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Download Annual Report and Accounts 2019 Flutter Entertainment plc plc Entertainment Flutter Annual Report & Accounts 2019 2019Annual Report & Accounts 2019Annual Report & Accounts Flutter Entertainment plc Annual Report & Accounts 2019 Contents Overview 1 2019 Performance Highlights 2 Our Business at a Glance 4 Chair’s Statement Strategic Report 8 Chief Executive Officer’s Review 12 Business Model 14 Market Review 16 Our Strategy 18 Our Brands 20 C orporate Social Responsibility 24 People and Culture 28 Engaging with Stakeholders 34 Operating and Financial Review 45 U nderstanding and Managing Financial Statements our Principal Risks 97 Statement of Directors’ Responsibilities 98 Independent Auditor’s Report Governance 103 Consolidated Income Statement 50 Chair’s Governance Statement 104 Consolidated Statement of Other 52 Board of Directors Comprehensive Income 55 Corporate Governance Framework 105 C onsolidated Statement of Roles and Responsibilities Financial Position 57 2019 Board Activities 106 Consolidated Statement of Cash Flows 59 Effectiveness 107 C onsolidated Statement of 60 Nomination Committee Report Changes in Equity 63 Audit Committee Report 109 Notes to the Consolidated 68 Risk Committee Report Financial Statements 70 Directors’ Remuneration Report 163 Company Statement of Financial 91 Directors’ Report Position 164 Company Statement of Changes in Equity 166 Notes to the Company Financial Statements The Strategic Report on pages 7 to 29 was approved by the Board of Directors Other information on 26 February 2020 184 Five-Year Financial Summary Peter Jackson Chief Executive Officer 184 Shareholder Information Jonathan Hill Chief Financial Officer Overview 2019 Performance Flutter Entertainment plc is a global sports betting Highlights and gaming operator, with a portfolio of leading Revenue brands. Continuous innovation across product, marketing, technology and responsible gambling £2,140m+14% practices, coupled with a world-class creative 2018: £1,873m team combine to create a leading proposition for our customers to enjoy. Reported profit before tax Around the world we provide our customers with intuitive products that offer market-leading value, £136m 2018: £219m promotions and choice. These are powered by our in-house technology, trading, development and Underlying* EBITDA† responsible gambling teams. We employ over 9,000 people who share a common £385m 2018†: £451m set of traits: competitiveness, agility, integrity and a Underlying* EPS relentless focus on delivering the highest standards of entertainment to our customers in a safe and responsible way. 303p 2018: 379p Last year the Group changed its name to Flutter Profits attributable to Entertainment plc to reflect our growing inventory equity shareholders of distinct brands from around the world including Paddy Power, Betfair, Sportsbet, FanDuel, TVG £144m 2018: £201m and Adjarabet. Proposed full-year dividend per ordinary share** 200p 2018: 200p Average number of responsible gambling interactions per month 130,000 2018: 70,000 * The “underlying” measures exclude separately disclosed items that are not part of the usual business activity and are also excluded when internally evaluating performance, and have been therefore reported as “separately disclosed items” (Note 4 and page 123 to the Consolidated Financial Statements). † EBITDA is profit before interest, tax, depreciation, amortisation and impairment expenses excludes the impact of IFRS 16 and is a non-GAAP measure (page 40). ** 2019 final dividend is subject to shareholder approval. 1 Flutter Entertainment plc Annual Annual Report Report & & Accounts Accounts 2019 2019 Our Business at a Glance A portfolio of leading international brands Our team of exceptional people deliver a leading sports betting and gaming experience to over 7 million customers around the world, through our diverse and distinctive portfolio of brands. Paddy Power Betfair Sportsbet Operates online and retail Operates globally and One of the market-leading across the UK and Ireland, gives online sports betting brands in the fast-growing where we are one customers an unparalleled Australian sports betting of the most popular sports offer with its market- market. Our customer betting brands. Paddy leading Exchange and friendly proposition is Power is recognised for Sportsbook providing underpinned by innovative its slick and easy-to-use consistent value, choice products, disruptive betting app, one of the and innovation. We are well marketing and consistent most vibrant sports- known for our insight-led promotional generosity focused retail estates in approach to marketing around key sports events. the sector, and a marketing and communicating with operation that is globally our customers around renowned for a distinct the world. brand