Flutter's US business generated nearly $1.7 billion in revenue in the first quarter of 2025, an 18% increase compared to the same period last year.
According to reports, FanDuel's sports betting performance drove this growth, with revenue increasing by 15% and betting volume up by 8%, reaching $14.6 billion. The operator now holds a 43% share of the total gaming revenue in the US online sports betting market.
US iGaming is another area that performed well, with its revenue up 32% from the first quarter of 2024, reaching $472 million. The average monthly number of players in US iGaming and iGaming both increased by 11%, reaching 4.3 million people.
Despite the company stating that the results of March Madness were "unfavorable," the net revenue profit margin for sports betting still reached 7.8%.
US adjusted EBITDA reached $161 million, more than five times the growth from the first quarter of 2024, with the group's adjusted EBITDA increasing by 20% to $616 million.
Group profitability improved, net income significantly rebounded
Group net income for the first quarter of 2025 was $335 million, a significant improvement from a loss of $177 million in the first quarter of 2024. This improvement was due to operational efficiency and revenue scale, especially in North America.
Flutter also reported that its global monthly active users increased by 8%, with the customer base reaching nearly 14.9 million this quarter.
Despite significant market pressures, international business remains stable
International revenue was slightly below $2 billion, growing by 1%. However, the sector's adjusted EBITDA declined by 1% to $518 million. Sports betting revenue decreased by 2% to $880 million, while iGaming revenue grew slightly by 4% to $1.1 billion.
In regional performance, revenue in the UK and Ireland reached $882 million, growing by 2%. Southern Europe and Africa's revenue reached $448 million, growing by 14%. Central and Eastern Europe's revenue reached $140 million, growing by 15%.
By contrast, revenue in the Asia-Pacific region fell by 13% to $313 million, Brazil decreased by 44% to $9 million, and other regions decreased by 12% to $207 million, reflecting an uneven recovery in Flutter's global business.
2025 US business outlook revised upwards
Following the first quarter financial update, Flutter has revised its full-year revenue forecast for the US business to between $7.2 billion and $7.65 billion. At the midpoint, this represents a growth of 28%. The current forecast for US business adjusted EBITDA is between $1.01 billion and $1.25 billion, representing a growth of 123% at the midpoint.
Group CEO Peter Jackson stated: "FanDuel continues to succeed in the US, and at the same time, our global scale and technological advantages are being strengthened through acquisitions such as Italy's Snai."
Continuing the strong momentum from the 2024 fiscal year
Flutter's performance in the first quarter of 2025 continued the strong performance of the full year 2024. In 2024, the company's revenue was $14.05 billion, net profit was $162 million, an increase of 113% from the previous year. Adjusted EBITDA grew by 26%, reaching nearly $2.4 billion.
The acquisition of MaxBet and significant growth achieved in the UK and Italy drove the growth of international business. Flutter is also considering bidding for the Italian national lottery license and expects to make a decision soon.
The operator stated that it still expects to achieve its 2025 targets for the US and areas outside the US, with adjusted EBITDA expected to total between $2.75 billion and $3.2 billion.
