Flutter CEO Peter Jackson reported that customer-friendly results in March Madness put a dent in the company’s earnings in the first quarter of the year. The gambling giant reported Q1 revenue of $3.67 billion, lower than Wall Street expectations of $3.84 billion.
This led to earnings of $283 million for the company in the first part of 2025, but Jackson stated that the NCAA results led to a $76 million hit for the company.
Even still, this year’s Q1 figures, published on Flutter’s site in a letter to shareholders, far exceeded last year’s Q1 loss of $177 million. The loss was down to accounting technicalities rather than a loss in revenue, with $172 million related to amortisation of intangibles and $182 million related to Fox Corporation’s option to buy a stake in FanDuel.
Jackson pleased with revenue rising
Revenue was up 16% to $3.4 billion in Q1 last year, and the $3.67 billion reported this year is a further 8% rise. Jackson commented that he was pleased with the results, particularly due to FanDuel’s success in the US sports betting market.
“I am pleased with the performance of the business during the first quarter, with the scaling of our US business driving a step change in the earnings profile of the Group.” Jackson stated.
“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.”
He went on to add, “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.”
The company posted revenue of $16 billion last year, a 19% increase from 2023, but based on Q1 results this year, the growth may be slower this year.
FanDuel cements place as market leader
FanDuel was the leading sportsbook in the US this quarter, with $1.67 billion in revenue generated. This marked a 19% increase from Q1 in 2024, and makes up 48% of the net revenue generated by licensed sportsbooks.
The Q1 result is a small increase on the $1.61 billion generated in the final quarter of 2024. The sportsbook is the most active of all US online sports betting apps, available in 26 states. As more states open up to sports betting, FanDuel will expect to have another successful year.
Due to Q1 figures being lower than expected for Flutter, the company lowered its full-year U.S. target. However, it raised its expectations for global performance based on currency adjustments and international acquisitions.
Adam is an experienced writer with years of experience in the gambling industry. He has worked as a content writer and editor for five years on sites such as Oddschecker, CoinTelegraph and Gambling Industry News, bringing excellent knowledge of the world of sports betting and online gambling. Adam focuses on emerging stories in the ever changing landscape of betting in the US. Read the latest on prediction markets, changing legislation, and sweepstakes.
