Flutter Entertainment has reported Q2 revenue of $4.19bn, a 16% increase from the same period last year. However, net income fell to $37m from $297m in Q2 2024 despite this growth.  Adjusted EBITDA rose by 25% to $919m, with a margin of 21.9%. The increased revenue shows strong demand across markets, but Flutter faces higher costs due to market expansion and platform investment.

Furthermore, Flutter’s share price remained at $306.07 after the announcement. The market views the revenue trajectory as a symbol of sustainability, even with mounting pressure for profit.

FanDuel Powers U.S. Growth

FanDuel played a key role in driving Flutter’s results, accruing Q2 revenue worth $1.8bn. Sportsbook revenue rose by 11% yearly to $1.2bn, while iGaming recorded a 42% boost to $507m. These gains came despite online casinos being legal only in a number of states.

Flutter has also completed its acquisition of Boyd Gaming’s 5% stake in FanDuel. So, the brand ended this quarter with a 41% sportsbook gross gaming revenue share and a record 27% iGaming share.

CEO Peter Jackson noted the company’s progress in multiple areas. Alongside FanDuel’s growth, Flutter became Italy’s largest operator by acquiring Snai and scaled operations in Brazil through NSX. He mentioned that Flutter’s experience with the Betfair Exchange will guide its approach as the regulatory landscape develops.

International Markets Show Mixed Results

UK and Ireland revenue rose just 1% to $936m and declined 5% on a constant currency basis. In contrast, Southern Europe and Africa revenue jumped 68% to $657m. Brazil continued its rapid rise with a revenue of $44m.

Asia Pacific grew modestly by 4% to $402m, while Central and Eastern Europe experienced an 8% boost to $138m. Flutter’s international strategy focuses on building scale and entering key markets through acquisitions and organic growth. The company seeks to explore opportunities in high-growth markets like Brazil and Southern Africa.

Guidance Revised and Outlook Positive

Flutter’s full-year guidance projects group revenue of $16.63bn to $17.52bn. For Adjusted EBITDA, projected revenue lies between $2.96bn and $3.4bn. The company has also raised its U.S. revenue to $7.58bn and $1.26bn in EBITDA for the full year.

While land-based rivals like MGM topped Flutter in total Q2 revenue, Flutter maintains its position as a leader in online gaming. Its digital business outperforms competitors, and FanDuel leads sportsbook and iGaming segments in the U.S. The company enters into the second half of 2025 with a plan to grow and stay ahead in its most valuable markets.