Flutter Entertainment, parent company of Paddy Power, reports a new record quarterly income.
In a strategic move to strengthen its presence in the primary market, Peter Jackson, Flutter's chief executive, announced that the company's US listing was a core objective [1]. This decision appears to be paying off, as Flutter's revenue from international operations increased by 15% due to the takeover of Italian sports betting and gaming firm SNAI and Brazilian betting operator NSX [2].
The majority of Flutter's trading volumes now pass through the NYSE [3], a clear indication of its growing influence in the US. This move has been beneficial for Flutter, as its inclusion in CRSP and Russell demonstrates the benefits of its strategy to position closer to its primary market [4].
Flutter's growth in the US online sports betting market in 2025 is driven primarily by the strong performance of its flagship brand FanDuel. FanDuel, Flutter's mobile gaming network in the US, recorded adjusted earnings of over $400m [7]. Key factors contributing to this growth include full control of FanDuel following the buyout of Boyd Gaming’s remaining 5% stake [3], market leadership and scale [4], product innovation and user engagement [4], robust revenue and profitability growth [1][2], strategic M&A and market expansion [1][3], and efficiencies from partnership restructuring [3].
The profit growth of Flutter was primarily driven by its business in the US [6]. In Q2 2025, Flutter reported a 17% year-on-year increase in US revenue to $1.79 billion, with sportsbook revenue growing 11% and iGaming revenue surging 47% [1][2]. Adjusted EBITDA in the US jumped to $400 million from $260 million the previous year, with margins improving to 22.3% [1][2].
Flutter projects earnings before interest, tax, depreciation, and amortisation (EBITDA) to jump 40% to $3.3bn [5]. The revenue for the three months to June 30 was $4.2bn [5], and the earnings for the same period increased by 25% to $919m [5].
With its strong performance in the US, Flutter is not only becoming a well-established business within the US capital markets [8] but is also seeking inclusion in other major US indices [9]. UK fintech company Wise, which announced it would transfer its primary listing to the US, aims to seek out deeper liquidity, similar to Flutter's strategy [10].
As Flutter plans to make its secondary New York listing a permanent home [1], it is clear that the company is committed to its growth in the US online sports betting market. With its dominant market share, extensive investment in product innovation and marketing, improved operational control, and cost savings from commercial restructuring, Flutter is well-positioned for superior revenue and profit growth [1][2][3][4][5].
- Although Flutter initially focuses on the primary market through its US listing, it is also expanding in other sectors, such as technology and sports, with FanDuel's strong performance and market leadership.
- The growth of Flutter in the US capital markets isn't just limited to finance, as the company is seeking inclusion in other major US indices, hoping to reap the benefits of deeper liquidity, similar to UK fintech company Wise.
- Despite its strong presence in the sports betting market, Flutter is also competing in the stock market, aiming to jump its EBITDA by 40% and increase its revenue, demonstrating its diverse investment portfolio.
