Flutter Reports FY2025 Net Loss Despite Strong US Revenue Growth

Flutter Entertainment reported higher revenue for FY2025, yet increased financing costs, amortisation tied to past acquisitions, and regulatory disruption weighed on final earnings.

Revenue for the 12 months ending 31 December 2025 reached 16.38 billion dollars, up 17 percent year on year. Growth came primarily from iGaming and sports betting, with digital casino activity delivering the fastest expansion across the portfolio.

Good to Know

• Group revenue rose 17 percent to 16.38 billion dollars in FY2025
• Average monthly players increased 14 percent to 15.9 million users
• FanDuel remained the largest contributor to total revenue

US Market Continues To Power Overall Performance

Operations in the United States generated 6.97 billion dollars in revenue, a 20 percent increase from FY2024. That total represented about 42 percent of group revenue, reinforcing the role of FanDuel as the main growth engine.

FanDuel held roughly 41 percent gross gaming revenue share in sports betting and 27 percent share in iGaming markets where it operates during FY2025. Leadership in scale and customer reach allowed Flutter to maintain momentum even while other regions faced headwinds.

Late 2025 also saw the launch of FanDuel Predicts through a partnership with CME Group. The product focuses on prediction style markets, targeting areas where traditional wagering regulation remains limited.

CEO Peter Jackson highlighted resilience during the earnings call:

“2025 was another transformative year for the company, marked by our strategic execution, continued market leadership and disciplined investment, delivering group revenue up 17% and adjusted EBITDA 21% higher. In the US, we maintained our leadership position in both online sports betting and iGaming.”

Across global operations, iGaming revenue climbed 27 percent year on year. Sports betting revenue increased 10 percent, reflecting steady demand but at a slower pace than digital casino products.

International revenue outside the United States rose 14 percent to 9.42 billion dollars. Central and Eastern Europe delivered 14 percent growth, while Brazil recorded a 229 percent jump following the launch of a regulated market at the start of 2025.

South-East Asia produced one of the strongest regional gains, with revenue rising 72 percent. Sportsbook activity increased 82 percent and iGaming climbed 68 percent, showing rapid adoption in newly expanding digital markets.

Higher Costs And Accounting Charges Impact Bottom Line

Adjusted EBITDA for the group reached 2.85 billion euros, a 21 percent improvement over the prior year. US adjusted EBITDA surged 82 percent to 922 million dollars, while international adjusted EBITDA grew 7 percent to 2.20 billion dollars.

Operating profit dropped sharply due to elevated expenses and a non cash impairment of about 556 million dollars tied largely to discontinued operations. Operating profit fell 96 percent to 36 million dollars.

After interest and other costs, pre tax loss stood at 121 million dollars compared with a 16 million dollar profit one year earlier. Income tax payments totaled 286 million dollars, resulting in a statutory net loss of 407 million dollars versus a 162 million dollar profit in FY2024.

Foreign exchange movements changed the broader picture. A 997 million dollar currency gain lifted total comprehensive net profit to 477 million dollars, compared with a 300 million dollar loss in the previous year.

Tax Changes And Regulation Shape European Outlook

United Kingdom reforms will raise remote gaming duty from 21 percent to 40 percent beginning April 2026. A new general betting duty for remote wagering will follow in April 2027 at 25 percent, up from 15 percent. Both measures sit alongside the statutory levy introduced earlier.

Jackson pointed to adaptability during regulatory change. He said:

“We made significant progress on our transformation and efficiency programs, and we are well on track to deliver the anticipated revenue growth and cost efficiencies. Our swift disciplined responses to regulatory changes in India where sudden legislative change forced the cessation of real money gaming and to higher UK gaming taxes underscored our scale benefits and business agility.”.

FY2026 Guidance Points To Continued Expansion

Flutter expects revenue for FY2026 to land between 17.75 billion dollars and 19.05 billion dollars. Midpoint guidance of 18.40 billion dollars implies roughly 12 percent growth.

Adjusted EBITDA guidance ranges from 2.65 billion dollars to 3.30 billion dollars, with a midpoint of 2.97 billion dollars representing a projected 4 percent increase.

US revenue could reach 8.2 billion dollars, an 18 percent annual rise. International operations are also forecast to grow, with potential increases of up to 15 percent depending on market conditions.

Furthermore, Jackson stressed long term opportunity of his business, noting:

“Looking ahead, we have a clear plan in place to navigate recent US trends and we continue to see a significant runway for growth in a dynamic market as we increasingly convert our scale, technology and customer proposition into sustained profitability.

“With a pivotal calendar of global sporting and iGaming moments ahead, including the World Cup, we are focused on capturing the full breadth of these opportunities in 2026 and beyond.”

India Exit Drives Write Down And Regional Revenue Decline

A major setback during FY2025 came from India, where government action forced the shutdown of real money online gaming last summer. The policy prohibits platforms offering money based gaming services, leading Flutter to halt Junglee operations in the country.

Asia Pacific revenue, including India, declined 8 percent. Sports betting revenue slipped 6 percent while iGaming revenue fell 25 percent following the closure.

The impairment linked to the Junglee business formed the largest portion of the 556 million dollar non cash charge recorded during the year, directly affecting operating profit and statutory earnings.

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