncements Adopted In January 2024, the Group adopted Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Accounting Standards Codification Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions and (ASU 2023-01), Leases (Topic 842): Common Control Arrangements, which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standards did not have material impact on the Group’s unaudited condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU 2023-07, it does not expect ASU 2023-07 to have a material effect, on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for the year ending December 31, 2025. The Group is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively. In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): which clarifies how an entity determines whether a profit interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU 2024-01, it does not expect ASU 2024-01 to have a material effect on the Group’s consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to consolidated financial statements, of specified information about certain costs and expenses. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2024-03. The impact of the adoption will be limited to disclosure in the notes to the consolidated financial statements.

COMMITMENTS AND CONTINGENCIES - Schedule of Other Purchase Obligations (Details) $ in Millions	Sep. 30, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
From September 30, 2024 to December 31, 2024	$ 417
2025	966
2026	630
2027	427
2028	193
Thereafter	476
Total commitment	$ 3,109

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 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 Adopted and Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Adopted In January 2024, the Group adopted Accounting Standards Update (“ASU”) 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies the guidance in Accounting Standards Codification Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions and (ASU 2023-01), Leases (Topic 842): Common Control Arrangements, which requires leasehold improvements associated with common control leases to be amortized over the useful life to the common control group. The new standards did not have material impact on the Group’s unaudited condensed consolidated financial statements. Recent Accounting Pronouncements Not Yet Adopted In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires a public entity to disclose significant segment expenses and other segment items on an annual and interim basis and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually. The ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. This ASU is effective for annual periods beginning after December 15, 2023, and for interim periods beginning after December 15, 2024, with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU 2023-07, it does not expect ASU 2023-07 to have a material effect, on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, additional disclosures primarily related to the income tax rate reconciliation and income taxes paid. The expanded annual disclosures are effective for the year ending December 31, 2025. The Group is currently evaluating the impact that ASU 2023-09 will have on our consolidated financial statements and whether we will apply the standard prospectively or retrospectively. In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): which clarifies how an entity determines whether a profit interest or similar award is (1) within the scope of ASC 718 or (2) not a share-based payment arrangement and therefore within the scope of other guidance. The ASU’s amendments are effective for fiscal years beginning after December 15, 2024, including interim periods within those years with early adoption permitted. While the Group is continuing to assess the timing of adoption and the potential impacts of ASU 2024-01, it does not expect ASU 2024-01 to have a material effect on the Group’s consolidated financial position, results of operations or cash flows. In November 2024, the FASB issued ASU 2024-03 "Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure, in the notes to consolidated financial statements, of specified information about certain costs and expenses. The ASU’s amendments are effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027 with early adoption permitted. The Group is currently assessing the timing of adoption and the potential impacts of ASU 2024-03. The impact of the adoption will be limited to disclosure in the notes to the consolidated financial statements.

DERIVATIVES

9 Months Ended

Sep. 30, 2024

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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 B maturing in 2030 and foreign currency risk arising from the Group’s fixed rate USD Senior Secured Notes maturing in 2029 are managed using interest rate swaps and cross-currency interest rate swaps, which are designated as cash flow hedges with the objective of reducing the volatility of interest expense and foreign currency gains and losses in the case of the USD First Lien Term Loan B maturing in 2030 and foreign currency risk in case of fixed rate USD Senior Secured Notes maturing in 2029.

Under the terms of the cross-currency interest rate swaps designated as a hedge of the interest rate and foreign currency risk arising from USD First Lien Term Loan B maturing in 2030, the Group makes fixed rate interest payments and principal repayments in pounds sterling (GBP) and receives variable interest amounts in U.S. dollars (USD) from counterparties over the life of the agreements effectively converting the variable rate term loan into fixed interest rate debt with the exchange of the underlying notional amounts over the term of the loan whereby the Group will receive USD from and pay GBP to the counterparties at exchange rates which are determined at contract inception. Under the terms of the interest rate swaps designated as a hedge of the interest risk arising from the USD First Lien Term Loan B maturing in 2030, the Group makes fixed rate interest payments and receives variable interest amounts in USD from counterparties over the life of the agreements, effectively converting the variable rate term loan into fixed interest rate debt. Under the terms of the cross-currency interest rate swaps designated as a hedge of the foreign currency risk arising from the USD Senior Secured Notes maturing in 2029, the Group makes fixed interest rate payment in GBP and receives fixed interest rate payments in USD with the exchange of the underlying notional amounts at maturity whereby the Group will receive USD from and pay GBP to the counterparties at exchange rates which are determined at contract inception, thereby effectively converting the USD Senior Secured Notes to GBP Senior Secured Notes.

