Flutter generates $4.19 billion in Q2 2025 earnings
In the dynamic world of online gaming, Flutter Entertainment continues to make waves with its impressive financial performance. The company's Q2 2025 results show a 16% year-over-year increase in revenue, reaching a staggering $4.19 billion.
While MGM surpasses Flutter in total revenue, largely due to its expansive land-based operations in the U.S. and Asia, Flutter's online revenue significantly outpaces MGM. This is largely thanks to the success of its U.S. operations, such as FanDuel, which contributed $1.8 billion in Q2 revenue.
The sportsbook revenue for Flutter rose 11% to $1.2 billion, reflecting the growing interest in online sports betting. The company's iGaming revenue also saw a significant jump, rising 42% to $507 million.
Flutter's strong performance is also evident in its Adjusted EBITDA, which climbed 25% to $919 million, yielding a 21.9% margin. For 2025, Flutter projects adjusted EBITDA around $3.18 billion to $3.295 billion, demonstrating strong profitability.
Looking ahead, Flutter expects strong US market expansion and global growth through acquisitions, underpinning optimistic revenue and profit trajectories. The company's revised U.S. revenue guidance is now projected at $7.58 billion, with adjusted EBITDA projections at a range of $1.26 billion.
Outside of MGM, only Las Vegas Sands and Caesars come close to Flutter's revenue figures, again thanks to their brick-and-mortar dominance. However, Flutter's global scale and strategic acquisitions, such as the recent acquisition of Boyd Gaming's remaining 5% stake in FanDuel, bringing its ownership to a full 100%, set it apart in the online gaming market.
Southern Europe and Africa saw a 68% surge to $657 million in revenue, while Brazil experienced a 144% growth in revenue, reaching $44 million. These regions, along with the UK and Ireland, where revenue edged up 1% to $936 million, contribute to Flutter's robust global presence.
For a deeper dive into FanDuel's Q2 performance, check out Gaming America's breakdown. For insights into Flutter's overall strategy and vision, read Flutter CEO Peter Jackson's December 2024 feature interview in Gambling Insider's CEO Special.
While precise 2024 EBITDA figures are not explicitly stated, the available forecasts indicate Flutter’s 2024 revenue is forecast at approximately $15.5–16.4 billion and adjusted EBITDA near but below the 2025 figure of approximately $3.3 billion. These figures, along with Flutter's continued growth and strategic acquisitions, position the company as a major player in the online gaming industry.
The significant growth in Flutter's sportsbook revenue, reaching $1.2 billion, underscores the increasing appeal of online sports betting. Technology plays a crucial role in Flutter's success, as its strategic acquisitions, such as theFull ownership of FanDuel, enhance its competitive edge in the online gaming market.
