Flutter’s US Expansion Fuels Strong Q1 Earnings Surge

U.S. Market Delivers Major Profit Upswing

The company’s U.S. operations delivered an 18% revenue increase year-over-year, with sports betting up 15% and iGaming up 32%. FanDuel retained its leadership with a 43% share in sports betting and 27% in iGaming gross gaming revenue. U.S. adjusted EBITDA jumped to $161 million, up from $26 million in the previous year, driven by higher operating leverage and reduced marketing expenses.

The average number of monthly players across all segments rose to 14.88 million, an 8% increase compared to Q1 2024. The U.S. player base grew by 11% to 4.3 million, while international active users climbed by 8% to 10.6 million. This growth underpins the Group’s revenue expansion and highlights the increasing appeal of its diversified brands.

International Performance Stable With Regional Highlights

International revenue remained broadly flat year-on-year, with a 3% increase on a constant currency basis. Growth in regions such as Southern Europe and Africa (+14%) and Central and Eastern Europe (+15%) helped offset declines in the Asia Pacific region (-13%) and Brazil (-44%). iGaming grew 4% globally, supported by stronger performance in the UK, Ireland, and Southeast Asia.

The recent acquisition of Snai in Italy, finalized on April 30, significantly strengthens Flutter’s presence in one of Europe’s largest betting markets. The deal contributed $850 million in expected annual revenue and enhances the Group’s multi-brand strategy in Southern Europe. Snai’s integration is expected to create further strategic advantages through localized expertise and regulatory positioning.

Group net income rose significantly to $335 million, with earnings per share increasing by $2.67 year-over-year. Adjusted earnings per share reached $1.59, a 51% increase. The earnings improvement was attributed to the growth in the U.S. market and a favorable year-over-year swing in the valuation of the Fox Option liability.

CEO Comments on Strategic Progress

Peter Jackson, CEO of Flutter Entertainment, emphasized the transformative impact of the U.S. business on the company’s earnings trajectory:

“I am pleased with the performance of the business during the first quarter, with the scaling of our US business driving a step change in the earnings profile of the Group.
FanDuel continues to win in the US, retaining leadership positions in both online sports betting and iGaming, while we saw a positive performance within International, where our scale and the competitive advantages of our Flutter Edge have been enhanced by the acquisition of Snai in Italy. We are delivering against our strategic priorities, with clear optionality as an ‘and’ business that can create significant value through a combination of organic growth, accretive M&A, and returns to shareholders.”

Flutter now expects full-year 2025 revenue of $17.08 billion and adjusted EBITDA of $3.18 billion, reflecting the incorporation of Snai and expected contribution from NSX. This revised outlook represents 22% and 35% year-over-year growth, respectively.