The notional amount of cross-currency interest rate swaps accounted for as cash-flow hedges of foreign currency and interest rate risk on the USD First Lien Term Loan B was $691 million as of September 30, 2024, and $1,603 million as of December 31, 2023, with the cross-currency interest rate swaps maturing on June 30, 2025. The notional amount of interest-rate swaps accounted for as cash-flow hedges was $1,954 million as of September 30, 2024 and $1,094 million as of December 31, 2023 with maturities ranging from June 30, 2025 to September 30, 2026. The notional amount of cross-currency interest rate swaps accounted for as cash-flow hedges of foreign currency risk on the fixed rate USD Senior Secured Notes was $525 million as of September 30, 2024 and nil as of December 31, 2023 with the cross-currency interest rate swaps maturing on April 15, 2026. 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 foreign exchange (loss) gain, net, which is a component of other expense, net.

The amount reclassified from accumulated other comprehensive income (loss) into earnings was a net loss of $119 million for the three months ended September 30, 2024 (net gain of $60 million for the three months ended September 30, 2023) and a net loss of $117 million for the nine months ended September 30, 2024 (net loss of $24 million for the nine months ended September 30, 2023).

The Group expects to reclassify a gain of $1 million from accumulated other comprehensive income (loss) into earnings within the next 12 months.

Fair value hedge

In September 2024, the Group entered into cross-currency interest rate swaps to manage the foreign currency risk arising from a portion of USD First Lien Term Loan B maturing in 2030. Under the terms of the cross-currency interest rate swaps, the Group either pays fixed interest in GBP and receives fixed interest in USD or pays a floating interest in GBP and receives a floating interest in USD with the exchange of the underlying notional amounts over the term of the loan whereby the Group will receive USD from and pay GBP to the counterparties at exchange rates which are determined at contract inception.

The notional amount of cross-currency interest rate swaps accounted for as fair value hedges of foreign currency risk on the USD First Lien Term Loan B was $1,428 million as of September 30, 2024 (nil as of December 31, 2023). The Group excludes the cross-currency basis spread in the swap from the hedge effectiveness assessment and recognizes the excluded component into earnings through the periodic interest settlements on the swap. Changes in the fair value on the portion of the derivative included in the assessment of hedge effectiveness of fair value hedges resulting from the changes in the spot rate are recognized in earnings within foreign exchange (loss) gain, net, which is a component of other expense, net which offset the gain or loss arising from the remeasurement of the hedged term loan liability with the difference recorded in other comprehensive income (loss). The Group recorded a foreign currency loss of $8 million in earnings for the three and nine months ended September 30, 2024 which offset the foreign currency gain from the USD First Lien Term Loan B. Changes in the fair value of the excluded components recognized in other comprehensive income during the three and nine months ended September 30, 2024 was a loss of $1 million.

Net investment hedge

The Group has investments in various subsidiaries which form part of the Group’s International segment with Euro functional currencies. As a result, the Group is exposed to the risk of fluctuations between the Euro and GBP exchange rates. The Group designated its EUR First Lien Term Loan A maturing in 2028, EUR First Term Loan B maturing in 2026 (repaid in full on April 29, 2024) (the EUR First Lien Term Loan A maturing in 2028 together with the EUR First Term Loan B maturing in 2026, the EUR Term Loans), the EUR Senior Notes due 2029 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 which are intended to mitigate foreign currency exposure related to non-GBP net investments in certain Euro functional subsidiaries.

As of September 30, 2024, the nominal exposure of EUR First Lien Term Loan A and EUR Senior Notes designated as net investment hedges was $424 million and $570 million respectively. The nominal exposures of the EUR Term Loans was $980 million as of December 31, 2023. The designated hedge amounts were considered highly effective. The Group has also designated certain EUR cross currency interest rate swap contracts in net investment hedging relationships. The notional amount of cross-currency swaps accounted for as net investment hedges was $894 million as of September 30, 2024 and $359 million as of December 31, 2023. The designated hedge amounts were considered highly effective.

