Flutter unveils Q2 earnings, FanDuel maintains its accelerated growth trajectory
Flutter Entertainment, the leading player in the sports betting and iGaming industry, has made strategic moves that have further consolidated its position in key markets. The company's recent acquisitions in Italy and the United States, as well as its securing of full ownership of the FanDuel brand, have bolstered its global market leadership.
In April 2025, Flutter completed a €2.3 billion acquisition of Italian operator Snai. With a top-three online market position, over 2,000 retail locations, and about 30% combined online market share in Italy, this deal is expected to deliver at least €70 million in annual cost synergies and significant capital expenditures savings. It also enhances revenue through improved product offerings and omni-channel capabilities. This acquisition strengthens Flutter's leadership in the large, regulated Italian market, boosting its local market share to around 30%.
In December 2020, Flutter acquired an additional 37.2% stake in FanDuel for $4.175 billion, valuing FanDuel at $11.2 billion total. In July 2025, Flutter acquired Boyd Gaming’s remaining 5% stake in FanDuel for $1.755 billion, securing 100% ownership and valuing FanDuel at approximately $31 billion. These transactions have greatly consolidated Flutter’s position as the leading US sports betting and iGaming operator, increasing control over a highly valued asset and improving cost efficiencies, which contribute positively to free cash flow and profitability.
These strategic moves have paid off. Flutter's second-quarter revenue reached $4.19bn, an increase of 16%. The company's average monthly players in the United States have increased to 3.5 million, a 2% rise. Flutter is currently in a strong position in Brazil. The company expects its annual revenues to hit $17.26bn, an increase of 23%. The increase in average monthly players in the United States is largely due to the North Carolina betting market rollout in March 2024.
Peter Jackson, CEO of Flutter Entertainment, is pleased with the results and acquisitions, hailing them as strategic. He mentioned the recent developments in Italy and Brazil as strengthening the company's position in the respective markets. The company is in a good position for the second half of the year, with underlying earnings for the year projected to reach $3.3bn, an increase of 40%. Flutter hailed the second quarter as "excellent" for FanDuel.
The strategic initiatives of Flutter Entertainment are based on a strong strategic rationale. The acquisitions made in Italy and Brazil correspond to a clear strategic rationale, securing a position in these large, regulated markets. These moves have not only strengthened Flutter's financial performance but also positioned the company for long-term growth.
[1] Flutter Entertainment Press Release, "Flutter Entertainment completes acquisition of Snai", April 2025. [2] Flutter Entertainment Press Release, "Flutter Entertainment announces completion of acquisition of FanDuel", July 2025. [3] Flutter Entertainment Investor Presentation, "Q2 2025 Results", August 2025. [4] Flutter Entertainment Press Release, "Flutter Entertainment acquires Boyd Gaming’s remaining 5% stake in FanDuel", July 2025.
- Flutter Entertainment, with its recent acquisition of Snai, has ventured into the Italian market, integrating the online gambling giant into its existing business and finance operations, leveraging technology to create enhanced omni-channel capabilities and maximizing cost efficiencies, thereby strengthening its foothold in the global market.
- As part of its strategic growth plan, Flutter Entertainment bolstered its presence in the US market by fully acquiring the highly valuable FanDuel brand, utilizing synergies and financial resources to consolidate its position as a leading player in sports betting and iGaming, and capitalizing on emerging technology trends to expand its consumer base and boost profitability.
