FanDuel Surge Powers Flutter’s Q1 Comeback
Flutter Entertainment kicked off 2025 with a sharp profit rebound, posting $335 million in net income for Q1—an emphatic reversal from its $177 million loss in the same period last year. The bounce was powered by strong momentum in the US, where iGaming revenue climbed 32% to $472 million and FanDuel extended its dominance in online sports betting.
U.S. Operations Drive Revenue Growth
Total revenue in the US rose 18% year-on-year to $1.7 billion, cementing the market as Flutter’s growth engine. FanDuel’s sportsbook continued to outperform, with a 15% revenue increase, an 8% uptick in betting handle to $14.6 billion, and a 43% share of the US online sports betting market. Even with tough March Madness results, the sportsbook held a 7.8% net revenue margin.
Monthly average players in the US jumped 11% to 4.3 million, reflecting broader adoption of both betting and gaming products. US adjusted EBITDA hit $161 million, up more than fivefold from a year ago, helping push total group EBITDA up 20% to $616 million.
Global Picture Mixed, But User Base Grows
Group-wide revenue reached $3.7 billion, an 8% rise, while global monthly active users increased 8% to nearly 14.9 million.
Outside the US, the picture was more uneven. International revenue held steady at $2 billion, up just 1%, while EBITDA for the segment dipped 1% to $518 million. Sportsbook revenue declined slightly to $880 million, whereas iGaming inched up 4% to $1.1 billion.
Performance varied by region:
- UK & Ireland: $882 million, up 2%
- Southern Europe & Africa: $448 million, up 14%
- Central & Eastern Europe: $140 million, up 15%
- Asia Pacific: down 13% to $313 million
- Brazil: down 44% to $9 million
- Other regions: down 12% to $207 million
Outlook Raised for US Operations
On the heels of this strong Q1, Flutter upgraded its full-year guidance for the US. Revenue is now expected to land between $7.2 billion and $7.65 billion, with adjusted EBITDA between $1.01 billion and $1.25 billion—implying 123% growth at the midpoint.
CEO Peter Jackson credited FanDuel’s continued gains and highlighted the strategic benefit of acquisitions like Snai in Italy. “Our global scale and technology edge are being strengthened,” he said.
Building on 2024 Momentum
The latest results extend Flutter’s momentum from a solid 2024, where the company posted $14.05 billion in revenue and $162 million in net income. That annual net income marked a 113% jump, driven by deals like MaxBet and growth in the UK and Italy.
Flutter is also eyeing further expansion, potentially entering a bid for Italy’s national lottery license, with a decision pending.
With Q1 in the books and guidance raised, Flutter remains confident in hitting its full-year targets across both the US and international segments. Total adjusted EBITDA for 2025 is projected to come in between $2.75 billion and $3.2 billion.
