Flutter: Paddy Power owner books record quarter
Online betting giant Flutter hiked its full-year profit guidance for 2025 after a record quarter driven by business in the US.
The world’s largest online sports betting operator recorded a 16 per cent rise in revenue to $4.2bn (£3.12bn) in the three months to June 30. Meanwhile, earnings jumped 25 per cent to $919m.
FanDuel – Flutter’s mobile gaming network in the US – topped a record $400m in adjusted earnings.
Flutter said it now expects annual revenue growth to be 23 per cent, hitting $17.3bn, whilst earnings before interest, tax, depreciation and amortisation (EBITDA) is projected to jump 40 per cent to $3.3bn.
The group recorded a jump in average monthly players to 16m from 14.3m.
Revenue from international operations was up 15 per cent following the business’s takeover of Italian sports betting and gaming firm SNAI and Brazilian betting operator NSX.
Flutter hails listing move
The firm dealt a crucial blow to the London Stock Exchange last year after claiming a New York listing would be its “natural home”.
The Paddy Power owner laid out plans in 2024 to turn its secondary listing on Wall Street into a permanent home.
Peter Jackson, Flutter’s chief executive, said in his letter to shareholders for the second quarter the company had become a “well-established business within the US capital markets” after transferring its primary listing.
“Positioning Flutter closer to its primary market in the US was a core objective of our US listing, and the inclusion in [CRSP and Russell] demonstrates the clear benefits of this strategy, with the vast majority of our trading volumes now passing through NYSE.
“We believe we also remain well-placed for admission to other major US indices,” he added.
UK fintech darling Wise followed suit with Flutter, announcing in June this year it would transfer its primary listing to the US in a bid to seek out deeper liquidity.