Flutter Entertainment has announced Q2 2025 revenue of $4.2bn (£3.1bn), a year-on-year (YoY) increase of 16%, although its net income was slashed due to various non-cash, tax and restructuring costs.
Meanwhile, adjusted EBITDA rose 25% from $738m to $919m, which meant adjusted EBITDA margin expanded from 20.4% to 21.9%.
Average monthly players shot up 11% to almost 16 million, but there was an 88% slide on net income from $297m to $37m.
Flutter said this was due to a non-cash loss in the fair value of the Fox option liability related to FanDuel of $81m, a non-cash charge on amortising acquired intangibles of $209m and an income tax charge of $168m.
Various restructuring costs of $89m related to the Snaitech acquisition in Italy and Betnacional-owner NSX Group in Brazil, along with transformation programmes for PokerStars and Sky Bet.
The US business, spearheaded by FanDuel, reported revenue of $1.8bn, a 17% YoY increase for the business. This was driven by an 11% bump in sports betting revenue to $1.2bn and a 42% leap in igaming revenue to $507m.
Average monthly players in the US were up just 2% to 3.5 million as it lapped the benefit of the North Carolina launch in March 2024. States that regulated prior to 2022 experienced 7% growth in players.
Adjusted EBITDA in the US surged 54% to $400m, with a corresponding margin of 22.3%.
In sports, handle jumped 7%. Live betting representing more than half of all handle during the quarter, the company said.
The structural revenue margin hit 13.6%, while net revenue margin increased by 40 basis points to 10.4%. June alone had a gross revenue margin of 16.3% on the back of favourable sports results.
Bosses said igaming average monthly players improved by 32%, while player frequency was also up.
In terms of market share, FanDuel remains the leader in the US, with a 41% share in sports betting based on gross gaming revenue (GGR) and 44% share based on net gaming revenue (NGR). The operator also has a 27% share of the igaming market based on GGR.
International impresses
Looking at international, revenue rose 15% to $2.4bn, with a 4% gain for sports betting to $1bn and a 27% jump for igaming to almost $1.3bn.
Adjusted EBITDA for the division increased 13% to $591m, while actives increased 15% to 12.5 million.
Bosses noted the additions of Snaitech and NSX had helped offset a strong comparative period in 2024, which included Euro 2024.
Within the division, the UK and Ireland (UKI) represented the majority of revenue at $936m, although this was a 1% uptick and a 5% decline based on constant currency.
Sports betting revenue was down 12% on a reported basis, as well as a 3% decline in stakes. Euro 2024 was again cited as the main reason for the slip.
Online casino was up 17% on a reported basis, with “product enhancements and generosity optimisation” championed.
During the quarter, Flutter completed the transition of Sky Bet onto the shared UKI platform, along with the migration of nine million customers.
Southern Europe and Africa (SEA) revenue grew 68%. Snaitech added 52 percentage points of growth, Flutter said.
Turkey was highlighted in the division as a strong performer, backed up by revenue soaring 87%.
Similarly to the UK, Snaitech will be migrated to the overarching SEA Flutter platform in H1 2026.
Brazil, powered by the acquisition of NSX Group, saw a 144% leap in revenue. Betfair reported a decline in revenue due to adverse sports result and customer re-registration friction post-regulation.
In APAC, the tough Australian market showed a 3% uptick in revenue, while skill games operator Junglee Games in India reported 24% growth.
Central and Eastern Europe was up 8%, mainly driven by Georgia, while Flutter’s other regions reported a 7% decline due to market exits and regulatory headwinds.
Flutter has also increased its full-year 2025 guidance based on its new deal with Boyd in which it took its ownership in FanDuel from 95% to 100%, while reducing market-access fees.
The reduction in market-access fees is expected to offset tax changes in New Jersey, Illinois and Louisiana, the operator added.
Group revenue is forecast to hit $17.26bn and adjusted EBITDA is expected to come in at $3.3bn, representing increases of 23% and 40%, respectively.
Peter Jackson, Flutter CEO, said: “I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives.
“Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A. Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%.
“We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations.
“Such varied achievements in one quarter are a great reflection of our teams’ focus and ability to execute effectively, leaving us well positioned for the second half of the year.”
Flutter shares are down around 2% to $300 in pre-market trading in New York.
The post Flutter “well-positioned” for H2 after 16% rise in Q2 revenue first appeared on EGR Intel.
FanDuel parent company posts revenue of $4.2bn and a 25% leap in EBITDA, fuelling an upgrade to full-year 2025 guidance
The post Flutter “well-positioned” for H2 after 16% rise in Q2 revenue first appeared on EGR Intel.