The foreign currency transaction gains and losses on the euro-denominated portion of the term loan and the cross-currency interest swaps, which are designated and effective as a hedge of the Group’s net investment in its euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. A gain, net of tax, of $27 million was included in the foreign currency translation adjustment for the three months ended September 30, 2024 (loss, net of tax amounting to $2 million for the three months ended September 30, 2023), and a gain, net of tax amounting to $56 million for the nine months ended September 30, 2024 (gain, net of tax amounting to $10 million for the nine months ended September 30, 2023). There were no amounts reclassified out of accumulated other comprehensive income (“AOCI”) pertaining to the net investment hedge during the three and nine months ended September 30, 2024, and 2023 as the Group has not sold or liquidated (or substantially liquidated) its hedged subsidiaries.

Economic hedges

The Group uses cross-currency interest rate swaps to economically hedge the Group’s net foreign currency exposure arising from 1) the risk of fluctuations between the EUR and GBP exchange rates from the Group’s investment in various subsidiaries which form part of the Group’s International segment and 2) the risk of fluctuations between the USD and GBP exchange rates arising from the portion of the Group’s USD Term Loan that is not designated in a cash flow hedge. The cross-currency interest rate swaps are also used to manage the interest rate risk arising from the portion of the Group’s USD Term Loan that is not designated in a cash flow hedge. Under the terms of the cross-currency interest rate swaps, the Group makes fixed-rate interest payments in EUR and receives variable interest amounts in USD from counterparties over the life of the agreements effectively converting the variable rate debt into fixed interest rate debt with the exchange of the underlying notional amounts at maturity whereby the Group will receive USD from and pay EUR to the counterparties at exchange rates which are determined at contract inception. Changes in the fair value of these instruments are recorded in earnings throughout the term of the cross-currency interest rate swaps and are reported in other income, net in the Condensed Consolidated Statements of Comprehensive Income (Loss). As of September 30, 2024, the cross-currency interest rate swaps are matured.

The following table summarizes the fair value of derivatives as of September 30, 2024 and December 31, 2023:


($ in millions)	Derivative Assets						Derivative Liabilities
	September-24			December-23			September-24			December-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	$	14	Prepaid expenses and other current assets	$	—	Other current liabilities	$	(68)	Other current liabilities	$	(104)
Cross-currency interest rate swaps	Other non-current assets	—		Other non-current assets	—		Other non-current liabilities	(20)		Other non-current liabilities	(21)
Interest rate swaps	Prepaid expenses and other current assets	$	5	Prepaid expenses and other current assets	—		Other current liabilities	(2)		Other current liabilities	—
Interest rate swaps	Other non-current assets	$	—	Other non-current assets	$	—	Other non-current liabilities	$	(4)	Other non-current liabilities	$	—
Total derivatives designated as cash flow hedges		$	19		$	—		$	(94)		$	(125)

Derivatives designated as fair value hedges:
Cross-currency interest rate swaps	Prepaid expenses and other current assets	$	21	Prepaid expenses and other current assets	$	—	Other current liabilities	$	(6)	Other current liabilities	$	—


Cross-currency interest rate swaps	Other non-current assets	$	—	Other non-current assets	$	—	Other non-current liabilities	$	(3)	Other non-current liabilities	$	—
Total derivatives not designated as hedging instruments		$	21		$	—		$	(9)		$	—

Derivatives designated as net investment hedges:
Cross-currency interest rate swaps	Prepaid expenses and other current assets	$	—	Prepaid expenses and other current assets	$	—	Other current liabilities	$	—	Other non-current liabilities	$	(1)
Cross-currency interest rate swaps	Other non-current assets	$	—	Other non-current assets	$	—	Other non-current liabilities	$	(6)	Other non-current liabilities	$	—
Total derivatives designated as hedging instruments		$	—		$	—		$	(6)		$	(1)

