Flutter Reports $3.7 Billion in Q1 2025 Revenue Driven by US Growth
Flutter reported a total revenue of $3.7 billion for the first quarter of 2025, marking an 8% increase compared to the same period last year. A significant portion of this revenue—over $1.1 billion—came from its US sportsbook operations. The company’s US sportsbook revenue grew by 15% year-over-year, while its US iGaming revenue experienced an even larger increase of 32%, reaching $472 million.
FanDuel, a key brand within Flutter, saw its sportsbook revenue rise by 15% from the previous year, contributing to Flutter’s overall US performance. FanDuel also saw its US iGaming revenue grow by 32%, and the platform’s total handle for Q1 2025 was reported at $14.6 million, representing an 8% year-over-year increase. Despite lower than expected basketball handle, the growth on other sports helped offset this, and FanDuel’s market share in gross gaming revenue (GGR) stands at 43%. Additionally, FanDuel increased its average monthly players by 11%, reaching over 4.3 million bettors, while Flutter’s US sportsbook net revenue margin was reported at 7.8% during the period.
The US operations generated nearly $1.7 billion in revenue during Q1 2025, an 18% increase compared to the previous year. This growth occurred despite what Flutter described as “adverse” March Madness results. The adjusted EBITDA for US operations surged by 519%, reaching $161 million for the quarter.
Globally, Flutter’s international revenue grew modestly by 1% year-over-year, totaling just under $2 billion. However, its adjusted EBITDA in this segment slightly declined by 1%, totaling $518 million. The international revenue was predominantly driven by the UK and Ireland, which reported $882 million—up 2% from the prior year. Other regions experienced mixed results: Asia Pacific, Brazil, and other markets saw declines of 13%, 44%, and 12%, respectively, with revenues of $313 million, $9 million, and $207 million. Conversely, Southern Europe and Africa, along with Central and Eastern Europe, reported increases of 14% and 15%, reaching $448 million and $140 million, respectively.
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Looking ahead, Flutter has adjusted its full-year 2025 revenue guidance. The company now expects US operations to generate between $7.2 billion and $7.65 billion. Its projected adjusted EBITDA for the US is between $1.01 billion and $1.25 billion. If these estimates meet the midpoint, they would represent annual increases of approximately 28% in revenue and 123% in EBITDA compared to 2024 figures.
In terms of overall financial health, Flutter posted a net income of $335 million for Q1 2025, a significant turnaround from a net loss of $177 million reported in the same quarter last year. Its adjusted EBITDA increased by 20% year-over-year to $616 million, and the company’s user base grew by 8%, reaching nearly 14.9 million users at the end of the quarter.
