Flutter Sees 2025 Earnings, Sales Growth Aided by International Deals

Posted on: May 7, 2025, 06:30h. 

Last updated on: May 8, 2025, 10:04h.

Todd Shriber @etfgodfather Read More
Expertise: Financial, Gaming Business, Mergers and Acquisitions.
  • FanDuel parent forecasts significant 2025 earnings, revenue growth
  • Increases aided by international acquisitions, but US market still strong

Flutter Entertainment (NYSE: FLUT) forecast large 2025 top and bottom line increases, citing in part benefits from international acquisitions.

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The Flutter logo as seen in an investor deck. The operator’s 2025 guidance remains strong thanks in large part to international acquisitions. (Image: Flutter Entertainment)

The gaming company said it now sees 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) of $3.18 billion on revenue of $17.08 billion as the midpoints of expected ranges, implying growth of 35% and 22%, respectively. Stripping out the recent acquisitions of Italy’s Snai and Brazilian sportsbook operator NSX, the midpoints of Flutter’s 2025 EBTIDA and sales are expected to improve by 14% and 30%, respectively.

Flutter wrapped up its purchase of Snai at the end of April and is close to doing the same with NSX. Last September, the Dublin-based company said it acquired a 56% stake in the Brazilian operator for $350 million in cash in a move designed to enhance the buyer’s exposure in Latin America’s largest economy. Including Betnacional, NSX is the fourth-largest iGaming and online sportsbook company in Brazil.

NSX is already profitable, too. Combined, NSX and Snai are expected to add $120 million to Flutter’s 2025 EBITDA and $1.07 billion in revenue.

FanDuel Still Major Flutter Growth Driver

As Flutter promised when it delivered fourth-quarter results, the first three months of this year represented the first time the operator broke out its US business, which is essentially FanDuel, from its international units for reporting purposes.

Highlighting the strength of FanDuel, Flutter forecast existing US state EBITDA of $1.4 billion on turnover of $7.72 billion, up from prior guidance of $1.31 billion and $7.68 billion, respectively, but those US projections are below Wall Street estimates with customer-friendly outcomes in the first three months of 2025 acting as the culprit.

The gaming company reiterated the debut of online sports betting in Missouri and a similar launch in Alberta, Canada early next year could pinch revenue and EBITDA by $40 million and $90 million, respectively. Those upped FanDuel estimates imply Flutter can be somewhat resilient against the backdrop of US trade tensions and even if a recession materializes.

Our business is resilient and we believe Flutter’s historical performance is instructive,” said CEO Peter Jackson in a letter to investors. “For example, during previous periods of consumer pressure in our International markets, we saw no discernible impact on our businesses, and we have conviction that online sports-betting and iGaming have strong defensive characteristics over the long term.”

Flutter has been mentioned by some analysts as among the most tariff-resistant gaming equities because it’s not dependent on tourists visiting brick-and-mortar casinos and the bulk of its clients are recreational bettors who aren’t wagering sizable amounts, implying they’re unlikely to significantly scale back even if the US economy stumbles.

Flutter Monitoring Prediction Markets, Taxes

With Flutter having shifted its primary listing to New York and FanDuel representing a major part of the broader investment thesis, market participants often view the stock through a US lens. That means state tax schemes and the competitive threat from prediction market operators are on Flutter’s radar.

Jackson has previously spoken at length of the need for states to balance their revenue demands against consumer pricing and gaming companies’ investment pledges — points he reiterated in the shareholder letter. He also noted Flutter has the experience required to compete in the prediction markets space, should it choose to go down that road in the US.

We are also closely monitoring the developments around futures markets and the potential direct and indirect opportunities for FanDuel to explore,” wrote the Flutter chief executive officer. “We already operate what we believe is the world’s largest betting exchange, the Betfair Exchange, and we have vast experience in this space.”

Flutter has repurchased $230 million worth of stock year to date and continues to expect that figure will reach at least $1 billion by year-end. The company had $1.53 billion in cash and cash equivalents at the end of the first quarter.