What Flutter Entertainment plc told the SEC could break it.

A growing number of providers offer CFTC-regulated prediction-market (sports) contracts; because Flutter does not offer sports contracts in states where it runs a sportsbook, competitors operating under different (federal CFTC) regulatory requirements could gain a competitive advantage.

“In the United States, for example, prediction markets contracts regulated by the Commodity Futures Trading Commission (“CFTC”) are being offered by a growing number of providers. We do not currently offer sports contracts in U.S. states in which we offer our sportsbook product. In those states, other providers may offer sports contracts while being subject to different regulatory requirements, which could place us at a competitive disadvantage.”

Online betting/iGaming legality varies widely by jurisdiction and is often unclear; ~2% of Flutter's fiscal 2025 revenue came from jurisdictions where it holds no local/point-of-consumption license because no framework exists — exposing it to enforcement, restriction, or forced exit.

“For fiscal 2025, we derived approximately 2% of our revenue from jurisdictions where we do not have a local, territory-specific or point of consumption license because no such framework exists.”

Flutter faces a number of player claims in Austria and Germany seeking reimbursement of historic gaming losses, based on the Group having provided remote services there from Maltese entities under multi-jurisdictional Maltese licenses — a litigation exposure the Group believes is EU-law compliant but that remains contested.

“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.”

Flutter increasingly relies on third-party licensed data and content — from sporting bodies and data partners — to offer, operate, and settle bets; an interruption, failure, or material change in those services (or suppliers' reluctance over legality of serving the gaming sector) could materially harm its business.

“We also depend on third party suppliers for data and content, including data received from sporting bodies and various data partners, that is used in the supply of our products and services. This data is used, among other things, to support the offering, operation and settlement of bets, contests and other product features.”