Derivatives not designated as hedging instruments:
Cross-currency interest rate swaps	Prepaid expenses and other current assets	$	—	Prepaid expenses and other current assets	$	—	Other current liabilities	$	—	Other current liabilities	$	(52)
Foreign currency forward contracts	Prepaid expenses and other current assets	$	1	Prepaid expenses and other current assets	$	—	Other current liabilities	$	—	Other current liabilities	$	—
Total derivatives not designated as hedging instruments		$	1		$	—		$	—		$	(52)
Total derivatives		$	41		$	—		$	(109)		$	(178)

EARNINGS (LOSS) PER SHARE (Tables)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Earnings (Loss) Per Ordinary Share

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


	Three months ended September 30,				Nine months ended September 30,
($ in millions except per share amounts)	2024		2023		2024		2023
Numerator
Net income (loss)	(114)		(262)		6		(309)
Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests	5		1		27		(6)
Adjustment of redeemable non-controlling interest to redemption value	(16)		12		17		7
Net (loss) attributable to Flutter shareholder – basic and diluted	(103)		(275)		(38)		(310)

Denominator
Basic weighted average outstanding shares	178		178		178		178
Effective of dilutive stock awards	—		—		—		—
Diluted weighted average outstanding shares	178		178		178		178

Earnings (Loss) per share
Basic	$	(0.58)	$	(1.55)	$	(0.21)	$	(1.75)
Diluted	$	(0.58)	$	(1.55)	$	(0.21)	$	(1.75)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY AND REDEEMABLE NON-CONTROLLING INTERESTS - USD ($) $ in Millions	Total	Total Flutter shareholders’ equity	Redeemable non- controlling interests	Ordinary shares	Shares held by employee benefit trust	Additional paid-in capital	Accumulated other comprehensive loss	Retained earnings	Non- controlling interests
Beginning balance at Dec. 31, 2022			$ 929
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)			(7)
Adjustment of redeemable non-controlling interest to fair value			125
Other comprehensive income (loss)			24
Ending balance at Mar. 31, 2023			1,071
Beginning balance (in shares) at Dec. 31, 2022				176,091,902	1,396
Beginning balance at Dec. 31, 2022	$ 11,191	$ 11,035		$ 36	$ (1)	$ 1,192	$ (1,782)	$ 11,590	$ 156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(104)	(102)						(102)	(2)
Adjustment of redeemable non-controlling interest to fair value	(125)	(125)						(125)
Shares issued on exercise of employee share options (in shares)				330,483
Shares issued on exercise of employee share options	1	1		$ 0		1
Equity-settled transactions – expense recorded in the income statement	32	32				32
Other comprehensive income (loss)	141	139					139		2
Ending balance (in shares) at Mar. 31, 2023				176,422,385	1,396
Ending balance at Mar. 31, 2023	11,136	10,980		$ 36	$ (1)	1,225	(1,643)	11,363	156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(111)
Beginning balance at Dec. 31, 2022			929
Increase (Decrease) in Temporary Equity [Roll Forward]
Other comprehensive income (loss)	(74)
Ending balance at Sep. 30, 2023			1,078
Beginning balance (in shares) at Dec. 31, 2022				176,091,902	1,396
Beginning balance at Dec. 31, 2022	11,191	11,035		$ 36	$ (1)	1,192	(1,782)	11,590	156
Ending balance (in shares) at Sep. 30, 2023				176,671,823	0
Ending balance at Sep. 30, 2023	10,702	10,550		$ 36	$ 0	1,333	(1,898)	11,079	152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(309)
Beginning balance at Mar. 31, 2023			1,071
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)			(8)
Adjustment of redeemable non-controlling interest to fair value			60
Acquisition of redeemable non-controlling interests			(95)
Other comprehensive income (loss)			25
Ending balance at Jun. 30, 2023			1,053
Beginning balance (in shares) at Mar. 31, 2023				176,422,385	1,396
Beginning balance at Mar. 31, 2023	11,136	10,980		$ 36	$ (1)	1,225	(1,643)	11,363	156
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	72	67						67	5
Adjustment of redeemable non-controlling interest to fair value	(60)	(60)						(60)
Shares issued on exercise of employee share options (in shares)				162,779
Shares issued on exercise of employee share options	3	3		$ 0		3
Ordinary shares of the Company acquired by the Employee Benefit Trust (in shares)					825,400
Ordinary shares of the Company acquired by the Employee Benefit Trust	(166)	(166)			$ (166)
Equity-settled transactions – expense recorded in the income statement	55	55				55
Other comprehensive income (loss)	105	101					101		4
Ending balance (in shares) at Jun. 30, 2023				176,585,164	826,796
Ending balance at Jun. 30, 2023	11,145	10,980		$ 36	$ (167)	1,283	(1,542)	11,370	165
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	64
