Flutter Q3 2025 landed with steady revenue growth but sharp headwinds from India, sports margins and a major access-fee payment. The quarter also included a large non-cash impairment that pushed the group deep into the red. Flutter Q3 2025 is now the anchor for a trimmed full-year outlook as the group resets expectations.

  • Group revenue grew 17% year-on-year to USD 3.79bn (ca. EUR 3.3bn), with 14.1 million average monthly players and adjusted EBITDA up 6% to USD 478m (ca. EUR 411m). The quarter still closed with a USD 789m (ca. EUR 678m) net loss after a USD 556m (ca. EUR 478m) India impairment and a USD 205m (ca. EUR 176m) US market access payment. Management said the impairment followed India’s shift to a free-to-play environment for real-money games, impacting the Junglee brand.

  • The India ruling is expected to cut 2025 revenue by roughly USD 70m (ca. EUR 60m) and EBITDA by about USD 30m (ca. EUR 26m), with further pressure modelled for 2026 and 2027. Junglee has been repositioned as a free-to-play product, ending its previous operating model. Flutter Q3 2025 reflects the first accounting impact of the change, which management described as “sudden and highly disruptive.”

  • In the US, revenue reached USD 1.37bn (ca. EUR 1.18bn), up 9%, driven by a 44% jump in iGaming while sportsbook revenue dropped 5% on customer-friendly NFL results. FanDuel maintained a 38% online sports GGR share despite elevated competition early in the NFL season. Adjusted EBITDA fell 12% to USD 51m (ca. EUR 44m) as margin pressure and higher marketing costs outweighed gains in online casino.

  • International revenue climbed 21% to USD 2.43bn (ca. EUR 2.01bn), supported by the Snai and Betnacional acquisitions and growth in Southern Europe and Africa. UK and Ireland performance stayed broadly flat, while Italy online revenue rose 46% and Turkey’s iGaming segment grew 65%. International EBITDA increased 10% to USD 505m (ca. EUR 434m), with margin softening as Flutter invested in Brazil and absorbed higher taxes.

  • The upcoming FanDuel Predicts launch – developed with CME Group – marks Flutter’s push into prediction markets across US states without sports betting. The product will include sports, financial and cultural markets and is expected to weigh on EBITDA by USD 40m – USD 50m (ca. EUR 34 – ca. EUR 43m) in Q4 2025 and USD 200m – USD 300m (ca. EUR 172m – ca. EUR 258m) in 2026. Updated 2025 guidance now sits at USD 16.69bn (ca. EUR 14.35bn) in revenue and USD 2.92bn (ca. EUR 2.51bn) in adjusted EBITDA after the quarter’s sports results, India impact and FanDuel Predicts investment shift expectations.

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