Flutter Entertainment grew revenue by 16 per cent to $4,187 million in the second quarter of 2025, with strong growth in the United States and International markets.
The second quarter revenue total includes $2,260 million (+8 per cent) in sportsbook revenue and $1,775 million (+31 per cent) in iGaming revenue, with other revenue adding a further $152 million (-6 per cent).
Flutter’s Average Monthly Players (AMPs) increased by 11 per cent year-on-year to 15,978,000.
The United States accounted for 42 per cent of total revenue in the second quarter at $1,791 million, a rise of 17 per cent versus Q2 2024, comprised of sportsbook revenue of $1,219 million (+11 per cent) and iGaming revenue of $507 million (+47 per cent), alongside other revenue of $65 million (-8 per cent).
In the International segment, second quarter revenue was up 15 per cent at $2,396 million, driven by a 27 per cent increase in iGaming revenue to $1,268 and a 4 per cent increase in sportsbook revenue to $ 1,041 million. Other revenue added a further 87 million, down 3 per cent year-on-year.
In the United States, sportsbook revenue growth was driven by an increase in player frequency together with improved structural revenue margin as handle grew by 7 per cent, with live betting accounting for more than 50 per cent of handle during the quarter. The net revenue margin increased by 40 basis points year-on-year to 10.4 per cent.
US iGaming revenue growth was underpinned by AMP growth of 32 per cent and an increase in player frequency year-on-year.
Adjusted EBITDA for the US segment was $400 million, up from $260 million in Q2 2024, with an adjusted EBITDA margin of 22.3 per cent.
The International segment benefited from currency exchange rates to post revenue growth of 15 per cent, which falls to 12 per cent on a constant currency basis, with the Snai and NSX acquisitions contributing 11 percentage points of the year-on-year revenue growth.
International AMPs were up 15 per cent versus the same period last year.
Within the International segment, United Kingdom and Ireland revenue was up 1 per cent to $936 million, as sportsbook revenue fell 12 per cent on a 3 per cent fall in handle. This was offset by iGaming revenue growth of 17 per cent.
Southern Europe and Africa added revenue of $657 million (+68 per cent), driven by the inclusion of Snai following its acquisition in April, with sportsbook revenue growth of 64 per cent and iGaming revenue growth of 70 per cent.
Flutter said that growth in Turkey was also strong during the period, with revenue growing 87 per cent versus a year earlier.
The Asia Pacific region had revenue of $402 million (+4 per cent) and benefited from Australian sportsbook revenue growth of 3 per cent, despite a 6 per cent drop in handle. This was more than offset by the benefits of optimised generosity and favourable sports results.
The APAC region also saw iGaming growth in India of 24 per cent, which was driven by 15 per cent growth in AMPs and improved monetisation through pricing and generosity optimisations.
The Central and Eastern Europe region had revenue growth of 8 per cent to $138 million in the second quarter, with iGaming revenue up 13 per cent, which the company attributed to iGaming revenue growth of 26 per cent in Georgia. This offset a sportsbook revenue reduction of 15 per cent, primarily attributable to the impact of the Euros football tournament in the prior year period.
In Brazil, Flutter grew revenue by 144 per cent to $44 million, with the rate of growth rising to 175 per cent on a constant currency basis. This reflects the acquisition of NSX (Betnacional) in May, which contributed 185 percentage points of growth.
The contribution from NSX offset a fall at Betfair Brazil, where revenue was impacted by adverse sports results in the quarter, as well as the continuing impact of “customer re-registration friction” post regulation.
Flutter said that Other regions revenue was 7 per cent lower at $219 million due to the impact of smaller market exits and regulatory change.
Total cost of sales increased by 21.4 per cent to $2,228 million in the second quarter and operating expenses were 11.6 per cent higher at $1,570 million, resulting in operating profit growth of 5.4 per cent to $389 million.
The company recorded a non-cash loss in the fair value of its Fox Option liability of $81 million, and a non-cash charge for the amortization of acquired intangibles of $209 million related to the Snai and NSX acquisitions and the cost transformation programs in PokerStars and Sky Bet.
Flutter also recorded an income tax charge of $168 million (Q2 2024: $53 million), with the year-on-year increase primarily driven by the utilisation of historic US deferred tax assets in the prior year period and an income tax expense related to the Betfair Brazil business in Q2 2025.
Restructuring, integration and transaction costs amounted to $89m and interest expense was almost 2 per cent higher at $110 million, pushing net income for the second quarter of 2025 to $37 million, down 88 per cent from $297 million last year.
Group Adjusted EBITDA was up 25 per cent year-on-year to $919 million.
Q2 2025 results comparison (US$’millions)
| Q2 2025 | Q2 2024 | |
| Revenue | 4,187 | 3,611 |
| Cost of sales | (2,228) | (1,835) |
| Gross profit | 1,959 | 1,776 |
| Technology, research & development expenses | (256) | (216) |
| Sales & marketing expenses | (789) | (746) |
| General & administrative expenses | (525) | (445) |
| Operating profit | 389 | 369 |
| Other (expense) income, net | (74) | 89 |
| Interest expense, net | (110) | (108) |
| Income before income taxes | 205 | 350 |
| Income tax expense | (168) | (53) |
| Net income | 37 | 297 |
| Earnings per share | ||
| Basic | $0.59 | $1.47 |
| Diluted | $0.59 | $1.45 |
Flutter chief executive Peter Jackson said: “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 per cent year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A.
“Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100 per cent. 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.”
Flutter will introduce a $0.50 fee in September on each bet placed in Illinois to help mitigate the cost of the state’s new online sports betting privilege tax, with Jackson noting that several state legislative sessions recently ended with planned tax increases. He added that the sector is making meaningful progress in encouraging lawmakers to adopt a balanced approach.
Jackson added that the group is closely monitoring regulatory developments in the event contracts space and assessing the opportunities and potential participation strategies that exist for FanDuel.
“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,” Jackson explained.
During the quarter, Flutter completed the migration of nine million Sky Bet customers onto it shared UK and Ireland platform, with the company making “very good progress” against its $300 million operational cost saving program.
“The PokerStars transformation is another significant part of the program, and we delivered our largest milestone to date in July, when PokerStars customers in Italy were migrated onto the shared Southern Europe and Africa platform,” said Jackson. “The majority of the PokerStars transformation savings will be recognised towards the end of the three year program in 2027, following the final planned migration off the PokerStars technology stack in the second half of 2026.
“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.”
Flutter is increasing 2025 full year guidance to adjust for the impact of US sports results, the impact of US tax changes, renegotiated US market access savings, and the impact of new state timings.
Group revenue is now expected to be $17,260 million, up from previous guidance of $17,080 million, with full year adjusted EBITDA guidance rising to $3,295 million from $3,180 million.
Shares in Flutter Entertainment plc. (NYSE:FLUT) closed 0.29 per cent lower at $306.07 per share in New York Thursday, prior to the results announcement, and were up 0.23 per cent in pre-market trading at $306.76 per share.