Flutter Entertainment reported a net loss in FY2025 after India’s ban on real-money online gaming forced it to shut its Junglee operations and book a significant non-cash impairment, alongside higher finance and amortisation costs, though continued US momentum meant underlying trading remained resilient.
For the 12 months to 31 December 2025, revenue amounted to $16.38 billion, an increase of 17% from FY24. Revenue was higher within sports betting and iGaming at Flutter, with the strongest growth coming from the latter.
However, while top-line figures revealed growth, the loss of its Indian real-money business, elevated financing costs and ongoing amortisation linked to past acquisitions weighed on bottom-line performance. Flutter posted a statutory net loss of $407 million, compared to a $162 million profit in FY24.
Flutter talks ‘business agility’ amid regulatory headwinds
Commenting on the results during an earnings call, CEO Peter Jackson was largely positive. He focused on revenue growth across all units and the operator’s resilience in response to regulatory changes, particularly in India.
Last summer, the Indian government ordered a shutdown of the country’s real-money online gambling sector. This prohibits any app or online platform that offers money-based gaming or related services, with Flutter having halted operating its Junglee brand in the country as a result.
Meanwhile, in the UK, Flutter will face increased tax rates as part of wider gambling reform in the market. Remote gaming duty will rise from 21% to 40%, with effect from April 2026, while a new general betting duty for remote betting will also be introduced in April 2027 at 25%, up from 15%. Both will be in addition to the statutory levy put in place last April.
“2025 was another transformative year for the company, marked by our strategic execution, continued market leadership and disciplined investment, delivering group revenue up 17% and adjusted EBITDA 21% higher,” Jackson said. “In the US, we maintained our leadership position in both online sports betting and iGaming.
“We made significant progress on our transformation and efficiency programs, and we are well on track to deliver the anticipated revenue growth and cost efficiencies. Our swift disciplined responses to regulatory changes in India where sudden legislative change forced the cessation of real money gaming and to higher UK gaming taxes underscored our scale benefits and business agility.”
US revenue rises 20% in FY25
Breaking down Flutter’s performance, the operator did not publish group-wide figures for sports betting and iGaming, However, it did reveal that, across its entire business, iGaming revenue was 27% higher on a year-on-year basis, while sports betting revenue rose 10%. Average monthly players across its bands also increased 14% to 15.9 million.
The US remained Flutter’s largest single market by revenue and its primary long-term growth engine. Of all revenue, $6.97 billion came from operations in the US – led by FanDuel – with this up 20% from FY24 and approximately 42% of group revenue for the year.
Flutter said FanDuel held roughly 41% gross gaming revenue (GGR) share and 27% iGaming market share in the states where it operated during FY25.
Towards the end of 2025, Flutter also launched FanDuel Predicts, a new predictions market product via a partnership with CME Group. This will focus on expanding into areas where traditional sports betting is not yet regulated.
India shutdown fails to halt international growth
Looking to international operations, revenue from markets outside the US increased 14% to $9.42 billion. Within this segment, UK and Ireland revenue was down 1% after a 13% uplift in iGaming revenue failed to fully offset a 13% sportsbook dip.
South-East Asia revenue hiked 72%, with sportsbook revenue up 82% and iGaming revenue rising 68%. However, for the Asia-Pacific region, which included India, revenue declined by 8%. Sports betting revenue in APAC slipped 6% while iGaming revenue dropped 25%, partly due to the Indian shutdown last summer.
Elsewhere, revenue within Central and Eastern European climbed 14%, while Bazil revenue rocketed 229% on the back of the regulated market’s launch at the start of 2025. Revenue across other regions declined 5% year-on-year.
Forex skews bottom line figure for Flutter
In terms of group adjusted EBITDA, this was 21% higher than the previous financial year at €2.85 billion. US adjusted EBITDA jumped 82% to $922 million while international adjusted EBITDA was 7% higher at $2.20 billion.
Looking to expenses, while cost of sales increased, revenue growth pushed gross profit up by 10% to $7.40 billion. However, higher spending elsewhere, including a non-cash impairment of approximately $556m, primarily linked to the Indian business following the ban, meant operating profit plummeted 96% to $36 million.
After interest expenses and other income, pre-tax loss sat at $121 million, compared to a $16 million profit in 2024. Flutter paid $286 million income tax, meaning it ended the year with a net loss of $407 million.
However, when accounting for certain other factors, the bottom line changed. Primarily, Flutter noted a $997 million gain on foreign currency exchange during the year. When this was included, its total comprehensive net profit for FY25 was $477 million, compared to a $300 million loss in the previous year.
Further revenue growth expected in FY26
As for guidance for the current year, Flutter had high expectations. It said revenue could be between $17.75 billion and $19.05 billion, with a midpoint of $18.40 billion being 12% up from FY25.
As for adjusted EBITDA, Flutter published a guidance range of $2.65 billion to $3.30 billion. The midpoint of this, $2.97 billion, would represent a 4% uplift from the previous year.
US revenue could reach as high as $8.2 billion, which would be 18% higher year-on-year. With adjusted EBITDA in the US, there is a possibility this could decline, though this would be at the lower end of the guidance range.
As for the international business, revenue is almost certainly set to increase, with the upper end of guidance suggesting it could climb by as much as 15%. As for adjusted EBITDA, early expectations were similar to the US, with the potential for a drop, but more likely in line with or just ahead of FY25.
“Looking ahead, we have a clear plan in place to navigate recent US trends and we continue to see a significant runway for growth in a dynamic market as we increasingly convert our scale, technology and customer proposition into sustained profitability,” Jackson said.
“With a pivotal calendar of global sporting and iGaming moments ahead, including the World Cup, we are focused on capturing the full breadth of these opportunities in 2026 and beyond.”
Original article: https://igamingbusiness.com/finance/full-year-results/us-growth-steadies-flutter-after-india-shutdown-dents-fy25/
