Flutter is the world's largest online sports betting and iGaming operator by revenue, competing under a portfolio of local brands rather than a single global brand. In the U.S., FanDuel is Flutter's flagship brand and holds roughly 41% of the online sports betting market and 27% of the iGaming market. Internationally, key brands include Sky Betting & Gaming and Paddy Power in the UK and Ireland, Sportsbet in Australia, PokerStars globally, and Sisal and Snai in Italy. Flutter sells primarily via apps and websites, which account for 88% of revenue, with sportsbook at 53% of revenue and iGaming at 44%. On the sportsbook side, Flutter earns a net hold — total wagers minus winnings — with odds set to embed a structural margin. Flutter has been expanding this margin by pushing same-game parlays, where customers combine multiple outcomes into a single bet that carries higher margins for Flutter. In iGaming, Flutter earns the house hold in casino games and a rake or commission in peer-to-peer poker. Flutter's core competitive concept is the "Flutter Edge" — sharing technology, pricing models, and product innovations across all brands globally, so local brands can outcompete purely local rivals. Flutter's growth strategy centers on U.S. organic growth via FanDuel, international expansion in Italy, Brazil, and Eastern Europe, and M&A. Fox holds a call option to acquire 18.6% of FanDuel for roughly $4.8B, exercisable until December 2030.