Like many a valiant merchant prince before him, out to make a fortune from the fabulous East, Flutter Entertainment’s CEO Peter Jackson has tripped over his own ambition in FY25.
The US$556 million loss (-£412.53m)–call it “a non-cash impairment charge” if it makes you feel any better–incurred by the closure of Flutter’s India Junglee Games in August has come back to trash the company’s latest fiscals – and triggered a 12+ percent slide in the gambling giant’s secondary, London, listing.
New York, at time of this writing, has yet to show.
Lost in the Junglee, and the looming threat of prediction markets–despite Flutter joining the party, belatedly, with FanDuel Predicts on December 22–, is not looking good for hitherto Midas-touch Jackson, who until this present juncture has led the world’s biggest–and arguably best–iGaming enterprise.
India Hit
The half-a-billion-dollars India hit is directly responsible for Flutter Entertainment’s net loss of US$407 million (-£302.02m) for FY25, compared to net income of US$162 million (£120.21m) in 2024.
Net income for Q4 was US$10 million (£7.42m), down from US$156 million (£115.77m) in 2024 – Flutter’s worst quarterly performance for many a year.
Adjusted earnings-per-share declined 41 percent to US$1.74 in Q4, while full-year adjusted earnings-per-share increased nine percent to US$7.94.
Reported revenue for Q4 was US$4.74 billion (£3.51bn) up 25 percent, year-on-year, and US$16.38 billion (£12.15bn) for the full year, an increase of 17 percent.
Average monthly players reached 15.1 million in Q4, up three percent, y-o-y; while full-year average monthly players increased 14 percent to 15.9 million.
Adjusted EBITDA for the quarter rose 27 percent to US$832 million (£617.41m). FY adjusted EBITDA grew 21 percent to US$2.85 billion (£2.11bn).
FY26 Guidance
For the moment the U.S. and their premium FanDuel brand continues to be a success for Flutter, with revenue growing by a third in Q4 — sportsbook up 35 percent and iGaming up 33 percent.
Adjusted EBITDA in the U.S. increased 90 percent, y-o-y, to US$310 million (£230.04m).
International revenue, meantime, rose 19 percent in Q4, with sportsbook up six percent and iGaming up 31 percent. Adjusted EBITDA for the International segment increased six percent to US$588 million (£436.5m).
During the year Flutter returned US$1 billion (£740m) capital to shareholders.
Looking ahead, Flutter introduced FY26 Guidance of US$18.4 billion (£13.66bn) in group revenue and adjusted EBITDA of US$2.97 billion (£2.2bn) at midpoint, representing projected year-on-year growth of 12 percent and four percent, respectively.
FanDuel Predicts
The outlook incorporates investment in prediction markets, continued expansion in Brazil, the impact of UK tax changes and the ongoing negative of that exit from India.
“Flutter delivered strong 2025 results,” asserted CEO Jackson.
“We made clear progress against our strategic priorities; maintaining our U.S. leadership position in both sportsbook and iGaming; entering an exciting and incremental new category in the U.S. with the launch of FanDuel Predicts; completing our strategic acquisitions of Snai and NSX; and delivering several important milestones across our International segment’s transformation programs.
“We have a clear plan to navigate recent U.S. trends, and we continue to see a significant runway for growth in a dynamic market as we increasingly convert our scale, technology and customer proposition into sustained profitability.
“With a pivotal calendar of global sporting and iGaming moments ahead, including the World Cup, we are focused on capturing the full breadth of these opportunities in 2026 and beyond.”
Stirring words indeed.
But is it enough to capture the confidence of those critical money markets?
Watch this space!
