Flutter had a strong start to 2025 with rising revenues and a return to profit. The company reported $335 million in profit for the quarter, compared to a $177 million loss in the same period last year. Flutter Q1 2025 results also show that its US operations were key to this performance.

Flutter Q1 2025 results

  • Group revenue reached $3.665 billion, up 8% year-on-year.

  • Adjusted EBITDA rose 20% to $616 million, with a margin improvement of 170 basis points.

  • Profit hit $335 million, boosted by a positive shift in the Fox Option liability.

  • US revenue totaled $1.666 billion in Q1 2025, growing 18% from $1.41 billion a year ago. Sportsbook revenue was $1.134 billion (+15%) and iGaming revenue was $472 million (+32%). Adjusted EBITDA surged to $161 million from just $26 million last year.

  • International segment revenue came in at $1.999 billion, up 1% year-on-year. Southern Europe and Africa generated $448 million (+14%), Central and Eastern Europe $140 million (+15%), and UK and Ireland $882 million (+2%). Asia Pacific dropped to $313 million (–13%).

  • Brazil fell to $9 million (–44%) “reflecting the newly regulated market registration challenges”.

  • Average monthly players grew to 14.88 million across the Group, up 8% year-over-year. In the US, this figure rose 11% to 4.31 million, supporting growth in both sportsbook and iGaming. US market share remained strong with FanDuel leading in both categories.

  • Net cash from operating activities dropped 44% to $188 million, and free cash flow fell 52% to $88 million. This was due to the timing of quarter-end player deposits, which impacted available funds. Net debt increased slightly to $5.33 billion.

  • CEO Peter Jackson said: “FanDuel continues to win in the US, retaining leadership positions in both online sports betting and iGaming.”

Full-year 2025 guidance

  • Full-year 2025 guidance was updated: group revenue is now expected to reach $17.08 billion, with adjusted EBITDA at $3.18 billion. These targets include contributions from Snai and NSX acquisitions, projected to add $1.07 billion in revenue and $120 million in EBITDA.

  • The US is forecast to deliver $7.4 billion in revenue and $1.13 billion in adjusted EBITDA this year. International revenue is guided at $9.68 billion with $2.3 billion in adjusted EBITDA, reflecting the impact of recent acquisitions and stable organic growth.

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Flutter Q1 2025 results