Flutter up 17 per cent following takeovers of Snai and Betnacional
Flutter said it saw only a limited cannibalisation impact from prediction market
Flutter delivered first quarter revenue growth of 17 per cent year-over-year, benefiting from its Snai and Betnacional acquisitions and a positive swing in year-over-year sports results.
Sportsbook revenue grew 10 per cent with excellent underlying momentum in SEA. US sportsbook was one per cent higher year-over-year, whilst iGaming across the US, SEA and UKI was up 28 per cent.
April performance on an underlying basis was in line with expectations across both the US and International. The company has also just launched in Arkansas.
Peter Jackson, CEO, commented: “Flutter’s Q1 performance was encouraging, with Group revenue increasing 17 per cent year‑on‑year. This reflected positive signs from our US sportsbook improvement plan, where performance was ahead of our expectations in March. Group performance also benefited from our local hero acquisitions in Italy and Brazil, and excellent underlying SEA growth.
“While we made good progress during the quarter, there remains more to do to ensure the improving US sportsbook trends continue and we announced today the management changes we are making to best position us for our next phase of growth. The core fundamentals of our business remain strong, and I am confident that we have the right strategy, structure and global portfolio of local hero brands to capitalize on the significant long-term growth opportunity ahead. I look forward to further progress as we move through the rest of 2026.”
US Q1 revenue grew by six per cent with sportsbook revenue up one per cent year-over-year and iGaming revenue up 19 per cent.
Jackson added: “While we have seen encouraging signs in our underlying sportsbook growth as the quarter progressed, overall performance in Q1 was adversely impacted by a continuation of the market-wide trends observed during Q4. FanDuel exited 2025 with a smaller customer base than anticipated which continued to impact growth during the quarter, with sportsbook AMPs six per cent lower year-over-year. iGaming performance remained strong benefiting from continued execution on our casino-first strategy and underpinned by AMP growth of 10 per cent.
“As we look ahead for the rest of the year, we have a strong pipeline of enhancements planned. These include significant expansion of our new loyalty program through Q2 and Q3 ahead of a full roll-out for the NFL 2026/2027 season. We are also very excited about the opportunity that the FIFA World Cup presents in Q2 and in Q3, with a number of new soccer product features in the pipeline to strengthen FanDuel’s product leadership and position us well for customer engagement during the tournament.
Flutter said it saw only a limited cannibalisation impact from prediction market operators on its sportsbook growth. In Q1, FanDuel Predicts was expanded nationwide across financial, economic and commodities contracts, with sports available for trading in 18 non-sportsbook states including California, Texas and Florida.
Jackson said: “We believe this limited impact reflects the fundamental differences in product propositions between sportsbooks and prediction market platforms, customer age profiles and concentration of prediction market activity among entertainment-first and low-value users. While the direct cannibalization impact has been limited, we do believe prediction market operators may be attracting some new, incremental entertainment-first recreational customer cohorts, and we continue to monitor the impact of prediction market operators on the broader sports-betting ecosystem. Our recent launches in Missouri and Arkansas were both ahead of expectations, further validating that demand for sports betting products remains strong in states where it has been previously unavailable.
“We continue to view prediction markets as a very attractive, incremental opportunity providing an avenue to acquire customers ahead of sports betting regulation in new states,” he added. “Our in-house expertise and capabilities place us in a strong position to capitalize on this opportunity in the long-term. We are making good progress on FanDuel Predicts, with further improvements to be delivered during the year. However, while the fast moving and complex regulatory environment means that product delivery timescales have at times been challenging, we are prioritizing new product roll-out, and we are focused on building the operational flexibility required to deliver our ambitions.
In iGaming, FanDuel delivered another strong quarter of growth with AMPs up 10 per cent with casino revenue growth of 28 per cent, which more than offset the impact of reduced cross-sell customers from sportsbook.
International Q1 performance delivered revenue growth of 27 per cent and adjusted EBITDA growth of 13 per cent, benefitting from the acquisitions of Snai and Betnacional. SEA delivered strong revenue growth of 110 per cent, benefiting from the acquisition of Snai. On an organic basis, AMPs grew 26 per cent and revenue 23 per cent, driven by a market-leading performance in Italy, strong growth in Türkiye and a benefit from PokerStars migrations. In Italy, SEA strongly outperformed the market, delivering a 31 per cent online market share. PokerStars revenue is now ahead of its peak during the Covid-19 pandemic. In Türkiye, revenue growth of 32 per cent was driven by further network expansion and new content roll-out.
In UKI, iGaming AMPs were 10 per cent higher and revenue was up 14 per cent. This reflected excellent, double-digit iGaming growth for Paddy Power, tombola and Betfair driven by a strong pipeline of new slots content, resulting in strong retention metrics. In sportsbook, targeted generosity helped drive strong customer engagement during a record Cheltenham racing festival, where Paddy Power was the number one downloaded app. Performance for Sky Bet has been behind expectations as customers adapted to the new user interface post-migration. However, now customers have access to the full Flutter sportsbook product suite, momentum continued to improve for the brand across the quarter. Sky Bet delivered its highest January customer acquisition volumes in five years and a strong Cheltenham festival which helped drive underlying sportsbook revenue back to growth in March.
In Brazil, performance remained encouraging with Betnacional AMPs over 40 per cent higher year-over-year, driven by continued product improvements across sportsbook and iGaming.
