Flutter 'positioned to win' in global gambling market as US growth drives revenue up to $3.6 billion

Flutter Entertainment is "positioned to win" in the global gambling market according to chief executive Peter Jackson, as the company reported an eight per cent growth in group revenue to $3.6 billion in the first quarter of 2025.

The parent company of Sky Bet and Paddy Power said in a trading update on Wednesday evening the rapid growth of its US business FanDuel had helped drive group net income higher by 289 per cent to $335 million and adjusted earnings up 20 per cent to $616m.

Flutter did not have things all its own way in the US, with performance being impacted by what was described as an "unprecedented" number of favourites winning during the March Madness college basketball tournament.

As a result Flutter missed analyst projections for the quarter, sending the company's share price down slightly on the London Stock Exchange to 18,340p by Thursday lunchtime.

Nevertheless, the company said its leadership position in the US was unaffected, with revenue up 18 per cent, sportsbook revenue rising by 15 per cent despite the adverse March Madness results, and iGaming up 32 per cent.

In the UK and Ireland revenue grew by two per cent, although sportsbook revenue fell by two per cent, which Flutter said was partly down to "softer volumes in the horseracing market outside of major festivals, including Cheltenham".

The company added that underlying trends had been in line with expectations and that the acquisitions of Italian operator Snai and Brazil's NSX Group were expected to add around $1bn in revenue this year.

Flutter Entertainment chief executive Peter Jackson

Jackson said: "I am pleased with the performance of the business during the first quarter, with the scaling of our US business driving a step change in the earnings profile of the group.

"FanDuel continues to win in the US, retaining leadership positions in both online sports betting and iGaming, while we saw a positive performance within international, where our scale and the competitive advantages of our Flutter Edge have been enhanced by the acquisition of Snai in Italy."

Jackson said Flutter was delivering against its strategic priorities, adding: "The global regulated market opportunity is significant, and Flutter remains uniquely positioned to win."

David Brohan, gaming and leisure analyst for stockbrokers Goodbody, described the update as "slightly disappointing" but added that issues such as unfavourable sporting results should not overshadow a "largely solid" underlying performance.

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