Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Flutter Entertainment plc (FLUT) Halal?

FAIL

Flutter Entertainment plc · NYSE: FLUT · Consumer Discretionary

The short answer

Flutter fails this Shariah screen: it is the world's leading online sports betting and iGaming operator — gambling is its core business — carries $12.0 billion of interest-bearing debt (92.4% of its ~$12.96 billion market cap, far over the 33% ceiling), and earns interest income of about 0.27% of revenue (under the 5% ceiling).

Gate 1 — Business activity: FAIL

Gate 1 — business activity: FAIL. Flutter Entertainment plc describes itself in its Q2 2026 Form 10-Q (Item 2, Management's Discussion and Analysis) as "the world's leading online sports betting and iGaming operator based on revenue." Its principal products are sportsbook, iGaming and related products including exchange betting, parimutuel wagering, daily fantasy sports and prediction markets, offered under brands including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and BetNacional.

FY2025 group revenue was $16,383 million — US: $6,967 million; International: $9,416 million — and the filings disclose no meaningful non-gambling segment: effectively all reported revenue comes from betting and gaming products. Gambling is a core prohibited activity under Shariah screening rules, so the business fails gate 1 regardless of the financial ratios.

Gate 2 — Debt and cash: FAIL

Gate 2 — interest-bearing debt: FAIL (92.4%, ceiling 33%). Per Flutter's Q2 2026 condensed consolidated balance sheet (June 30, 2026), interest-bearing debt was $11,978 million: long-term debt due within one year of $106 million plus long-term debt (non-current) of $11,872 million. Operating lease liabilities (current $153 million plus non-current $428 million) are excluded — they are not interest-bearing debt.

$12.0 billion of interest-bearing debt against a market capitalization of about $12.96 billion (Finnhub, October 2, 2026) is 92.4%, far over the 33% ceiling. Cash and cash equivalents of $1,563 million at June 30, 2026 represent about 12.1% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.27%, ceiling 5%). Flutter's income statement shows "Interest expense, net" (H1 2026: $(318) million), but Note 5 ("Interest expense, net") of the Q2 2026 Form 10-Q breaks out the components separately: interest income was $23 million for the first half of 2026 ($12 million in Q2 2026; $40 million in H1 2025), against interest on long-term debt and bank guarantees of $335 million and other interest expense of $6 million.

$23 million against H1 2026 revenue of $8,630 million is about 0.27%, under the 5% ceiling. Note: the FY2025 full-year interest-income figure could not be verified from the primary 10-K, so the verified H1 2026 figure from the 10-Q is used for this gate.

Key figures used

Frequently asked questions

What does Flutter Entertainment do?

Flutter Entertainment plc (NYSE: FLUT) describes itself as "the world's leading online sports betting and iGaming operator based on revenue." Its principal products are sportsbook, iGaming and related products including exchange betting, parimutuel wagering, daily fantasy sports and prediction markets. Its brand portfolio includes FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, MaxBet, Junglee Games, Adjarabet and BetNacional. It reports two segments: U.S. and International. FY2025 group revenue was $16,383 million (US: $6,967 million; International: $9,416 million); H1 2026 revenue was $8,630 million.

Is Flutter Entertainment's business Shariah compliant?

No. Gambling and sports betting are Flutter's core business, not an incidental side line: its own 10-Q calls it "the world's leading online sports betting and iGaming operator based on revenue," and the filings disclose no meaningful non-gambling segment — effectively 100% of reported revenue comes from sportsbook, iGaming and directly adjacent wagering products (exchange betting, parimutuel wagering, daily fantasy sports, prediction markets). Under standard Shariah screening rules, deriving a core share of revenue from gambling fails the business-activity gate.

How much interest-bearing debt does Flutter have?

Per the Q2 2026 Form 10-Q condensed consolidated balance sheet (June 30, 2026), Flutter's interest-bearing debt was long-term debt due within one year of $106 million plus long-term debt (non-current) of $11,872 million, for a total of $11,978 million. Operating lease liabilities (current $153 million plus non-current $428 million) are excluded — they are not interest-bearing debt. $12.0 billion against a market capitalization of about $12.96 billion is 92.4%, far over the 33% ceiling. Cash and cash equivalents of $1,563 million at June 30, 2026 are about 12.1% of market cap.

How much interest income does Flutter earn?

Flutter's income statement shows "Interest expense, net" (H1 2026: $318 million expense), but Note 5 ("Interest expense, net") of the Q2 2026 Form 10-Q breaks out the components separately: interest income was $23 million for the first half of 2026 ($12 million in Q2 2026; $40 million in H1 2025), against interest on long-term debt and bank guarantees of $335 million and other interest expense of $6 million. $23 million against H1 2026 revenue of $8,630 million is 0.27% — under the 5% non-compliant income ceiling. (The FY2025 full-year interest income figure could not be verified from the primary 10-K, so the verified H1 2026 figure from the 10-Q is used.)

What do third-party Shariah screeners say about Flutter?

Zoya publishes a Flutter Entertainment (FLUT) page and, as of September 2026, rates the stock not Shariah-compliant; the FAQ text on its page is garbled template copy, so only the headline rating is quoted here. Musaffa publishes a FLUT page and, as of October 2026, classifies the stock as "not halal" under its AAOIFI methodology. I could not verify a ShariaPortfolio rating page for FLUT from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).