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Flutter Entertainment posted strong Q3 results, even though FanDuel recorded a revenue dip during the same period. Group revenue climbed 17% year over year, helped by growth in key international markets and steady gains in online gaming.
Good to Know
- FanDuel revenue dropped 5% while U.S. sector revenue still grew 9%
- Flutter generated $3.79 billion in Q3 and lifted Adjusted EBITDA
- Italy operator Snai and Brazil’s Betnacional played major roles in international growth
Flutter said high-value wins for customers and aggressive promotional tactics from rival sportsbooks affected FanDuel during the NFL season start. Despite that pressure, the parent company still posted $3.79 billion in revenue for the quarter ending Sept. 30.
International markets delivered a 21% revenue jump year over year in Q3. Snai and Betnacional played a central role in lifting that performance. Adjusted EBITDA across the group rose 10%.
Flutter reported a net loss of $789 million for the quarter, compared to $114 million in the same period last year. Regulatory shifts in India and a $205 million payment to Boyd Gaming for the full FanDuel acquisition accounted for much of the difference.
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FanDuel iGaming Delivers Big Results
FanDuel posted a 47% share of net gaming revenue in September. Average monthly players rose 5%, giving the brand stability even as sportsbook revenue slowed.
The standout metric came from iGaming. Revenue in that segment jumped 44% year over year, helping FanDuel secure a 27% market share and grow average monthly players by 30%.
Flutter CEO Peter Jackson said:
“Flutter delivered a solid third quarter, with continued momentum in both our U.S. and International businesses. We are the clear number one operator in the U.S., and we will continue to build on that position to drive future profitability.”
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Adjusted EBITDA in the U.S. sector fell 12% to $51 million. Group Adjusted EBITDA reached $478 million, a 6% increase. Average monthly players across all brands increased 9%.
Updated Guidance And New Product Investments
Flutter lowered its fiscal 2025 revenue outlook from $17.05 billion to $16.69 billion. Adjusted EBITDA expectations dropped by $380 million. The company cited Illinois tax adjustments, tribal regulatory changes, and investment in two major products, including FanDuel Predicts.
FanDuel Predicts will roll out in December for U.S. markets without legal mobile sports betting. Flutter said Q3 performance was not affected by prediction market activity, but the segment remains a strategic focus. DraftKings recently revealed its own trading-exchange initiative, raising competition in the space.
Confidence In Q4
FanDuel expects a strong finish to the year. The operator increased spending on player acquisition and retention after seeing double-digit handle growth early in the NBA season.
Flutter still projects a 19% revenue lift for full-year 2025 and a 24% increase in Adjusted EBITDA.
Peter Jackson added:
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“Our strategic investments, including the launch of FanDuel Predicts and recent International acquisitions, position us exceptionally well to capture new opportunities and deliver sustainable, profitable growth. Our diversified portfolio and disciplined approach give me great confidence in our ability to lead the industry and increase long-term value for shareholders.”
FAQ
Why did FanDuel revenue fall in Q3?
Customer-friendly outcomes and heavy competitor promotions during NFL season start reduced sportsbook margins.
How did Flutter still post growth?
International operators such as Snai and Betnacional drove strong results, and FanDuel iGaming revenue surged.
Why was group net loss higher?
Regulatory changes in India and the final FanDuel acquisition payment to Boyd Gaming increased expenses.
What role did iGaming play?
iGaming jumped 44% year over year, boosting FanDuel’s market share and player activity.
Is Flutter confident about Q4?
Yes. NBA handle growth, new product launches, and international acquisitions support the company’s outlook.
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