Photo of Edward Hebblethwaite, J.P. Morgan, Steve Ellis, Aoife O’Shea, Emma Magill and Sunil Boorman, Flutter Entertainment.
Steven Ellis
Group Treasurer
UK
Flutter Entertainment plc is a multinational sports betting and gambling company. The company is listed on the New York Stock Exchange and has a secondary listing on the London Stock Exchange. It owns brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and Betnacional. Flutter is the world’s largest online betting company.
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The gaming industry presents unique challenges for the treasury team at Flutter, stemming from:
Regulatory landscape and licensing requirements – Flutter’s extensive geographic presence introduces country-specific regulations and licensing requirements, adding additional complexity to the treasury function. Limited interest from banks to provide operational banking solutions to the sector historically led to country-specific solutions from local banks, hindering a standardised banking framework until now.
High levels of M&A activity – Flutter has expanded through significant M&A activity, acquiring local champion brands to grow its global footprint. Flutter’s treasury team is adept at managing frequent M&A and supporting strategic business needs.
Business integration challenges – integrating acquisitions with local banking arrangements, different technology platforms and varied processes requires significant effort to create an easily deployable, standardised banking landscape.
These challenges provide context as to why the legacy banking arrangements existed. Limited visibility of group cash, managing over 150 banking partners, c. 1,650 accounts and the associated manual processes to move money between bank accounts created process, cost and liquidity inefficiency. Bi-weekly accounts payable (AP) runs across banks took five to six days. Mobilising funds from cash-generative markets (UK, Italy and Australia) to support growth in expanding markets like the US provided numerous challenges.
IHB and ‘POBO’ solution implemented
Flutter partnered with J.P. Morgan to transform its treasury and banking landscape. Flutter implemented an innovative, industry-first treasury structure using virtual account management to create a centralised in-house bank (IHB) linking its global operations. This solution addressed liquidity mobilisation challenges and enabled Flutter to move to a payments on-behalf-of operating model (POBO), also solving a legacy issue within Oracle related to cross-general ledger postings for POBO participants. J.P. Morgan’s multi-entity virtual account solution addresses this challenge perfectly.
Flutter’s IHB supports over 85 legal entities and now supports 80%+ of total group AP and 11,000 (and growing) monthly payroll payments. Transitioning to a POBO operating model led to significant time savings for the treasury and AP teams. The model streamlines processes, enhances reporting for faster reconciliation (especially important for the new SOX environment post the group’s NYSE listing in January 2024), improves risk management, and provides better visibility over risk and control elements and overall operations.
The implementation of this solution allowed Flutter to establish an operating model and banking blueprint for future acquisitions, being able to integrate new brands quickly into its IHB and liquidity structure is extremely important.
The chosen solution has delivered considerable benefits across Flutter’s internal functions, including global AP, payroll, treasury operations and risk management. It has enabled Flutter to access revenues from cash-generative markets automatically, supporting FanDuel as the #1 Sports betting and iGaming platform in the US.
Solution improves customers’ UX
Flutter has revolutionised treasury centralisation in the gaming industry by deploying virtual account management at an unprecedented scale, progressing with the initial consolidation of over 300 geographically distributed physical accounts into a centralised structure with 17 physical and (currently) 300+ virtual accounts. Further consolidation is underway.
Flutter’s business model prioritises its players’ user experience (UX), necessitating a treasury structure that supports instant access to withdrawals and aligns with the global, 24/7 demands of the gaming industry. Creating a structure unconstrained by daily clearing hours to ensure round-the-clock funding to Flutter’s US business was a key requirement. Flutter is ensuring on-demand payouts of player winnings to deliver an exceptional player experience by leveraging J.P. Morgan’s balance sheet, and implementing intelligent cross-border sweeps linked to its IHB.
Flutter’s IHB seamlessly connects operations across continents, enabling efficient cash mobilisation from revenue-generating regions to fund growth markets enhanced through cross-currency notional pooling and automated cross-border sweeping. The treasury team benefits from greatly improved visibility using intraday bank statements with real-time insights into Flutter’s cash positions, transforming treasury’s ability to make data‑driven decisions.
Flutter is leveraging global earnings credit rate (ECR) on both corporate and client monies held with J.P. Morgan to offset merchant and scheme arrangement fees incurred through the integrated Push to Card 24/7 payout solution for FanDuel in the US – another industry first.
Transformation provides string of benefits
Cost savings.
