Flutter CEO Enjoys Pay Raise after Solid 2023 Results

Earlier this week, the leading gaming and entertainment company recognized across the globe, Flutter Entertainment, posted $11.8 billion in revenue for 2023, signaling a 24.6% year-over-year increase. The company’s finances were impacted positively by its strong performance across the United States, yet Flutter also reported a $1.21 billion net loss.

Besides its financial report, the company released its Annual Report and Accounts 2023 data, highlighting key details regarding the remuneration of its senior-level employees. The report revealed that the compensation of Flutter’s CEO, Peter Jackson, increased year-over-year and it will undergo a further increase this year.

For 2022, the CEO secured a total remuneration of £4.1 million ($5.17 million). This figure increased slightly in 2023, hitting £4.5 million ($5.68 million). A breakdown of the executive’s pay reveals that his annual salary was £1.2 million ($1.5 million), while his pension payments were £109,000 ($86,400). Additionally, Jackson benefited from £3.2 million ($4.04 million) in the form of bonuses for 2023.

On the other hand, Paul Edgecliffe-Johnson, Flutter’s chief financial officer (CFO), was paid £5.3 million ($6.69 million) for his service between March 20, 2023, and December 31, 2023. A breakdown reveals that the CFO’s salary last year was £590,000 ($468,000), while his pension payments were £53,000 ($42,000). Edgecliffe-Johnson’s buy-out share awards and bonuses were £3.2 million ($4.04 million) and £1.4 million ($1.77 million) respectively.

Besides the current CEO and CFO, Flutter released details regarding the pay of its former CFO, Jonathan Hill. For his services between January 1, 2023, and April 27, 2023, the executive received £836,000 ($662,900). The total remuneration breaks down to £234,000 ($185,600) as base salary, £575,000 ($455,900) in bonuses and the outstanding covering pension and other benefits.

The CEO and CFO’s Salaries Will Increase by 3.5% in 2024

Flutter explained that the bonus remuneration of the CEO and CFO were based on different elements that helped determine the total. For example, group revenue was weighing 30%, while group adjusted EBIT was 25%, the same percentage as the US adjusted EBITDA and safer gambling was 20%.

Besides the payment for 2023, Flutter’s new report confirmed that Jackson is subject to a 3.5% increase in salary. Similarly, the compensation for Edgecliffe-Johnson will also increase by 3.5%. Both increases are effective as of March 1, 2024, the company explained.