Flutter’s FanDuel drives revenue full-year growth while India exit hits profit
The gambling operator saw revenue rise by 17 per cent year-on-year.
UK- Flutter Entertainment, the NYSE and LSE dual-listed operator that owns Paddy Power, FanDuel, Sky Bet and Sisal has reported full year revenue of $16.4bn (€13.9bn) for 2025. That’s a rise of 17 per cent year-on-year. However, net income swung from a $162m profit in 2024 to a $407m loss, representing a decline of 351 per cent. Adjusted EBITDA was up 21 per cent year-on-year to $2.8bn.
The dramatic drop in profit was due to a $515m impairment charge tied to the closure of Junglee in India following the Modi government’s ban on real-money gaming from August. However, Flutter also saw costs rise significantly, with technology investment rising 20 per cent to $991m and sales and marketing spend climbing 14 per cent to $3.7bn. The new year will see more cost challenges with British Remote Gaming Duty to rise from April.
However, the operator remains optimistic, citing the upcoming FIFA World Cup and the December launch of FanDuel Predicts as key growth drivers. The company now claims 41 per cent market share in US sports betting GGR and 28 per cent in igaming. Q4 revenues were up 35 and 33 per cent respectively.
FanDuel continues to dominate, outpacing international assets such as Sky Bet, Paddy Power, Sportsbet, Sisal, Betnacional and Maxbet. International Division revenue rose 19 per cent, with betting up 6 per cent and igaming surging 331 per cent. Strong results were reported in Southeast Europe, Central and Eastern Europe, and Asia.
In the UK and Ireland, revenue declined 1 per cent for the year and 9 per cent in Q4, with betting down 13 per cent but igaming up 13 per cent. Revenue in Brazil fell 32 per cent in 2025, though the year-on-year comparison is distorted by the timing of the Betnacional acquisition and market launch on the regulatory market. Flutter still sees Brazil as a “significant growth opportunity,” with customer volumes up 51 per cent since the acquisition and plans afoot to leverage Flutter Edge capabilities ahead of the 2026 World Cup.
CEO Peter Jackson stated: “Our unparalleled global scale and ongoing product innovation helped us reach almost 40 million customers across our portfolio of market-leading,local hero brands during the year. We made clear progress against our strategic priorities; maintaining our US leadership position in both sportsbook and igaming; entering an exciting and incremental new category in the US with the launch of FanDuel Predicts; completing our strategic acquisitions of Snai and NSX; and delivering several important milestones across our International segment’s transformation programmes.”
For 2026, Flutter forecasts revenue of $18.4bn and adjusted EBITDA of $2.97bn, representing growth of 12 and 4 per cent respectively. International revenue is forecast to rise 13 per cent to $10.6bn, while US revenue is expected to grow 12 per cent to $7.8bn.
Jackson concluded: “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.”