Net income (loss)			15
Adjustment of redeemable non-controlling interest to fair value			12
Other comprehensive income (loss)	(369)		(2)
Ending balance at Sep. 30, 2023			1,078
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(277)	(275)						(275)	(2)
Adjustment of redeemable non-controlling interest to fair value	(12)	(12)						(12)
Shares issued on exercise of employee share options (in shares)				86,659
Shares issued on exercise of employee share options	3	3		$ 0		3
Ordinary shares of the Company acquired by the Employee Benefit Trust (in shares)					281,017
Ordinary shares of the Company acquired by the Employee Benefit Trust	(46)	(46)			$ (46)
Equity settled transactions - vesting (in shares)					(1,107,813)
Equity settled transactions - vesting	209	209			$ 213			(4)
Equity-settled transactions – expense recorded in the income statement	47	47				47
Other comprehensive income (loss)	(367)	(356)					(356)		(11)
Ending balance (in shares) at Sep. 30, 2023				176,671,823	0
Ending balance at Sep. 30, 2023	10,702	10,550		$ 36	$ 0	1,333	(1,898)	11,079	152
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(262)
Beginning balance at Dec. 31, 2023			1,152
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)			15
Adjustment of redeemable non-controlling interest to fair value			216
Acquisition of redeemable non-controlling interests			89
Other comprehensive income (loss)			(10)
Ending balance at Mar. 31, 2024			1,462
Beginning balance (in shares) at Dec. 31, 2023				177,008,649	0
Beginning balance at Dec. 31, 2023	10,216	10,044		$ 36	$ 0	1,385	(1,483)	10,106	172
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(192)	(196)						(196)	4
Adjustment of redeemable non-controlling interest to fair value	(216)	(216)						(216)
Shares issued on exercise of employee share options (in shares)				436,546
Shares issued on exercise of employee share options	14	14		$ 0		14
Equity-settled transactions – expense recorded in the income statement	40	40				40
Other comprehensive income (loss)	(188)	(186)					(186)		(2)
Ending balance (in shares) at Mar. 31, 2024				177,445,195	0
Ending balance at Mar. 31, 2024	9,674	9,500		$ 36	$ 0	1,439	(1,669)	9,694	174
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(177)
Beginning balance at Dec. 31, 2023			1,152
Increase (Decrease) in Temporary Equity [Roll Forward]
Other comprehensive income (loss)	386
Ending balance at Sep. 30, 2024			1,604
Beginning balance (in shares) at Dec. 31, 2023				177,008,649	0
Beginning balance at Dec. 31, 2023	10,216	10,044		$ 36	$ 0	1,385	(1,483)	10,106	172
Ending balance (in shares) at Sep. 30, 2024				177,824,343	0
Ending balance at Sep. 30, 2024	10,406	10,245		$ 36	$ 0	1,556	(1,075)	9,728	161
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	6
Beginning balance at Mar. 31, 2024			1,462
Increase (Decrease) in Temporary Equity [Roll Forward]
Net income (loss)			33
Adjustment of redeemable non-controlling interest to fair value			(63)
Ending balance at Jun. 30, 2024			1,432
Beginning balance (in shares) at Mar. 31, 2024				177,445,195	0
Beginning balance at Mar. 31, 2024	9,674	9,500		$ 36	$ 0	1,439	(1,669)	9,694	174
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	264	261						261	3
Adjustment of redeemable non-controlling interest to fair value	63	63						63
Shares issued on exercise of employee share options (in shares)				236,711
Shares issued on exercise of employee share options	7	7		$ 0		7
Equity-settled transactions – expense recorded in the income statement	57	57				57
Dividend distributed to non-controlling interests	(6)								(6)
Other comprehensive income (loss)	(7)	(5)					(5)		(2)
Ending balance (in shares) at Jun. 30, 2024				177,681,906	0
Ending balance at Jun. 30, 2024	10,052	9,883		$ 36	$ 0	1,503	(1,674)	10,018	169
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	297
Net income (loss)			(15)
Adjustment of redeemable non-controlling interest to fair value			187
Other comprehensive income (loss)	591
Ending balance at Sep. 30, 2024			$ 1,604
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(99)	(103)						(103)	4
Adjustment of redeemable non-controlling interest to fair value	(187)	(187)						(187)
Shares issued on exercise of employee share options (in shares)				142,437
Equity-settled transactions – expense recorded in the income statement	53	53				53
Dividend distributed to non-controlling interests	(4)								(4)
Other comprehensive income (loss)	591	599					599		(8)
Ending balance (in shares) at Sep. 30, 2024				177,824,343	0
Ending balance at Sep. 30, 2024	10,406	$ 10,245		$ 36	$ 0	$ 1,556	$ (1,075)	$ 9,728	$ 161
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	$ (114)

