Driven by impressive growth across most of its verticals in Q1, which saw an eight percent year-on-year rise in revenue to US$3.67 billion (£2.76bn), Flutter Entertainment has further entrenched its position as the Big Boss of world iGaming.
The Irish-origin, now New York-headquartered online gaming playmakers posted net income of US$335 million (£252.29m) for the quarter, ending March 31 — compared to a nominal net loss of US$177 million (£133.3m) in Q1 2024.
Adjusted EBITDA rose 20 percent to US$616 million (£463.88m), with the margin improving to 16.8 percent from 15.1 percent, year-over-year.
Earnings-per-share (EPS) increased to US$1.57 from a loss of US$1.10, while Adjusted EPS grew 51 percent, y-o-y, to US$1.59.
Leverage
Led by sportsbook growth of 15 percent, and a 32 percent increase in iGaming revenue, Flutter saw overall revenue rise by 18 percent to US$1.67 billion (£1.25bn) in the quarter.
The iGaming division reported Adjusted EBITDA of US$161 million (£121.27m), a five-fold increase compared to Q1 2024, as operating leverage improved.
Flutter’s international operations delivered relatively flat revenue of US$1.99 billion (£1.49bn), with growth in Southern Europe, Africa, Central and Eastern Europe, and the UK and Ireland offsetting declines in the Asia-Pacific region.
Within the UK and Ireland, where Flutter leads with brands such as Paddy Power, Betfair and PartyPoker, iGaming revenue grew nine percent, supported by new premium content; although international Adjusted EBITDA was down slightly to US$518 million (£390.19m), mainly due to higher taxes in the CEE gamesphere.
Latin Beat
Propelled by these fiscal positives, Flutter updated its full-year 2025 guidance — also reflecting the major recent acquisitions of Italian omnichannel Snai and a controlling 51 percent US$350 million (£263.76m) stake in Brazil’s NSX Group.
Flutter’s Group Revenue is now projected to reach US$17.08 billion (£12.87bn) in 2025, with Adjusted EBITDA expected to be US$3.18 billion (£2.39bn), representing growth of 22 percent and 35 percent, respectively.
The Snai transaction closed on April 30, while NSX is expected to complete later this month.
Flutter continues to scale-up its reach and technology capabilities across core markets.
Commented CEO Peter Jackson: “I am pleased with the performance of the business during the first quarter, with the scaling of our U.S. business driving a step change in the earnings profile of the Group.
“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.
“We are delivering against our strategic priorities, with clear optionality as an ‘and’ business that can create significant value through a combination of organic growth, accretive M&A, and returns to shareholders.
“The global regulated market opportunity is significant, and Flutter remains uniquely positioned to win.”
