Flutter Reports Robust Q2 Growth Across Multiple Markets

Flutter Records Significant Growth in Q2

Flutter Entertainment, a global leader in online gaming and sports betting, has released its financial results for the second quarter, revealing impressive double-digit growth in both revenue and EBITDA. These results underscore the company’s solid standing in the US market and beyond, leading to an optimistic revision of its outlook for the full year.

Revenue and EBITDA Surge in Q2 2025

During the second quarter of 2025, Flutter saw its revenue rise to approximately $4.2 billion, marking a 16% increase compared to the previous year. Adjusted EBITDA climbed by 25%, reaching $919 million, with a margin of 21.9%. This growth was largely driven by continued expansion within the US market.

Despite the strong operating performance, net income fell sharply by 88%, dropping from $297 million to $37 million. This decline was primarily due to a non-cash charge linked to the Fox Option valuation, higher amortization costs related to acquisitions, and increased tax expenses.

Earnings per share also declined from $1.45 to $0.59; however, adjusted earnings per share showed a robust increase of 45%, rising to $2.95.

Other notable financial metrics included a rise in net cash from operating activities to $359 million (an 11% increase year-on-year), while free cash flow decreased by 9% to $156 million. The dip in free cash flow was attributed to capital investments related to the Snai acquisition and broader technology enhancements across the company.

Player engagement remained strong, with an average of nearly 16 million monthly active players during the quarter, representing an 11% year-over-year increase.

Strong Performance Across Key Markets

FanDuel continued to strengthen its leadership in the US, contributing to an adjusted EBITDA of $400 million from US operations alone. This success was supported by favorable sports outcomes and improved operating efficiency.

Globally, acquisitions such as Snai and NSX bolstered Flutter’s EBITDA and iGaming segment, with continued success in the UK, UKI, SEA, and APAC regions. However, sports betting faced tougher comparisons against last year’s European Football Championship results.

These positive results prompted Flutter to update its full-year 2025 forecast, projecting revenues of $17.3 billion and adjusted EBITDA of $3.3 billion, which correspond to growth rates of 23% and 40% respectively.

CEO Expresses Optimism Over Strategy and Growth

Flutter’s CEO, Peter Jackson, expressed satisfaction with the company’s Q2 results and strategic progress. He highlighted Flutter’s strengthened presence in Brazil and emerging leadership position in Italy as evidence of the team’s effective execution.

Jackson acknowledged the challenges posed by tax increases in several US states but commended the industry’s efforts to encourage balanced legislative approaches. He also emphasized the company’s commitment to sustainable growth and its strong focus on responsible gambling practices.

Looking forward, Jackson conveyed confidence in Flutter’s ability to maintain momentum through the rest of the year.

“Looking ahead to the remainder of the year, our strong performance in the first half of 2025 underlines the strength of Flutter’s fundamentals. I feel confident as I consider our positioning heading into the second half of 2025.”

Peter Jackson, CEO, Flutter Entertainment

Jackson concluded by affirming that the strong Q2 performance positions Flutter well to achieve its strategic goals in the second half of the year.