Flutter generates $3.7bn of revenue for Q1 2025, FanDuel reports over $1.1bn

Flutter Entertainment has released its financial results from the first quarter of 2025, having witnessed an increase in revenue of 8% year-over-year to $3.7bn, of which its US sportsbook operations accounted for over $1.1bn. 

The operator stated its FanDuel sportsbook operation reported an increase of revenue of 15% from the prior year period, with US iGaming revenue also growing by 32% year-over-year for a total of $472m. FanDuel additionally managed to increase its average monthly players by 11% from the figure reported for Q1 2024 to more than 4.3m bettors, while Flutter’s US sportsbook net revenue margin was reported to be 7.8% throughout the period. 

The nearly $1.7bn in revenue generated from total US operations throughout Q1 2025 equates to an 18% increase year-over-year, despite what Flutter described as “adverse” March Madness sports results, with US adjusted EBITDA rising by a significant 519% to $161m for the period. 

FanDuel also reported a Q1 2025 handle of $14.6m, rising by 8% year-over-year which fell in line with Flutter’s expectations despite lower than expected basketball handle, partially offset by stronger growth on other sports. FanDuel’s current gross gaming revenue (GGR) market share sits at 43%, while Flutter’s US iGaming GGR market share was reported to be 27% for Q1 2025. 

“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,” Flutter CEO Peter Jackson said. 

“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. The global regulated market opportunity is significant, and Flutter remains uniquely positioned to win.”

Flutter was also able to generate a net income of $335m throughout Q1 2025, following a net loss of $177m reported for the first quarter of 2024. The operator’s adjusted EBITDA also rose from the prior year period, increasing by 20% for a total of $616m for Q1 2025. The total number of users on Flutter platforms increased by 8% year-over-year during the period, reported to sit at nearly 14.9m users at the time of writing. 

Good to know: MGM Resorts International reported the operator’s financial results throughout the first quarter of 2025 on April 30, including a decrease in net revenue of 2.4% year-over-year for a total of just under $4.3bn during the period

For International operations, revenue increased by 1% from the prior year period for a total of just under $2bn throughout Q1 2025, but adjusted EBITDA was reported to $518m, falling by 1% year-over-year. Sportsbook revenue accounted for $880m of International revenue which equates to a decrease of 2% from the prior year period, while iGaming revenue rose by 4% to $1.1bn for Q1 2025. 

The majority of International revenue stemmed from the UK and Ireland, which reported a total Q1 2025 revenue of $882m for an increase of 2% year-over-year. Asia Pacific, Brazil and other regions witnessed decreases of 13%, 44% and 12% from the prior year period, respectively, for Q1 2025 revenue totals of $313m, $9m and $207m. Southern Europe and Africa as well as Central and Eastern Europe reported Q1 2025 revenues of $448m and $140m respectively, representing increases of 14% and 15% year-over-year. 

Flutter updated its full-year 2025 revenue guidance following its first quarter financial results as well, with US operations now expected to generate between $7.2bn and $7.65bn, while adjusted EBITDA is projected to fall between $1.01bn and $1.25bn. If the revenue and adjusted EBITDA for US operations meets the midpoint of these projections, it would represent increases of 28% and 123% year-over-year, respectively. 

Kirk Geller

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