Flutter Q1 net income hits $335m as US iGaming revenue climbs 32%
Flutter Entertainment delivered strong gains in the first quarter of 2025, driven by robust performance in its US operations and continued growth across key international markets.
Key points:
– Group revenue for Q1 2025 rose 8% year-on-year to $3.7bn
– Net income reached $335m, reversing a $177m loss in Q1 2024
– US iGaming revenue surged 32% to $472m
Flutter’s US business accounted for nearly $1.7bn in revenue in Q1 2025, marking an 18% year-on-year increase compared to the same period last year.
FanDuel’s sportsbook performance reportedly drove this growth, with revenue rising 15%, supported by an 8% increase in handle to $14.6bn. The operator retained a 43% gross gaming revenue market share in US online sports betting.
US iGaming was another standout performer, growing 32% from Q1 2024 to $472m. Across both verticals, the number of monthly average players rose 11% to 4.3 million in the US.
Despite what the company described as “adverse” March Madness outcomes, net revenue margin for the sportsbook stood at 7.8%.
US adjusted EBITDA reached $161m, up more than fivefold from Q1 2024 and group-wide adjusted EBITDA rose 20% to $616m.
Net income recovers sharply as group margin improves
Group net income for Q1 2025 came in at $335m, a sharp turnaround from the $177m loss posted in Q1 2024. This improvement was underpinned by operational efficiency and revenue scale, particularly in North America.
Flutter also reported an 8% increase in total global monthly active users, bringing its customer base to nearly 14.9 million during the quarter.
International business holds steady despite market pressures
International revenue reached just under $2bn, a 1% increase. However, adjusted EBITDA for the segment slipped 1% to $518m. Sportsbook revenue declined 2% to $880m, while iGaming posted modest growth of 4%, reaching $1.1bn.
Among regional performance, the UK and Ireland generated $882m in revenue, up 2%. Southern Europe and Africa delivered $448m, a 14% increase and Central and Eastern Europe contributed $140m, up 15%.
In contrast, Asia Pacific revenue fell 13% to $313m, Brazil dropped 44% to $9m and other regions declined 12% to $207m, reflecting uneven recovery across Flutter’s global footprint.
2025 outlook raised for US operations
Following the Q1 update, Flutter revised its full-year guidance for US revenue to between $7.2bn and $7.65bn. At the midpoint, this would represent a 28% increase. Adjusted EBITDA for the US business is now forecast to range from $1.01bn to $1.25bn, which implies 123% growth at the midpoint.
Group CEO Peter Jackson commented: “FanDuel continues to win in the US, while our global scale and technology edge are being strengthened through acquisitions like Snai in Italy.”
Building on strong FY2024 momentum
Flutter’s Q1 2025 results follow a strong full-year 2024 performance, where the company reported $14.05bn in revenue and net income of $162m – a 113% increase from the previous year. Adjusted EBITDA rose 26% to nearly $2.4bn.
International growth was supported by the acquisition of MaxBet and “substantial” gains in the UK and Italy. Flutter is also weighing a potential bid for Italy’s national lottery licence, with a decision expected shortly.
The operator said it remains on track to meet its 2025 guidance for both the US and ex-US segments, with total adjusted EBITDA expected to range between $2.75bn and $3.2bn.
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