Flutter posts solid Q1 2025 results, raises full-year outlook
Flutter Entertainment delivered a robust start to the year, reporting an 8 percent year-on-year rise in group revenue to $3.67 billion in Q1 2025 and significantly upgrading its full-year outlook. The New York-based online sports betting and iGaming company credited strong US performance, record player engagement, and the strategic acquisitions of Snai in Italy and NSX in Brazil for the momentum.
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Earnings surge on US growth, higher player activity
Adjusted earnings before interest tax, depreciation and amortisation (EBITDA) rose 20 percent to $616 million, while net income jumped 289 percent to $335 million, buoyed by an 8 percent rise in average monthly players (AMPs), now totalling 14.8 million. CEO Peter Jackson described the quarter as a “step change” in Flutter’s earnings profile, especially driven by its US operations.
The US market remained the powerhouse of Flutter’s performance, with revenue surging 18 percent year-on-year to $1.67 billion and adjusted EBITDA climbing more than fivefold to $161 million. FanDuel, Flutter’s flagship brand in North America, retained its dominance with a 43 percent share in sportsbook gross gaming revenue (GGR) and a 27 percent share in iGaming.
FanDuel Casino led the US iGaming market in revenue, driven by strong customer engagement and innovative products like the proprietary “Your Way” betting interface. iGaming revenue rose 32 percent as average monthly players increased by 28 percent.
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Mixed international performance
Flutter’s international operations were more mixed, with revenue inching up just 1 percent to $2 billion and EBITDA remaining flat. Solid performances in Southern Europe and Africa (SEA) and the UK and Ireland (UKI) iGaming segment were offset by declines in Asia-Pacific and Brazil.
SEA revenue climbed 14 percent year-on-year, thanks to strong gains in Italy and Turkey. UKI iGaming revenue rose 9 percent, supported by the roll-out of premium content. However, APAC revenue slumped 13 percent, with continued weakness in Australia’s sportsbook market. In Brazil, revenue dropped 44 percent amid ongoing regulatory uncertainty — though this is expected to improve once the NSX deal closes.
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Outlook raised following acquisitions
Flutter upgraded its full-year 2025 guidance, forecasting revenue of $17.08 billion and adjusted EBITDA of $3.18 billion — representing growth of 22 percent and 35 percent, respectively. These projections include the expected contributions from Snai and NSX, which together are set to add $1.07 billion in revenue and $120 million in EBITDA.
Excluding acquisitions, underlying revenue and EBITDA are still projected to grow 14 percent and 30 percent, respectively.
However, the company revised its US guidance slightly downward due to the anticipated launch costs in new markets, including Missouri in Q4 2025 and Alberta in early 2026. US revenue is now expected at $7.4 billion, with adjusted EBITDA of $1.13 billion — still reflecting strong growth of 28 percent and 123 percent.
Internationally, Flutter forecasts full-year revenue of $9.68 billion and adjusted EBITDA of $2.30 billion, up 17 percent and 11 percent, respectively.
The group’s leverage ratio held steady at 2.2x, aligning with its medium-term target of 2.0–2.5x, as it continues to prioritise profitable growth and debt reduction.
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Analysts cautiously optimistic
Regulus Partners praised Flutter for executing on its US strategy while maintaining global profitability, especially given modest underlying growth. “The local hero acquisitions (Snai and NSX) will grow group revenue by around 10 percent on a full-year basis, supporting Flutter’s strategy of building targeted scale in key markets,” Regulus noted.
However, they warned that outside the US, Turkey, and India, Flutter’s performance has largely mirrored or lagged the market. “The Flutter Edge needs to be more than simply rolling out Same Game Parlay capability if it is to sustainably grow revenue from this enviable but brittle scale.”
