November 12, 2025 —
Flutter Entertainment plc (NYSE: FLUT; LSE: FLTR) today announced its Q3 results, updated 2025 guidance, and the upcoming launch of “FanDuel Predicts” in December.
Key financial highlights for the three months ended September 30 include:
- Average monthly players (AMPs) increased by 9% year-over-year to 14.133 million.
- Revenue rose by 17% to $3.794 billion.
- Net loss reached $789 million.
- Adjusted EBITDA increased by 6% to $478 million.
- Adjusted earnings per share increased by 29% to $1.64.
According to the release, a solid Group Q3 performance saw AMPs rise 9% and revenue increased 17% year-over-year. This reflected the benefit of Snai and Betnacional acquisitions, combined with organic iGaming growth which offset the impact of customer-friendly sports results.
In the U.S., revenue rose 9% year-over-year led by strong, product-driven iGaming revenue growth of 44%. Sportsbook AMP growth accelerated to 5%. Sportsbook revenue decreased 5% year-over-year due to the temporary impacts of sports results and high levels of uneconomic generosity from sportsbook competitors at NFL season start, leading to Q3 Adjusted EBITDA of $51m, -12% year-over-year.
In response, increased FanDuel investment during Q4 has been effective, with year-over-year handle growth +10% Q4 to date, and the NBA season off to a strong start.
The company plans to launch FanDuel Predicts, a new prediction market product, in December. This will include sports in states without access to regulated sports betting. It capitalizes on FanDuel’s strong brand presence and CME Group’s exchange capabilities, with strategic investment to expand the FanDuel customer ecosystem.
Internationally, revenue rose 21% and adjusted EBITDA was $505m, +10% year-over-year including the benefit of M&A. Organic iGaming revenue increased 10%, with strong SEA iGaming growth offsetting the impact of regulatory changes in India. Organic Sportsbook revenue was down 6% due to the impacts of a strong European Football Championships and bookmaker friendly results in the prior year.
The Group Q3 adjusted EBITDA grew 6% and adjusted EBITDA margin declined 130bps. Group Q3 net loss of $789m was $675m higher year-over-year due to the non-cash impairment charge of $556m triggered by Indian regulation changes, and the $205m payment to Boyd to revise US market access terms.
Net cash provided by operating activities and free cash flow in Q3 declined by 28% and 78% respectively, due to the Boyd payment.
Flutter has updated its full-year 2025 guidance to include the impact of Q3 performance, Q4 sports results, Q4 sportsbook investment, FanDuel Predicts investment, tax costs associated with the Illinois wager fee, and Indian regulatory change.
The company now expects Group revenue to be $16.69 billion with adjusted EBITDA of $2.915 billion at the midpoint. This reflects a reduction from previous guidance of $570m and $380m in revenue and adjusted EBITDA expectations respectively, with updated guidance now representing 19% and 24% year-over-year growth.
“Flutter delivered a solid third quarter, with continued momentum in both our US and International businesses,” said Peter Jackson, CEO. “We are the clear number one operator in the US, and we will continue to build on that position to drive future profitability.”
Jackson continued, “Our strategic investments, including the launch of FanDuel Predicts and recent International acquisitions, position us exceptionally well to capture new opportunities and deliver sustainable, profitable growth. Our diversified portfolio and disciplined approach give me great confidence in our ability to lead the industry and increase long-term value for shareholders.”
Contact Information:
Paul Tymms, Investor Relations
Email: investor.relations@flutter.com
Kate Delahunty, Corporate Communications
Email: corporatecomms@flutter.com
Source: Flutter Entertainment plc
