Flutter Entertainment: How the Owner of PokerStars, FanDuel and Betfair Built a Global Gambling Empire
Flutter Entertainment is one of the largest gambling groups in the world, bringing together established names including PokerStars, FanDuel, Betfair and Paddy Power. Its development reflects a major transformation in the industry, where traditional bookmakers have expanded into online sports betting, poker and casino gaming. Today, the market includes multinational corporations as well as individual casino websites. One example is nolimit way casino, an online casino website featuring dedicated sections for slots, live dealer games, roulette, blackjack, poker and Keno. This variety of gambling services helps illustrate the broader market in which Flutter has built its international business through mergers, acquisitions and expansion into new territories.
From Irish Bookmakers to Flutter Entertainment
Flutter’s history began in 1988, when three Irish bookmakers joined forces to establish Paddy Power. The company initially operated betting shops but entered the online market in 2000. Its expansion reflected growing demand for internet betting and helped prepare the business for future acquisitions.
A turning point came in February 2016, when Paddy Power merged with Betfair, creating Paddy Power Betfair. Betfair was particularly valuable for its betting exchange, which allowed customers to place bets against one another. Combining traditional bookmaking with exchange betting broadened the group’s services and customer base.
In May 2019, Paddy Power Betfair officially became Flutter Entertainment. The new name reflected its international ambitions and expanding portfolio of gambling businesses. By then, the company had already invested in several markets, including Australia and the United States.
How FanDuel and PokerStars Became Part of Flutter
Flutter’s expansion into the United States accelerated in 2018 through a combination involving FanDuel, a fantasy sports company founded in 2009. Following a Supreme Court decision that allowed individual states to legalise sports betting, FanDuel developed into a major American sportsbook operator.
Another significant transaction followed in May 2020, when Flutter completed its merger with The Stars Group. This brought PokerStars, one of the most recognised online poker brands, and Sky Betting & Gaming into the business. The agreement considerably expanded Flutter’s international presence.
Each acquisition contributed something different. FanDuel strengthened the group’s position in American sports betting, PokerStars provided an established poker audience, and Betfair retained its distinctive exchange model. Rather than replacing these names, Flutter continued operating them as separate brands.
Flutter Entertainment’s International Expansion in 2026
By 2026, Flutter’s business extended across numerous regulated gambling markets. Its portfolio included Sportsbet in Australia, Sisal and Snai in Italy, and tombola in the United Kingdom. These businesses helped the group reach customers with different preferences and local gambling traditions.
Acquisitions remained central to its strategy. Flutter gained a controlling interest in Serbia’s MaxBet in 2024 and completed its acquisition of Italian operator Snai for approximately €2.3 billion in April 2025. Such investments increased its presence in markets with established gambling industries.
Flutter also strengthened its relationship with American investors by listing on the New York Stock Exchange in January 2024. In the third quarter of 2026, the company reported revenue of $3.87 billion but recorded a net loss of $1.15 billion, partly reflecting difficulties in Brazil.
What Makes Flutter’s Business Model Different?
Flutter combines familiar local brands with the financial resources of an international corporation. Its businesses can retain their identities while sharing expertise in technology, customer support and risk management. This allows the group to adapt its services to different national markets.
However, operating internationally also creates challenges. Gambling laws, licensing requirements and advertising restrictions differ between countries. Flutter must comply with these regulations while addressing responsible gambling obligations and maintaining its commercial performance.
The company’s history demonstrates how acquisitions transformed a traditional Irish bookmaker into a multinational gambling business. Paddy Power provided its foundations, Betfair introduced exchange betting expertise, FanDuel strengthened its American operations, and PokerStars expanded its online poker presence. Together, these businesses shaped Flutter Entertainment’s international position by 2026.