Flutter reports 88% decrease in net income, US revenue rises 17% to $1.8bn

Flutter Entertainment has reported its Q2 2025 financial results, having increased total revenue by 16% year-over-year to $4.2bn but also witnessing a net income decrease of 88% from the prior-year period to a total of $37m.

The operator also reported $1.8bn in US revenue for its FanDuel sportsbook and iGaming operations, equating to an increase of 17% year-over-year. 

By the numbers

FanDuel sportsbook revenue was reported to be $1.2bn for the second quarter of 2025, increasing 11% from the prior-year period. Online gaming revenue in the US managed to hit $507m throughout the period, growing by a considerable 42% year-over-year (extending its record market share). 

US sportsbook handle increased by 7% to just under $11.7bn for Flutter, as adjusted EBITDA for the region reached $400m for growth of 54% year-over-year. International revenue accounted for $2.4bn of Flutter’s total revenue for Q2 2025, increasing 15%. 

Despite the noticeable fall in net income, Flutter’s total adjusted EBITDA for Q2 2025 was $919m, representing growth of 25% year-over-year. The handle for international sportsbook operations came to just under $8bn for the second quarter of 2025 but still increased by 7%. 

Sportsbook revenue accounted for just over $1bn of Flutter’s international operations, while iGaming produced an additional $1.3bn, equating to increases of 4% and 27%, respectively. In total, sportsbook revenue for the operator grew 8% to nearly $2.3bn, while iGaming revenue represented $1.8bn of the group’s revenue for Q2 2025. 

The group’s operating profit managed to increase by approximately $20m, reported to be $389m for the second quarter of 2025. Gross profit was reported to be just under $2bn for Q2 2025 after Flutter reported a gross profit of nearly $1.8bn for the second quarter of 2024. 

On July 10, Flutter agreed to pay Boyd Gaming approximately $1.8bn ($1.755bn) to secure a 100% ownership stake in FanDuel at an implied valuation of $31bn, as well as extend its strategic partnership with Boyd to 2038.

Flutter is also set to receive “significantly reduced” market access costs in states where Boyd Gaming provides entry for FanDuel, expected to save the company approximately $65m in annual savings beginning July 1, 2025. 

Predicting the future…

During its Q1 2025 Earnings Conference Call, Flutter CEO Peter Jackson also mentioned the operator was looking at futures markets and monitoring the vertical’s development, a move that could have seen Flutter’s potential entry into the US predictions market. 

Appearing in front of the Nevada Gaming Control Board (NGCB) on August 6, Flutter General Counsel Erica Okerberg stated there was no agreement with the prediction markets platform, however, but the operator still continues to monitor litigation and regulatory matters regarding events contracts. 

Good to know: DraftKings reported its Q2 2025 report on August 6, while Penn Entertainment released the financial results behind its Q2 2025 performance just hours prior to Flutter 

“The event contracts landscape continues to develop at pace. We have two decades’ experience of operating the world’s largest betting exchange, the Betfair Exchange, which shares similar characteristics with event contracts, and this will help inform our views. We are closely monitoring regulatory developments, and are assessing the opportunities and potential participation strategies this may present for FanDuel,” Jackson said as part of the Q2 2025 report. 

Flutter has also witnessed exponential rises in net revenue from its US operations in recent years, having reported a total of $2.9bn for H1 2024 for the prior year period. The most considerable rise generated by the operator was between H1 2023 and H1 2024, when Flutter reported a revenue increase of 70.2% year-over-year for a total of $2.4bn throughout the period. 

Following its Q1 2025 report in May 2025, Flutter projected a US revenue of between $7.15bn and $7.65bn, as well as an adjusted EBITDA guidance of $1.01bn–$1.25bn for full year (FY) 2025. For the group’s total revenue throughout FY2025, Flutter estimated falling between $16.63bn and $17.53bn, while adjusted EBITDA was projected to generate $2.96bn–$3.4bn following the operator’s Q1 2025 report. 

In terms of the performance for Flutter’s competition to FanDuel across the US, DraftKings generated a quarterly record of just over $1.5bn in revenue as well as a new high in net income with a total of $157.9m for Q2 2025, while the operator’s adjusted EBITDA was also the highest recorded for any quarter, reaching $300.6m for an increase of 134.9% year-over-year. 

BetMGM reported a revenue total of $690m for the second quarter of 2025, as Penn Entertainment’s Interactive division and Caesars Digital produced $320m and $280m, respectively, throughout the period.

Kirk Geller

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