SBC News Voice of the Sports Betting Industry
Flutter Entertainment’s board has approved a combined $2.8bn capital raise, using senior secured notes and an incremental Term Loan B facility, to repay the bridge financing primarily used for the acquisition of Snaitech Italia.
The NYSE- and LSE-listed gambling group has announced the launch of a new offering of senior secured notes, maturing in 2031. These will be issued in multiple currencies including USD, EUR, and GBP via its subsidiary, Flutter Treasury DAC.
The purchase of Flutter’s senior secured notes will be available on The International Stock Exchange (TISE) and will be restricted solely to qualified institutional investors under Rule 144A, and to non-US investors under Regulation S of the US Securities and Exchange Commission (SEC).
Flutter clarified that the notes are not part of a public offering and will not be registered under US securities law. Regulation S allows US and foreign companies to offer and sell securities to investors outside the country without registering those securities with the SEC.
In parallel, Flutter launched a third incremental debt raise under its existing US dollar-denominated Term Loan B facility. Corporate governance confirmed that proceeds from the combined offerings will be used to fully repay the bridge facility used in part to finance the Snaitech transaction, as well as to cover associated fees and transaction costs.
This May, Flutter announced that it had completed back-to-back M&A transactions, with the purchase of Snaitech Italia for €2.3bn from Playtech Plc following the acquisition of a 56% stake in NSX Group, operator of Betnacional in Brazil, for $360m.
Prior to this morning’s publication, news reports detailed strong interest from US banks including JPMorgan, Bank of America, and Goldman Sachs in participating in Flutter Entertainment’s upcoming bond issuance — a development that has reignited activity in the high-yield bond market.
The $2.8bn bond sale, initially slated for April 2025, was postponed amid heightened market volatility driven by geopolitical tensions and renewed concerns over ongoing US trade tariffs.
In 2025, Flutter implemented a new auditing structure under which the company will report results across its two principal segments: US performance (FanDuel) and International operations (UK/Ireland and Rest of the World).
Q1 trading saw Flutter’s leadership raise group guidance to a revenue range of $17.08bn–$17.53bn and adjusted EBITDA of $3.18bn–$3.40bn, with “growing confidence in the Group’s ability to leverage scale and market leadership across both the US and international markets”.