of mischief. Adjarabet TVG FanDuel The newest brand under Broadcasts horse racing The driving force behind the the Flutter umbrella is the across the US as well rise in daily fantasy sports leader in the Georgian as operating an online in the US over the past online gaming market. betting network that is 10 years, with over 8 million A strong product set, active in over 30 states. customers. Since the combined with unique We are driving the US Supreme Court gave marketing assets including industry forward through individual states the right a long-term partnership innovative, high-quality to regulate sports betting with the Adjaranet media broadcasting and market- in May 2018, FanDuel has platform, delivers an leading promotional offers launched sportsbooks in unparalleled offering to around US horse racing. six US states, offering a our customers. market-leading online and retail proposition. 2 OverviewStrategic report Operating as four divisions PPB Online Australia Comprises the Paddy Power, Betfair and Adjarabet brands Sportsbet is the leading online sports betting brand in offering our products in over 100 countries globally. It also the Australian market combining innovative products includes our B2B operations where we offer risk and trading with dynamic marketing campaigns around national services to a number of international partners. sports events. Find out more on page 35 Find out more on page 36 US PPB Retail The US division operates the FanDuel sports betting Consists of 623 Paddy Power betting shops across the brand in six states currently; four multichannel in New UK and Ireland. The estate is sports betting led, driven Jersey, Indiana, West Virginia and Pennsylvania; and by a market-leading range of TV content and strong pricing two retail-only in New York and Iowa. In addition to the and promotions. We also offer dynamic multichannel sportsbooks, we also offer daily fantasy sports across products, such as our PP onside app, which bridges the 40 states, horse racing wagering via our TVG business gap between retail and online. and online casino in both New Jersey and Pennsylvania. Find out more on page 37 Find out more on page 38 Underlying Underlying Revenue EBITDA* operating profit* Division £m £m £m PPB Retail PPB Online 1,006 307 263 14% +6% -3% -4% Australia 446 125 103 +11% -9% -13% US 18% Total Revenue PPB Online US 376 (40) (60) £2,140m 47% +97% n/a n/a PPB Retail 312 53 32 -6% -26% -38% Australia * Pre IFRS 16. 21% 3 Flutter Entertainment plc Annual Report & Accounts 2019 Chair’s Statement Landmark year for the Group Dear shareholder Our Australian business also performed very well in 2019 against the backdrop I am pleased to update you on another of significantly higher gaming taxes and busy year for the Group as it continues product fees. The business remains as to extend its global presence. 2019 saw Responsible gambling focused as ever on the consistent drivers the Group further expand its operations of its historical success, namely ongoing underpins every element in the US market while also building more enhancement to product, value and sustainable, recreational customer- of the Group’s strategy. marketing. In particular, the Sportsbet focused businesses in all our regions. We work hard to keep team are making good progress in the This was Peter Jackson’s second year personalisation of the product experience. as Chief Executive Officer and, with our customers safe while In the US, the pace of regulatory change the support of the Board, the Group has been very encouraging with 14 states they enjoy our products, completed the acquisition of Adjarabet legislating in favour of sports betting. in February and subsequently agreed the thereby helping us to build The Group now offers online services terms of a transformational combination in four states and retail operations in six a sustainable business. with The Stars Group in October. At the states, with ambitious plans to roll out in same time, the Group remained focused further states during 2020. FanDuel has on executing upon its four-pillar strategy, continued to win strong market share with good progress made across each of in the states in which it operates and, its core objectives. while we anticipate that the competitive We remain determined to do all that we landscape will continue to intensify, we can to become the leader in the industry also believe that the unique set of assets in the area of responsible gambling and, that FanDuel possesses positions it very while progress has been made in this area well for future growth. in 2019, this work is far from complete. Financially, the Group saw continued good As a matter of priority, we will continue growth with Revenue up 14% to £2,140m to refine our approach and to enhance and underlying* EBITDA†
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