Executives said that Flutter Entertainment is keeping its options open for expansion into Nevada under its FanDuel brand, but that nothing is on the drawing board. They also addressed reports that it has discussed a deal with prediction-market company Kalshi that’s in a legal fight in Nevada.
Flutter honchos appeared before the Nevada Gaming Board Wednesday for routine business ahead of its second-quarter earnings report on Thursday.
In March, the Board sent Kalshi a cease-and-desist letter from operating in Nevada with its sports betting product. Kalshi in turn sued the Gaming Control Board, arguing its operations fall under the federally regulated Commodity Exchange Act since it began offering sports event contracts in January.
Board member George Assad raised the issue of FanDuel’s interest in doing business with Kalshi.
“There were media reports around that and the company has not entered into any transaction or agreement with Kalshi,” said Flutter’s private counsel Erica Okerberg. “Like other gaming operators, they continue to monitor the litigation and regulatory matters. If there were any change in that position, we would speak with the Gaming Control Board about it.”
Assad reminded Okerberg of the state’s position: Kalshi is operating in Nevada illegally, because it doesn’t have a license. Whether the Commodity Futures Trading Commission has jurisdiction over states, he cited a federal court in Maryland that ruled in favor of the state over Kalshi. “It may go to the Supreme Court and in that case, I think we will prevail,” Assad said. “Commodities are rice, corn, wheat, silver, gold, platinum, and pork futures. Whether Duke will win the NCAA Tournament is not a commodity.”
A federal court has prohibited Nevada from enforcing the cease-and-desist order, but Assad, a former judge, said that’s only a preliminary injunction, which he called “a far cry from a decision on the merits. A word to the wise — and take that back to the Flutter powers that be.”
“Duly noted,” Mark Irwin, Flutter’s group finance director, responded.
Irwin, who told the Board they don’t have any plans for Nevada, said the company continues to grow in the U.S. marketplace as the No. 1 sports betting and igaming operator.
FanDuel has previously raised the prospects that the sports-betting and fantasy-sports operator could have a greater presence in Nevada beyond its current minimal role, but that it would take an acquisition within the state to do so.
Currently, FanDuel provides branding and oddsmaking at the Fremont Hotel & Casino, a Boyd Gaming property in downtown Las Vegas. FanDuel is licensed in Nevada to provide information services, which it does for Boyd Gaming.
Okerberg highlighted the company’s branding arrangement at the Fremont and its information-services license. It also has a manufacturers and distributors license that hasn’t been used. “The company is always evaluating opportunities on whether expansion across Nevada might be appropriate.”
To operate a sportsbook in Nevada, a company must have a brick-and-mortar property, since the state doesn’t allow remote registration, which FanDuel uses in other states where allowed.
Irwin told the Board that in January 2024, Flutter was listed on the New York Stock Exchange. He said 2024 was a strong year for the company, with revenues of $14 billion and adjusted EBITDA of $2.4 billion, up 19% and 26%, respectively, over 2023.
“This was driven by strong growth in average monthly players, the expansion of FanDuel in the U.S., and structural margin-expansion internationally,” Irwin said.
In the first quarter of 2025, Flutter reported continued strong group revenue growth of 8% and group adjusted EBITDA growth of 20%.
“We’re very proud that FanDuel remains the No. 1 online sportsbook in the U.S. and we believe that the Flutter edge is our key sustainable competitive advantage and allows local brands to access and contribute to our global capability across product, technology, expertise and scale,” Irwin said.
Irwin mentioned its recently announced purchase of Boyd Gaming’s 5% interest in FanDuel for $1.75 billion.
