Team Lead – IACT Award 2025 Finalist
NYSE listed Flutter Entertainment plc is the global leader in sports betting, iGaming and poker. Brands include Paddy Power, Betfair, Tombola and PokerStars in the UK, FanDuel in the US, SportsBet in Australia, SISAL and Snai in Italy, Adjarabet in Georgia, and MaxBet in Serbia. Flutter holds leading positions in the US, UK, Italy and Australia.
The regulated gaming industry creates specific challenges for Flutter Treasury due to diverse regulatory requirements, country-specific banking constraints, and a long history of M&A that introduced complex banking arrangements. Managing 150 banking partners, 1,500 accounts and extensive manual processes limited the visibility of group cash and prevented efficient use of funds.Bi-weekly AP cycles took up to six days to execute, and mobilising funds from cash-generative markets (UK, Italy, Australia) to support high-growth regions such as the US was difficult.
Flutter partnered with J.P. Morgan to transform its treasury and banking landscape by implementing an industry-first virtual account structure to establish a centralised in-house bank. The solution connects global operations through cross-border sweeping and cross-currency notional pooling, enabling a payments-on-behalf-of model and resolving legacy Oracle constraints. The multi-entity virtual account framework now supports over 85 legal entities, more than 80 percent of group AP, and over 12,000 monthly payroll payments.
This operating model improves reconciliation, visibility, controls and risk management, supports SOX requirements, and provides a scalable blueprint for future acquisitions. It also enhances liquidity mobilisation to fund FanDuel’s continued growth as the leading US sports betting and iGaming platform.