ADVERTISEMENT
Flutter Entertainment, the global online sports betting and iGaming giant, has reported a strong second quarter for 2025, with group revenue climbing 16 per cent year-on-year to $4.19 billion, powered by FanDuel’s continued dominance in the US market.
Last month, Flutter secured full ownership of FanDuel in $1.755 billion deal with Boyd Gaming. FanDuel remains the dominant player in the US online sports betting and iGaming market, commanding a 43 per cent market share in sports betting and 27 per cent in iGaming.
Flutter’s net income however, fell sharply by 88 per cent to $37 million, as the company grappled with expansion-related costs, including one-off expenses and increased taxes.
While adjusted EBITDA rose 25 per cent to $919 million, delivering a healthy 21.9 per cent margin, earnings per share dropped 59 per cent to $0.59, highlighting the financial trade-offs of Flutter’s aggressive global growth strategy.
FanDuel remained Flutter’s most valuable asset in Q2, generating $1.8 billion in US revenue, including:
• $1.2 billion from sportsbook, up 11 per cent year-on-year, and
• $507 million from iGaming, up a notable 42 per cent, despite only limited state-level legalisation
Flutter is also actively exploring entry into the predictions and event contracts market, with company CEO Peter Jackson Jackson citing the company’s 20-year experience operating the Betfair Exchange as a competitive advantage. However, he emphasised the need for regulatory clarity before committing to any specific path forward.
Meanwhile, rising gaming taxes in key US states, notably Illinois, have emerged as a headwind.
Flutter will introduce a $0.50 per bet fee in Illinois starting 1st September to mitigate the impact, though Mr Jackson warned of potential risks to casual players and the threat of black market activity.
