Flutter Entertainment (LSE:FLTR) reported solid operational growth in 2025, with revenue rising 17% to $16.4 billion and adjusted EBITDA increasing 21% to $2.85 billion, supported by a 14% expansion in average monthly players and contributions from recent acquisitions. However, the group recorded a net loss of $407 million, primarily reflecting a $556 million non-cash impairment charge tied to regulatory developments in India, alongside higher financing and tax expenses.
In the United States, Flutter strengthened its leadership position, achieving a 41% share of sportsbook gross gaming revenue (GGR) and a 28% share in iGaming during the fourth quarter. Performance was supported by favourable sportsbook margins, the launch of operations in Missouri, and the introduction of FanDuel Predicts within prediction markets. Internationally, revenue increased 19%, driven by acquisitions and growth across South-East Europe and Central and Eastern Europe, although the withdrawal from India and volatile sporting outcomes affected organic sportsbook performance.
The company returned $1 billion to shareholders during the year, while free cash flow declined due to increased capital expenditure and acquisition activity. Flutter ended 2025 with leverage of 3.7x following deals in the U.S., Italy, and Brazil. For 2026, management guided toward approximately 12% revenue growth and modest adjusted EBITDA expansion, supported by continued investment in U.S. prediction markets and Brazil, while UK tax increases and the exit from India are expected to present near-term headwinds.
More about Flutter Entertainment PLC
Flutter Entertainment is a global online sports betting and iGaming operator listed in both New York and London, with major brands including FanDuel. The company focuses on regulated markets worldwide, holding a leading position in the U.S. alongside strong operations across international regions such as South-East Europe, Central and Eastern Europe, Italy, and Brazil.
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