Board recommends Flutter Entertainment shelf registration; members press on compliance

Erica Okerberg, counsel to Flutter Entertainment, and Mark Erwin, group director of finance, presented the company's application for a second "shelf" registration in Nevada, saying the firm met Nevada regulation 16.115 and had no immediate plans to access the shelf. Erwin outlined strong fiscal-year results and FanDuel's U.S. growth: "Fiscal 24 was a very strong year for the company with revenues of $14,000,000,000 and adjusted EBITDA of $2,400,000,000," he said. Okerberg told the board that Flutter currently operates in Nevada with a branding arrangement at the Fremont Hotel and holds an information services license and an unused manufacturer-distributor license. Board members pressed the company on regulatory violations in other jurisdictions and whether Flutter planned further Nevada expansion; Okerberg and Erwin said the company continuously updates training, technology and policies and that its Nevada activity is limited at present. Judge Assad asked explicitly about any interest in doing business with Kalshi/Calshi and counsel replied the company had "not entered into any transaction or agreement with Calshi" but monitors developments in the space. After staff reports and members' questions, the board voted unanimously to recommend approval to the Nevada Gaming Commission, with the draft order dated 07/16/2025 adopted into the record.