Flutter Q2 revenue up 16%, income hit by acquisition costs and Fox option devaluing

Summary

Flutter reported group revenue up 16% to $4.19 billion in Q2 2025, driven mainly by strong iGaming performance in the US. FanDuel accounted for 43% of group revenue, closing the quarter with $1.8 billion — sportsbook at $1.2 billion and US iGaming up 42% to $507 million. The group nudged up full-year revenue guidance to $17.26 billion and raised adjusted EBITDA guidance to $3.3 billion.

Despite top-line growth, net income plunged 88% to $37 million after several non-cash and one-off charges: an $81m non-cash loss on Fox’s option liability (versus a $91m gain a year earlier), purchase of Boyd Gaming’s remaining 5% FanDuel stake, $89m of restructuring/integration/transaction costs and a $209m charge linked to Snaitech and NSX acquisitions.

Context and relevance

FanDuel remains Flutter’s backbone in the US, but US growth (17% in Q2) lagged peers DraftKings and BetMGM, which grew at ~37% and 36% respectively. Regulatory tax moves (eg Illinois per-wager surcharge) will shave about $40m of EBITDA in 2025 across New Jersey, Illinois and Louisiana. Internationally, revenue rose 15% to $2.4bn, helped by Southern Europe and acquisitions (Snai and NSX). Brazil showed the biggest percentage jump (+175%) following the NSX deal and consolidation into Flutter Brazil.

Key Points

• Group revenue rose 16% to $4.19bn; FanDuel contributed $1.8bn (43% of group).
• US iGaming surged 42% to $507m; sportsbook revenue was $1.2bn.
• Net income fell 88% to $37m due to non-cash Fox option loss, Boyd buyout costs and acquisition-related charges.
• Full-year revenue guidance increased to $17.26bn; adjusted EBITDA guidance raised to $3.3bn.
• US growth (17%) lags DraftKings and BetMGM; FanDuel holds ~41% sportsbook GGR market share and ~27% iGaming share.
• Tax and regulatory changes (eg Illinois surcharge) will cost Flutter about $40m EBITDA in 2025.
• International revenue +15% to $2.4bn; Southern Europe and Italy performed strongly, aided by Snai and NSX acquisitions.
• Brazil is a strategic focus after NSX acquisition and Betfair Brazil combination; LatAm expansion remains on the radar.

Why should I read this?

Because if you follow iGaming, investors or regulation, this one’s important: Flutter is still growing fast at the top line, especially in US iGaming, but earnings are being dented by big one-off costs and tax headwinds. The upgrades to guidance show management confidence, while acquisitions — notably in Brazil and Southern Europe — map out where growth will come from next. Short version: good momentum, muddied near-term profits, but strategic moves that matter.