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Edge22 Nov 2024
Evolution: The Live Casino Juggernaut
With ~49% CAGR since its 2015 IPO, 60%+ EBIT margin, and global dominance in live casino, the story of Evolution is truly one for the books.
Flutter Entertainment (FLUT) investor relations material
Flutter Entertainment Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenue rose 17% year-over-year to $3,794 million, with 14 million average monthly players, driven by acquisitions (Snai, Betnacional) and strong iGaming growth.
Net loss was $789 million, primarily due to a $556 million non-cash impairment from Indian regulatory changes and a $205 million Boyd payment.
Adjusted EBITDA increased 6% to $478 million, but margin declined to 12.6%; Adjusted EPS grew 29% to $1.64.
Major acquisitions included Snai in Italy and Betnacional/NSX in Brazil, expanding international reach.
FanDuel Predicts, a new prediction market product, will launch in December, targeting states without regulated sports betting.
Financial highlights
Q3 2025 revenue: $3,794 million (up 17% YoY); Adjusted EBITDA: $478 million (up 6% YoY); Net loss: $789 million (vs. $114 million prior year).
Adjusted EBITDA margin: 12.6% (down 130bps YoY); Net loss margin: 20.8% (vs. 3.5% YoY).
Adjusted EPS grew 29% to $1.64; loss per share rose to $3.91 from $0.58 due to non-cash items.
U.S. revenue up 9%, with iGaming up 44% and sportsbook down 5%; U.S. Adjusted EBITDA $51 million.
International revenue $2.4 billion, up 21%; Adjusted EBITDA up 10% to $505 million.
Outlook and guidance
2025 group revenue expected at $16.69 billion and Adjusted EBITDA at $2.915 billion, reflecting 19% and 24% YoY growth, but both reduced from previous guidance.
US revenue guidance: $7.17 billion (+24% YoY); Adjusted EBITDA: $935 million (+84% YoY).
International revenue guidance: $9.52 billion (+15% YoY); Adjusted EBITDA: $2.24 billion (+8% YoY).
Incremental EBITDA cost for FanDuel Predicts expected at $40–$50 million in Q4 2025 and $200–$300 million in 2026.
Q4 has started well, with strong handle and AMP growth, and NBA season off to a positive start.
FanDuel Predicts' long-term profitability outlook
Future financial impact of India's regulation
Assess US sportsbook competitive response
How does Predict investment alter 2027 EBITDA view?
US sportsbook Q4 investment: returns seen?
How does Flutter mitigate global regulatory risks?
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Next Flutter Entertainment earnings date
Q4 20253 Mar, 2026
Next Flutter Entertainment earnings date
Q4 20253 Mar, 2026
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Frequently asked questions
A core player in the online gambling industry
Flutter Entertainment is one of the biggest players in the online gambling industry, offering a range of betting and gaming products to customers around the world. With a strong presence in both the sports betting and casino gaming markets, Flutter operates through a variety of channels, including online and mobile platforms, as well as retail locations.
Diversification of revenue streams
One of the key strategies that Flutter Entertainment has employed to grow its revenue base is diversification of its product portfolio. The company offers a range of betting options, from traditional sports betting to in-play betting and live streaming, as well as casino games, poker, and bingo. This diversification has helped Flutter to mitigate risks associated with fluctuations in individual markets or sports events. Flutter's competitors, such as 888 Holdings, Caesars Entertainment, DraftKings and Betsson, have also employed similar strategies to broaden their revenue streams.
Expanding into new markets
Flutter has been actively expanding its presence in new markets, particularly in the US, where it has made several high-profile acquisitions in recent years. The company acquired FanDuel in 2018, which has since become a leading player in the US sports betting market. Flutter also acquired The Stars Group in 2019, giving it a foothold in the fast-growing US online gaming industry. By expanding into new markets, Flutter is able to tap into new sources of revenue and diversify its revenue base even further.
Emphasis on digital platforms
Another key factor in Flutter Entertainment's revenue growth is its focus on digital platforms. The company has invested heavily in developing and enhancing its online and mobile platforms, which offer customers a seamless and user-friendly experience. With the increasing popularity of online and mobile betting and gaming, Flutter is well-positioned to capitalize on this trend.
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