OTHER EXPENSE, NET

9 Months Ended

Sep. 30, 2024

Other Income and Expenses [Abstract]

OTHER EXPENSE, NET

The following table shows the detail of other expense, net for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
Foreign exchange gain (loss)	$	31	$	(80)	$	21	$	(9)
Fair value (loss) gain on derivative instruments	(25)		19		(4)		31
Fair value gain on contingent consideration	—		—		3		—
Loss on settlement of long-term debt	—		(1)		(5)		(1)
Loss on disposal	(7)		—		(6)		(1)
Fair value (loss) gain on Fox Option liability	(121)		18		(214)		(99)
Fair value loss on investment	—		—		(2)		—
Total other expense, net	$	(122)	$	(44)	$	(207)	$	(79)

BUSINESS COMBINATIONS	9 Months Ended
BUSINESS COMBINATIONS	Sep. 30, 2024
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS MaxBet On January 10, 2024, the Group completed the acquisition of 51% of MaxBet, a leading omni-channel sports betting and iGaming operator in Serbia. The purchase comprised of a cash consideration of $143 million (€131 million). The share purchase agreement also includes call and put options to acquire the remaining 49% stake. The call and put options are exercisable in 2029, commencing on the date on which the option price is determined in accordance with the terms set out in the shareholders agreement and ending on a date that is 30 days thereafter. The options expire if neither the Group nor the non-controlling 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 tradable shares of Flutter. The provisional fair value of assets and liabilities acquired was $118 million which comprised of identifiable intangible assets of $135 million consisting primarily of $100 million of trademark and $22 million of customer relations. The provisional measurements of fair value for certain assets and liabilities may be subject to change as additional information is received. The Group expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date. The acquisition resulted in the recognition of $114 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 a 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 and nine months ended September 30, 2024 and September 30, 2023 were not material and are included in the general and administrative expenses in the Group’s condensed consolidated statement of comprehensive income (loss). Since the date of acquisition to September 30, 2024, MaxBet has contributed revenue of $149 million and $10 million of profit after tax to the results of the Group. For the three months ended September 30, 2024, MaxBet contributed revenue of $50 million and $2 million of profit after tax to the results of the Group. BeyondPlay On May 31, 2024, the Group completed the acquisition of 100% of BeyondPlay for a consideration of $26 million. The provisional fair value of the assets and liabilities acquired was $17 million which comprised of technology intangibles of $18 million and deferred tax liability of $1 million. The acquisition resulted in the recognition of $9 million of goodwill which has been allocated to the U.S. segment. The contribution of BeyondPlay to the revenue and profit after tax of the Group was not material. Considering that the size of the acquisitions are not material, no additional pro-forma information is provided.

INTEREST EXPENSE, NET

9 Months Ended

Sep. 30, 2024

Interest Income (Expense), Net [Abstract]

INTEREST EXPENSE, NET

The following table shows the detail of interest expense, net for the three and nine months ended September 30, 2024 and 2023:


	Three months ended September 30,				Nine months ended September 30,
($ in millions)	2024		2023		2024		2023
Interest and amortization of debt discount and expense on long-term debt, bank guarantees	$	123	$	101	$	371	$	296
Other interest expense	3		1		7		(1)
Interest income	(21)		(10)		(53)		(29)
Interest expense, net	$	105	$	92	$	325	$	266