Flutter Entertainment CEO Peter Jackson said the business was “well-positioned” heading into the remainder of 2025, as US igaming was a catalyst for Q2 group revenue increasing 16% to $4.2bn (£3.1bn).
Full-year 2025 guidance has been upgraded slightly for the FanDuel parent company, which saw its acquisitions of Snaitech and NSX Group add growth in Italy and Brazil, respectively.
FanDuel remains a global leader in both sports betting and igaming, although it appears its market share may be being eaten into in its international segment.
Here, EGR explores five key talking points from the business’ earnings call, with commentary from Jackson and CFO Rob Coldrake.
Look, but don’t touch
With US operators’ earnings calls typically peppered by analysts fielding questions on prediction markets, it was no surprise to hear the first question Jackson and Coldrake received related to the topic.
When asked by Morgan Stanely’s Ed Young about the opportunity, Jackson said Flutter was watching the fast-moving space “very closely”. Pointing to the in-house tech and knowledge gained from running the Betfair Exchange, the CEO said he was keeping an eye on proceedings but made no commitment on joining the fray.
Rival DraftKings issued full-year 2025 guidance this week which noted it did not included a prediction market launch, while BetMGM said last week it had no intention of being a first mover and joining Kalshi et al.
Jackson said: “With prediction markets, it’s clearly a fast-moving space. And for those of you on the call who are a bit less familiar with our international business, it’s worth remembering that we’ve got two decades’ experience of operating the world’s largest betting exchange, the Betfair Exchange.
“We offer this product in lots of markets around the world, and it shares some similar characteristics of event contracts, which will obviously be helpful to us as we consider the landscape and any developments.
“We’re evaluating the various regulatory developments and assessing the potential opportunities this may present for FanDuel. Naturally, we’ve got a lot of important stakeholders that we need to consider, and so we’re watching this space very closely.”
Homegrown habits
FanDuel’s igaming revenue increased 42% YoY from $357m to $507m in Q2, with management citing a 32% leap in AMPs and an increase in player frequency during the period. FanDuel is the igaming market leader in its US states with a 27% share based on gross gaming revenue (GGR). Bosses added that a focus on adding fresh content, jackpot functionality and attracting casino-first players were all helping.
When asked if the business is planning to add in-house content, Jackson said this could be explored further down the line. Earlier this year, DraftKings co-founder and CEO Jason Robins said around half of the firm’s igaming handle was coming from in-house games.
Jackson said: “All of our content for FanDuel at the moment is coming from third parties. Now some of that is exclusive for us [such as Light & Wonder’s Huff and Puff]. Clearly, in the rest of the organisation, we do have access to our own in-house studios and content.
“And in time, that’s something that we can put into the FanDuel business to help alleviate some of the costs of procuring content. But at the moment, we’ve been focusing on making sure that we have the broadest and best range available for our customers.
“We’ve got good penetration levels in some of our other igaming markets around the world for in-house content, but it’s not something that we’ve been prioritising getting into FanDuel yet.”
Lotto lifeline?
In May, Flutter lost out in its bid to take on the Italian National Lottery licence to a consortium fronted by IGT. On Flutter’s Q1 earnings call, management said the successful awarding of the licence could pave the way for cross-sell opportunities in Italy for its Sisal brand. Sisal currently operates the SuperEnalotto in the country.
Yet with the New York-listed firm missing out on the licence, there is seemingly little appetite to explore other lottery opportunities across the globe, according to Coldrake.
He said: “We always said with the Italian lottery opportunity that we thought this was a unique opportunity in Italy. So, we don’t have a broader interest per se in other lottery products around the world.”
Pushed on what the planned capital allocation towards the lottery licence bid could be used for instead, the CFO replied: “With regards to whether or not it frees up capital, as we said on a number of occasions, we are very disciplined when it comes to our capital allocation.
“And we believe we’ve got a number of opportunities in front of us. We’ll continue to invest behind the business organically, we’ll continue to look at accretive M&A opportunities [and] we’ll continue to operate our share buyback.”
IL state of mind
Back in the US, Flutter’s decision to implement a $0.50 surcharge on all bets in Illinois was discussed, with Jackson insisting such a policy was the “fairest way to deal with it”. As included in Illinois’ state budget in May, a new fee on bets placed in the Prairie State came into play on 1 July.
The transaction fee means there’s a $0.25 charge on the first 20 million sports bets accepted in the state. The fee rises to $0.50 on all bets placed thereafter. Flutter preceded DraftKings in adding a $0.50 surcharge on customer bets to offset the charge. Fanatics also went down that path, yet BetMGM opted to set a minimum bet amount of $2.50 as part of its mitigation efforts.
Jackson lamented the fee, noting: “We’re obviously very disappointed that they brought this tax into play in Illinois. We think it really will hurt the recreational customers and ultimately risk fuelling the black market, which is not good for integrity of sports. It’s not good for player protection and it’s certainly not good for collection of revenue for the state.
“We don’t think it’s a good idea. We’ve introduced this fee, which we think is the fairest way to deal with it. We think Illinois is an outlier. We don’t expect this to happen anywhere else. We’ll introduce the fee, and we’ll see what happens.”
That’s amore
Southern Europe and Africa (SEA) was pinpointed as a strong performer during the quarter, reflected in revenue soaring 68% YoY to $657m, along with Italian revenue jumping 67% alone. Within Italy, the €2.3bn (£2bn) acquisition of Snaitech from Playtech has added 59 percentage points of growth.
Flutter revealed it is planning to migrate Snaitech onto the existing Sisal platform in H1 2026. During the quarter, Sisal bingo liquidity was pooled with tombola, while there was the rollout a beefed-up bet builder product on Sisal in the shape of MyCombo. Sisal has also recently surpassed one million average monthly active players.
Bosses described MyCombo as a “market-first [that] represents a step-change in product differentiation”.
On the Italy integrations, Jackson said: “We’re planning to do a migration of the Snaitech business onto the Sisal platform in H1 2026. That will allow us to offer the Snaitech customers the full suite of products that Sisal customers have access to. Things like MyCombo and the full range of products we have available on the platform. We’re excited about that.
“There are things we’re doing in the meantime to provide a sort of step-up for the Snaitech customers. But it’s not long to wait until that migration will happen.”
The post Five things we learned from Flutter’s Q2 earnings call first appeared on EGR Intel.
News editor Joe Levy unpacks the top talking points, including the planned migration of Snaitech onto Sisal’s platform and how prediction markets are being watched “very closely”
The post Five things we learned from Flutter’s Q2 earnings call first appeared on EGR Intel.