Flutter Entertainment PLC (FLUT), the Irish-American online sports betting and gambling company, delivered a solid financial performance in the first quarter of 2025. The company reported significant year-on-year growth in both adjusted EBITDA and net income as of March 31.
Key Points from the Report
- Flutter’s adjusted EBITDA for Q1 2025 is $616 million, up 20% since Q1 2024.
- Net income was $335 million, an increase of 289% compared to the same period of the previous year.
- Flutter’s US business posted an 18% YoY revenue gain, reaching $1.66 billion.
For more detailed financial data and official results, visit the complete report here.
Increasing Customer Base and Business Diversification Fuelling Growth
Flutter, which has been listed on the New York Stock Exchange (NYSE) for the past 15 months, has experienced significant revenue growth, particularly in India, Southern Europe and Africa. The company is intensely focussed on sustaining growth in a sustainable manner and following responsible gambling practices. This has played a crucial role in ensuring long-term success.
Flutter Entertainment PLC (FLUT), the Irish-American online sports betting and gambling company, delivered a solid financial performance in the first quarter of 2025. The company reported significant year-on-year growth in both adjusted EBITDA and net income as of March 31.
In the US, Flutter continued to strengthen its position, gaining an additional 11% share in active player accounts. This brought its average monthly player base to 4.3 million. The company also reported a 43% increase in sports betting Gross Gaming Revenue (GGR) and a 27% rise in iGaming GGR compared to the previous year. Adjusted earnings per share grew by 51%, reaching $1.59, up from $1.05 in Q1 2024.
At the same time, cash reserves remained steady at $1.5 billion, while net debt stood at $5.3 billion. However, both earnings per share and revenue came in slightly below expectations, missing projected figures of $2.05 and $3.96 billion, respectively. Flutter shares closed 1% lower on Wednesday at $242.36.
The US market played a key role in Flutter’s growth, particularly through its FanDuel brand, which contributed to an 18% rise in US revenue, totaling $1.66 billion. Adjusted EBITDA from US operations reached $161 million—a substantial 500% increase compared to the same period last year.
International revenue, meanwhile, came in just below $2 billion, showing a modest year-on-year increase of 1%.
Commenting on the results, CEO Peter Jackson said:
I am very pleased with the business performing well during the first quarter of 2025. Our US business has scaled, driving up the revenue share. FanDuel continues to perform well in the US. We have retained the top spot in both the iGaming and online sports betting categories.
High Hopes Ride on Recent Acquisitions
Flutter recently acquired Snai in Italy and is in the process of taking over NSX in Brazil. This marks a major milestone in the company’s expansion plans. The company is betting big on its long-term prospects and is quite confident in its strategy, which is evident from the share buyback program.
Meanwhile, the increase in sports betting revenue is pretty significant, as market conditions were unfavourable during March Madness when all four No. 1 seeds made it to the Final Four for the first time since 2008. Growth was pegged at 8%, which was significantly lower than the expected basketball handle.
However, CFO Rob Coldrake seemed fairly positive about the entire situation. He asserted that handle isn’t everything and “net revenue is what we really focus on.” The company reduced its official revenue projections from the $7.43 billion-$7.93 billion range to between $7.15 and $7.65 billion.
Commenting on the economic uncertainty tied to US tariffs, the CFO said:
We have strong proof that iGaming and online sports betting can survive market dips in the long run. One underwhelming quarter cannot derail our long-term growth plans.