Leadership of Flutter Entertainment cites that the LSE/NYSE gambling group can pre-empt an H2 of significant headwinds of tax changes, US sports swings and heightened costs to maintain its growth status.
For the remainder of 2025 trading, Flutter has chosen to elevate its corporate targets to a mid-point range of +$17bn revenues and EBITDA of $3.3bn, despite US impairments continuing to impact net income results.
Confidence is detailed to investors as Flutter believes that structural changes undertaken in 2024 will help the group outride significant headwinds, as competitors are forced to adjust to new dynamics. Growth will continue to be underpinned by FanDuel “US dominance” combined with expected leadership positions in Italy and Brazil.
Peter Jackson noted: “We are delivering excellent underlying performance… as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A.”
Flutter looks to Italy and Brazil as UK catches cold
Audited into four key regions (non-US), Flutter Entertainment’s International unit posted Q2 revenues of $2.4bn, up 15% year-on-year, with Adjusted EBITDA of $591m.
Growth was bolstered by the first full-quarter inclusion of Snai in Italy and NSX in Brazil, both acquired earlier this year as part of Flutter’s drive to dominate regulated markets.
Italy, now Flutter’s largest European foothold, delivered Q2 revenues of $657m, with Snai accounting for the lion’s share. EBITDA margins in Southern Europe and Africa (SEA) hovered around 29%, as integration synergies began to flow and Sisal’s online business registered 36% growth. The group now claims 30.2% of Italy’s online market, ahead of rivals.
Meanwhile in Brazil, Flutter’s NSX acquisition was folded into the newly branded Flutter Brazil, which posted revenues of $185m and EBITDA of $51m. Management acknowledged headwinds from re-registration requirements and sports outcomes but remains bullish, citing an 86% jump in average monthly players and quick wins in product and marketing.
In the UK, Flutter’s performance was more mixed. While iGaming revenues rose by 17%, sportsbook figures declined, reflecting tough Euro 2024 comparatives and new stake limits under the Gambling Act Review. UK&I revenues stood at $936m, with a robust EBITDA contribution of $273m.
Flutter CEO, Peter Jackson commented: “Our International business delivered strong momentum in Q2, supported by the successful integration of Snai in Italy and NSX in Brazil. These acquisitions have given us scale positions in two of the most attractive regulated markets globally.
“Coupled with excellent iGaming growth across core regions, we’re confident in our ability to drive further value through operational synergies and our proprietary technology.”
FanDuel: Pre-empting US swings
Spearheaded by market-leader FanDuel, Flutter’s US arm continued to outpace expectations as the group capitalised on structural advantages in sportsbook and rapid-fire growth in iGaming.
US revenues climbed 17% to $1.79bn, with Adjusted EBITDA up 54% to $400m, buoyed by favourable sporting outcomes and a standout performance in online casino. FanDuel extended its dominance, claiming a 41% share of US sportsbook GGR and a record 27% in iGaming.
Moving into H2, FanDuel enters a period of heightened scrutiny as regulatory pressures mount in several key states. Flutter has signalled a firm focus on cost discipline and operational efficiency, renegotiating major contracts — including its market access deal with Boyd Gaming — and introducing structural pricing responses, such as a $0.50 transaction fee in Illinois, to pre-empt higher tax burdens.
Group scale to overcome global challenges
Leadership acknowledges that Flutter is heading into a critical H2 of headwinds that will test margin pressures. Yet confidence is displayed to markets as Flutter upgrades its full-year guidance, now expecting revenues of $17.26bn and Adjusted EBITDA of $3.3bn, representing 23% and 40% growth respectively.
The targets are elevated on FanDuel increasing its US dominance against competitors facing changing regulatory winds.
In addition, cost controls are being bolstered for the International unit, which begins a phase of Flutter Edge technology integrations to secure a target of $300m in savings by 2027.
“Our strong first-half performance highlights the resilience and diversification of the group,” added Jackson. “We remain focused on executing our strategy and delivering long-term, sustainable growth across our global portfolio.”
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