Flutter’s Q1 2025: $3.67B Revenue and 18% US Growth Miss Forecasts
Flutter Entertainment, the global betting giant behind FanDuel, posted Q1 2025 revenue of $3.67 billion, up 8% from $3.40 billion last year.

Solid Gains, But Below Expectations
Net income soared 289% to $335 million, flipping a $177 million loss from Q1 2024, helped by a positive shift in the Fox option liability valuation.
Adjusted EBITDA climbed 20% to $616 million, with the margin rising 170 basis points to 16.8%. Adjusted EPS hit $1.59, a 51% jump from $1.05, but fell short of analyst hopes at $2.05, with revenue also missing the $3.96 billion target.
The stock dipped 1.28% to $245.41, reflecting investor disappointment.
“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,” said CEO Peter Jackson.
US Segment Steals the Show
FanDuel’s US operations were the standout, with revenue up 18% to $1.666 billion from $1.410 billion. Sports betting revenue grew 15%, despite a soft March Madness, with handle up 8% and net revenue margin rising 50 basis points to 7.8%.
iGaming revenue surged 32%, driven by a 28% jump in average monthly players (AMPs) to 1 million. Adjusted EBITDA in the US skyrocketed 519% to $161 million, with a 9.7% margin, thanks to strong operating leverage.
Costs of sales dropped 170 basis points, and marketing costs fell 750 basis points to 22.4% of revenue. FanDuel held a 43% sports betting GGR share and 27% iGaming share, with a 48% NGR share. “
FanDuel continues to win in the US, retaining leadership positions in both online sports betting and iGaming,” Jackson noted.
International Holds Steady, Cash Flow Slips
The international segment saw flat revenue and 2% Adjusted EBITDA growth at constant currency, with strong performances in Southern Europe, Africa, and UK iGaming offsetting softer Asia-Pacific sports betting.
Brazil’s revenue tanked 44% due to re-registration hiccups in its newly regulated market, and other regions dropped 12% amid market exits. Group-wide, AMPs rose 8% to 14.88 million.
But cash flow took a hit. Net cash from operations fell 44%, and free cash flow slid 52%, tied to player deposit timing shifts from a weekday quarter-end versus a weekend last year.
Unallocated corporate costs also spiked 75%, driven by one-off credits last year and new investments. Net debt stayed at $5.3 billion, with a 2.2x leverage ratio, and Flutter returned $230 million to shareholders via buybacks.
Challenges and a Bold Outlook
Despite the wins, Flutter faced headwinds. Unfavorable US sports results, especially in March Madness, cut revenue by $230 million and EBITDA by $150 million. Basketball handle was softer than expected, blamed on less competitive games.
Analysts flagged the EPS and revenue misses as concerns, and the cash flow drop raised questions, though Flutter insists it’s a timing quirk.
Looking ahead, Flutter projects 2025 group revenue at $17.08 billion, up 22%, and Adjusted EBITDA at $3.18 billion, up 35%, boosted by Snai and NSX acquisitions adding $1.07 billion in revenue.
US revenue is eyed at $7.40 billion, up 28%, with EBITDA at $1.13 billion, up 123%. Missouri’s Q4 launch and Alberta’s 2026 entry are on track, though they’ll dent revenue by $40 million and EBITDA by $90 million. “
We are delivering against our strategic priorities, with clear optionality as an ‘and’ business,” Jackson said.
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