Flutter Entertainment has announced a 16% year-on-year increase in revenue to $4.19 billion for Q2 of 2025, largely driven by the exceptional performance of its US flagship brand, FanDuel.
However, the global gaming giant saw its net income fall significantly by 88% to $37 million.
Despite the drop in net income, the company’s focus on profitability yielded positive results in other areas, with adjusted EBITDA growing by 25% to $919 million, reflecting a healthy margin of 21.9%.
The US market was the clear highlight of the quarter. FanDuel generated $1.8 billion in total revenue, with its sportsbook revenue growing 11% to $1.2 billion and its iGaming revenue soaring by an impressive 42% to $507 million.
Internationally, the results were more varied, with the UK and Ireland market seeing revenue rise just 1%, while Southern Europe and Africa posted strong 68% growth.
CEO Peter Jackson praised the company’s execution on key strategic initiatives.
I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A.
He added:
Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations. Such varied achievements in one quarter are a great reflection of our teams’ focus and ability to execute effectively, leaving us well positioned for the second half of the year.
In his letter to shareholders, Jackson also addressed the developing “event contracts” landscape, stating:
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.
Regarding market share, Jackson confirmed that FanDuel “maintained our number one sportsbook position while extending our number one position in iGaming, closing the quarter with sportsbook GGR market share of 41%, a 44% NGR market share and a record 27% iGaming GGR market share.”
In light of the strong Q2 by Flutter Entertainment, the company has since updated its full-year guidance for its US operations, increasing its revenue forecast to $7.58 billion and adjusted EBITDA to $1.26 billion, signaling strong confidence in its continued dominance of the American market.