Number of banking partners/bank accounts reduced.
Process efficiencies.
Return on investment.
Increased automation.
Risk mitigation.
Improved visibility.
Error reduction.
Manual intervention reduced.
Increased system connectivity.
Future-proof solution.
Exceptional implementation (budget/time).
Liquidity optimisation.
Cost optimisation.
Improved counterparty risk.
Strong progress on the consolidation of over 150 banking relationships and 1,650 bank accounts by utilising 17 physical accounts and over 300 virtual accounts.
Reduction of manual transfers from Flutter’s 150+ banking partners by 65%.
Streamlined handling of 11,000 payroll transactions across ten entities.
Automated mobilisation of cash for efficient funding/de-funding of operating companies.
Integrated 24/7 payout solution in the US funded dynamically through IHB to ensure uninterrupted payment operations during evenings and weekends.
Standardised blueprint will allow for integrating acquisitions within six to eight weeks.
Treasury team demonstrates ‘can do’ attitude
This solution is market-leading in the gaming sector, requiring a pioneering, innovation-focused approach from the Flutter treasury team. Flutter implemented an end-state solution with J.P. Morgan to create a cutting-edge cash management structure, succeeding due to the positive, can‑do attitude of the treasury team.
Flutter’s IHB structure is central to this transformation, benefiting multiple internal partners by enhancing efficiency in finance operations, improving reconciliation for AP, payroll, and finance teams, and resolving legacy technology challenges with Flutter’s Oracle setup. The IHB and associated liquidity solution not only support major group operating companies but also allow Flutter treasury to deliver on commitments around share buybacks financing/refinancing and debt servicing.
Group Treasurer led project creates blueprint for acquisitions
Led by Group Treasurer, Steven Ellis, Flutter’s 22-person treasury team located in Dublin, London, the Isle of Man and Leeds worked tirelessly to implement a solution that fundamentally changed how the group operates. In isolation, these achievements are impressive, however it is also worth noting that Flutter has achieved this solution while carrying out significant debt refinancing activities and multiple M&A projects (including the acquisition and integration of Sisal – Italy’s largest gaming provider, and the completion in H1 2025 of Snaitech and NSX – one of Brazil’s largest operators), entering new markets, enhancing its TMS and working on a global finance transformation project. Flutter now possesses a standardised blueprint for which it will utilise for integrating acquisitions within six to eight weeks, a critical advantage for the growth-focused business.
Team Flutter embrace charity bike ride
Flutter’s treasury team has achieved impressive results quickly, embodying a can-do culture that tackles any challenge. Last year, the Group Director of Finance, the Group Treasurer and a Treasury Consultant participated in a charity bike ride from London to Paris, raising money for Cure Leukaemia. This feat of endurance highlights the team ethos and company culture of embracing challenges to achieve remarkable outcomes, exemplifying Team Flutter’s spirit.
A truly transformational team effort
The solution is a groundbreaking innovation in the gaming industry, deserving recognition for this achievement alone. Aiming to create positive, lasting change across the entire organisation, Flutter’s treasury team has accomplished something truly transformative.
“It’s challenging to articulate all the things we have accomplished and managed to put in place very quickly, while also addressing the many acquisition integrations that we have done over the past few years. We are building something here that is long-standing, that can withstand and support the growth and evolution of our business,” says Emma Magill, Treasury Manager, Systems & Processes.
“The ethos of the treasury team is definitely ‘work hard, play hard’ and have fun. The approach to this project is to automate as much as possible, to benefit from robust standardised processes. We are striving to deliver a solution that is best in class for Flutter, and I am extremely proud of how much the team has achieved, driving our strategic in-house bank vision to be where it is today,” concludes Steven Ellis, Group Treasurer.
Edward Hebblethwaite
Executive Director, J.P. Morgan Payments, UK & Ireland Corporate Sales
Flutter Entertainment has redefined treasury management in the regulated gaming sector. By implementing a pioneering virtual account structure and cross-currency pooling, Flutter has achieved unparalleled liquidity mobilisation and operational efficiency. This transformation not only supports Flutter’s rapid expansion in the US market but also enhances the player experience with seamless, 24/7 payout capabilities. We are proud to support Flutter in this remarkable journey and celebrate their well-earned recognition.
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The Adam Smith Awards are the industry benchmark for best practice and innovation in corporate treasury. The 2025 awards attracted 454 nominations. To find out more please visit treasurytoday.com/adam-smith-awards
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