Flutter predicts profit of $3.2bn in 2025 up 34 per cent
‘Unparalleled scale and strategic execution’ underpinned Flutter’s global leadership during 2024 resulting in net profit of $162m for 2024, compared to a loss of $1.2bn in 2023.
Revenues increased by 19 per cent to $14bn last year. Flutter said that, with FanDuel booming, it expected 2025 to generate $1.4bn of adjusted core profit in the US states where it is currently present, compared to $507m in 2024. Flutter is predicting overall adjusted group core profit of $3.2bn in 2025, a 34 per cent increase compared with 2024, with another 13 per cent increase in revenuestaking 2025’s predicted total to $15.9bn.
Flutter stated: “2025 has started well. In the US, handle growth stepped up from Q4 levels, with overall underlying trends in line with our expectations. Sports results have been broadly neutral year-to-date with a positive outcome on Super Bowl LIX offset by customer friendly sports results in January. Performance outside the US reflects the strong Q4 customer base carried into Q1. Existing state growth is expected to be in-line with Investor Day commentary. This growth is from a larger underlying business in 2024 than originally outlined at our Investor Day, driven by greater than anticipated growth subsequent to that event. New state and territory launches are expected to result in negative revenue of $40m and an Adjusted EBITDA cost of $90m, based on a Q4 launch for Missouri and an early 2026 launch now expected for Alberta, Canada.”
Peter Jackson, CEO, said: “FanDuel remains America’s number one sportsbook with its leading product maintaining a clear structural revenue margin advantage over competitors. At the same time, excellent execution secured a new number one spot for FanDuel Casino in iGaming.
Outside of the US, our commitment to first-to-market product innovation led to market share gains in key markets including the UK and Italy, while in Australia, we saw encouraging trends in our player base. A key driver of our success has been the Flutter Edge, our unique competitive advantage, which delivered innovative, market-leading product propositions to 35m customers worldwide in 2024. We did this sustainably, with players using a Play Well tool increasing since 2023. The launch of the Responsible Online Gaming Association in the US was another big milestone, advancing industry standards for both customers and operators.
“Thanks to our scale and cash generation, we are an “And” business, with powerful optionality when deploying capital. This is clearly demonstrated by our commitment to long-term shareholder returns through our share repurchase program, and evident in our expansion into fast-growing markets with the announcement of our acquisitions of NSX in Brazil and Snai in Italy,” he added.
“We have had a great start to 2025, including record levels of customer engagement for the Super Bowl where FanDuel had 3m active customers placing 17.7m bets with $470m wagered on the day. I am excited to build on this strong momentum as we seize the growth opportunities outlined at our Investor Day last September.
In the fourth quarter, FanDuel was the number one sports betting and iGaming operator during the quarter with GGR market shares of 43 per cent and 26 per cent, respectively. iGaming AMPs grew 37%, including a 59% increase in direct casino AMPs, driven by delivery of new features and content. Launches included new exclusive slots titles such as Samurai 888 Kenji, alongside sports-themed slots content such as NBA Super Slam to help drive sportsbook cross-sell. We also improved our iGaming reward proposition with the introduction of a new jackpot functionality on FanDuel’s daily prize mechanic, FanDuel Reward Machine, as well as trialing our new FanDuel Rewards Club loyalty program.
The UKI division has taken four percentage points of market share over the last two years by delivering a compelling product proposition for players. In sportsbook, Paddy Power expanded the range of markets on its SuperSub product, leveraging our leading pricing capabilities. This drove a 5 percentage point increase in Same Game Parlay penetration as a proportion of total soccer handle in Q4 compared to the prior year, and helped increase our structural gross revenue margin. This was complemented by Paddy Power’s very successful sponsorship of the World Darts Championship during the busy Christmas sporting calendar, which included the Bigger 180 campaign which raised over $1.25m for Prostate Cancer UK. In iGaming, compelling promotions combined with our leading free-to-play content, such as the Sky Vegas Guaranteed Prize Machine, drove iGaming AMPs 13% higher to a record 2.4 million in Q4.
In International, Sisal’s market share was up 230bps year-over-year to 15 per cent, leveraging the combination of Sisal’s local capabilities and the Flutter Edge. Sisal’s compelling omnichannel offering helped drive very strong online player growth of 33 per cent. Multi-channel players generate over 1.5 times more online revenue than online-only players and we look forward to accessing a broader retail player base with the expected addition of Snai in 2025. Sisal’s poker product offering was enhanced through access to the PokerStars poker liquidity pool, further demonstrating the benefits of the Flutter Edge. In India, Junglee lapped the effect of the tax changes introduced in October 2023. Junglee has delivered strong player growth throughout this period with 2024 AMPs 72% higher on a year-over-two-year basis.
In Australia Flutter delivered another quarter of AMP growth, up seven per cent to 1.3m following similarly positive trends in prior quarters. While the racing market declined in line with expectations, we saw strong engagement on sports including NRL, NBA and NFL, with its leading product offering also delivering sustained improvements to structural gross revenue margin.
