Flutter Reports Q1 Earnings with Strong FanDuel Growth in the US

FanDuel’s parent company, Flutter Entertainment, was out with earnings today, and for the first time, they clearly broke out FanDuel’s contribution to their Q1 results. Revenue for the quarter was $1.6 billion, up 18% YOY. EBITDA, meanwhile, grew from $26 million to $161 million.

iGaming was up 32% in the five US states that the company operates in. The company currently has a dominant market share of 48% of US sports betting and 32% in the online casino market. They’ve recently entered new sports betting markets in North Carolina and Vermont.

The company's overall revenue for the quarter was $3.6 billion for the first three months of the year, an improvement of only 8%, but EBITDA was up 20% to $616 million. The company has grown to almost 15 million monthly users and had a net income of $335 million, which was a whopping 289% jump from Q1 2024.

“FanDuel continues to win in the US, retaining leadership positions in both online sports betting and iGaming, while we saw a positive performance within International, where our scale and the competitive advantages of our Flutter Edge have been enhanced by the acquisition of Snai in Italy.” said Flutter CEO Peter Jackson.

While the numbers were good, they missed analyst expectations, especially on earnings per share, which had been estimated at $2.05 but came in at $1.59, sending the stock down more than 1% for the day. Some of this was caused by player-favorable outcomes in both the NFL and the NCAA Men’s Basketball Tournament in January, February, and March. The company is still issuing full-year guidance at roughly $17 billion in revenue and $3.2 billion in EBITDA.

While the company saw stellar growth with FanDuel in the US market, its UK business was basically flat with a marginal 2% revenue bump. iGaming was a bit of a bright side here, growing 9% with the addition of some custom games, but sports betting revenue fell 2%.

Revenue in Turkey, on the other hand, grew by 57%, and India saw 45% growth. However, sports betting revenue in Australia declined 18%, and Brazil fell off a proverbial cliff, with revenue down 44% YOY for the quarter. 

The company bought back about $230 million in shares in the quarter and has allocated about 1 billion for buybacks for all of 2025. New rollouts will take place this year in Missouri and Alberta, which the company believes offer growth potential going forward.  

Despite strong US momentum, particularly in iGaming, where the company had its first quarter with 1 million active monthly users, and FanDuel’s growing dominance in sports betting markets in state after state, approaching half of US market share, Flutter continues to wrestle with less favorable sports betting outcomes in the US as well as slowing growth in maturing international markets like the UK, Australia, and parts of Europe.  

Still, with EBITDA jumping 20% on modest revenue growth and an overall user base nearing 15 million, the company seems positioned for continued growth. Whether it can convert that growth into consistent profitability across regions remains the bigger question heading into the second half of the year, though continued double-digit growth in the US should continue to offset that to some extent.