Flutter Entertainment has reported a year-over-year 88% decrease in net income during the second quarter of this year, posting $37 million against the $297 million achieved in 2024.
It has however been a period of building for the future with some big strategic moves and this was reflected in robust operational figures contained in Flutter’s Q2 2025 earnings release.
Total revenue for the quarter hit $4.19 billion, a 16% rise over the same period last year, with a sizeable contribution from FanDuel, its sportsbook, iGaming and online casino operator.
FanDuel generated $1.8 billion in total revenue for Q2, a 17% rise year-over-year.
That was particularly noteworthy as just last week Flutter completed a 100% takeover of FanDuel in a $1.76 billion deal, which saw the company acquire Boyd Gaming’s remaining 5% stake.
It also made significant strides in Brazil with NSX and became the largest operator in Italy through the acquisition of Snai.
FanDuel Driving Revenue
The $1.8 billion revenue contribution from FanDuel was delivered by its sports betting, fantasy sports, horse racing and online casino services.
FanDuel sportsbook revenue amounted to $1.2 billion for the second quarter, showing an 11% year-over-year rise.
It’s iGaming revenue returned a healthy $507 million, a 42% hike over the same period in 2024.
That’s an impressive reach bearing in mind only seven US states presently allow online casino services, leading many bettors to seek offshore online casino operators.
US sportsbook handle for Flutter landed at just below $11.7bn, a 7% increase, and adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the region reached $400m, delivering growth of 54% over 2024.
International revenue accounted for $2.4bn of Flutter’s total revenue for Q2 2025, an increase of 15%.
Sportsbook revenue from Flutter’s international operations tipped just over $1 billion, a 4% rise on Q2 2024, while iGaming delivered a 27% increase with around $1.3 billion.
Looking at the overall figures for its global operations, sportsbook revenue showed an 8% rise, achieving $2.3 billion for the quarter, with iGaming producing $1.8 billion.
Adjusted EBITDA witnessed 25% growth, up to $919 million with a margin of 21.9%.
Flutter Reaction To Q2 2025 Report
Peter Jackson, Flutter CEO, 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% 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%.
“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.”
In a letter to shareholders, Jackson addressed the fall in net income.
“Net income, which reduced by 88%, was impacted by increased non-cash charges year-over-year,” he wrote.
“These included an increase in amortization of acquired intangibles, an increase in income tax expense, and a large swing in the Fox option charge driven by an increase in FanDuel’s valuation.”
Jim Munro is a betting industry and gambling expert who has been a national newspaper journalist for over 30 years, predominantly at The Sunday Times and The Sun, where he wrote a weekly soccer betting column. Jim also worked on the launch of Virgin Bet with Gamesys and was subsequently head of editorial at LiveScore, the sports media and betting group.
