Entertainment
Flutter Entertainment reported Q2 revenue of $4.19 billion, marking a 16% year-over-year increase. However, net income dropped sharply by 88%, falling to $37 million.
Adjusted EBITDA climbed 25% to $919 million, yielding a 21.9% margin. On the downside, earnings per share declined 59% to $0.59.
FanDuel contributed significantly, generating $1.8 billion in Q2 revenue. Sportsbook revenue rose 11% to $1.2 billion, while iGaming revenue jumped 42% to $507 million-despite limited U.S. state availability for online casino.
In international markets, revenue from the UK and Ireland edged up 1% to $936 million, though it declined 5% when adjusted for constant currency. Meanwhile, Southern Europe and Africa saw a 68% surge to $657 million, and Brazil experienced explosive growth of 144%, reaching $44 million.
Revenue in the Asia-Pacific region increased 4% to $402 million, and Central and Eastern Europe posted an 8% rise to $138 million.
Peter Jackson, Flutter CEO, said:
I am pleased with the excellent underlying performance we have delivered in the second quarter alongside the good progress made on a number of key strategic initiatives. Revenue grew by 16% year-on-year, as we continue to build scale positions in the most attractive markets through strong organic growth and value creating M&A.
Since Q1, Flutter gained additional US index inclusion and accelerated ownership of FanDuel to 100%. We also became the largest operator in Italy with the addition of Snai; established a scale position in Brazil through NSX; and successfully executed two transformative customer migrations. Such varied achievements in one quarter are a great reflection of our teams’ focus and ability to execute effectively, leaving us well positioned for the second half of the year.
In its Q1 earnings report, Flutter raised its full-year revenue forecast to between $16.63 billion and $17.52 billion-an increase of roughly $1 billion from previous guidance.
The company also slightly raised its group adjusted EBITDA outlook to a range of $2.96 billion to $3.4 billion.
Flutter’s U.S. segment, led by FanDuel-and now the company’s primary listing market-was expected to generate nearly half of the total revenue and about one-third of adjusted EBITDA.
However, the company revised its U.S. revenue guidance downward from $7.47-$7.97 billion to $7.19–$7.69 billion. Adjusted EBITDA projections for the U.S. were also lowered, now estimated between $1.1 billion and $1.34 billion.
Following the results, Flutter finalized the acquisition of Boyd Gaming’s remaining 5% stake in FanDuel, bringing its ownership to a full 100%.
Flutter has now revised its U.S. guidance upwards, with projected revenue at $7.58 billion and adjusted EBITDA at $1.26 billion. Meanwhile, forecasts for international revenue and adjusted EBITDA remain unchanged.
According to our competitor analysis, MGM leads the pack in total revenue, reporting $4.4 billion for Q2 and $8.7 billion for the first half of the year. Notably, MGM is the only operator surpassing Flutter in this regard, largely due to its expansive land-based operations in the U.S. and Asia. In contrast, Flutter significantly outpaces MGM in online revenue.
Outside of MGM, only Las Vegas Sands and Caesars come close to Flutter’s revenue figures, again thanks to their brick-and-mortar dominance.
FDJ United and Super Group offer some useful comparisons as well-both operate major B2C online brands, yet their numbers are far smaller due to Flutter’s vast global scale.
For more insights, check out Gaming America’s breakdown of FanDuel’s Q2 performance, and don’t miss Flutter CEO Jackson’s December 2024 feature interview in Gambling Insider’s CEO Special.
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Ani Ghahramanyan