June delivers Flutter’s best ever gross revenue margin month of 16.3 per cent
Flutter Entertainment generated Adjusted EBITDA growth of 25 per cent driven by 11 per cent AMP and 16 per cent revenue growth, as its US business continued to scale rapidly.
With very unfavorable sports results in the US, June delivered the group’s highest gross revenue margin month on record of 16.3 per cent.
FanDuel’s lead in iGaming extended with US revenue up 17 per cent. Sportsbook was up 11 per cent and iGaming was up 42 per cent. Adjusted EBITDA of $400m includes the benefit of favorable sports results and strong operating leverage
International revenue and adjusted EBITDA showed growth of 15 per cent and 13 per cent, respectively, including the benefit of Snai and NSX acquisitions. This led to excellent iGaming revenue growth of 27 per cent driven by UK and Ireland, Southern Europe and Africa and Asia Pacific . Sportsbook revenue growth of four per cent reflected a very strong performance in the 2024 European Football Championships in the prior year, and less favorable year-over-year sports results.
Peter Jackson, CEO, commented: “I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A. Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100 per cent. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations. Such varied achievements in one quarter are a great reflection of our teams’ focus and ability to execute effectively, leaving us well positioned for the second half of the year.”
“As previously announced, starting September 1, we will introduce a 50 cent fee on each bet placed in Illinois to help mitigate the significantly higher operating costs in the state. The approach taken by the state of Illinois is very much an outlier when compared with our broad International portfolio, and we believe it risks driving customers to the unregulated market offering limited consumer protections and no state revenue generation. We are confident, as evidenced by the majority approach to date, that law-makers will recognize the importance of adopting a balanced tax strategy which promotes market growth and investment.
“In Italy, we are executing on our integration plans and have increasing confidence in our synergy targets. Snai has been consolidated within our SEA region under a well-formed organizational plan. We finished the quarter with 21.7 per cent overall market share, and 30.2% of the online market7 in Italy. Looking ahead, our attention is now focused on bringing Snai customers onto SEA’s market leading online platform in the first half of 2026.
“Finally, in Brazil, following the combination of NSX and Betfair Brazil, creating Flutter Brazil, our immediate focus has been on resourcing our newest region with the best talent from across Flutter. The Brazilian market remains highly competitive, and we retain a strong conviction that scale operators with the best products will win the largest share of the market. To that extent, our strategy is to elevate our Brazilian proposition, leveraging the Flutter Edge to deliver unit economics we can invest behind and scale meaningfully. We have targeted quick-wins in product and marketing, where immediate improvements have already been made to iGaming content, generosity capabilities and digital marketing effectiveness, while our sports product roadmap will ensure significant improvements are delivered to the customer proposition over the next twelve months.”
