As part of the Morgan Stanley Technology, Media & Telecom Conference on March 4, Flutter Entertainment CEO Peter Jackson and CFO Rob Coldrake addressed the operator’s recent Q4 and fiscal year 2025 financial results, as well as expectations for FanDuel Predicts.
Flutter reported its financial results for Q4 and FY2025 on February 26, having generated increases in net revenue and adjusted EBITDA, while also witnessing a 351% decrease in net income for FY2025.
‘Inconsistent’ player loyalty offerings leave Flutter playing catch up
When asked about the operator’s financial results for both periods, including a FY2025 net loss of $407m, Jackson believes Flutter “didn’t operate its generosity playbook” and failed to “execute our digital strategy well” during the fourth quarter.
The Flutter CEO commented: “Even more important in the US markets, volatility gets amplified, and we have to do a better job at reacting on a per customer basis.
“I don’t believe there’s anything we point to and think we’ve fallen behind, but we are behind the sector to some extent with player loyalty, so that would be one area where we’re catching up.”
Jackson also called attention to higher margins witnessed throughout the 2025-2026 NFL season, as well as not seeing the “big teams come through literally week-after-week.”
Coldrake confirmed the operator is still “really pleased with growth prospects” for the remainder of 2026 and is “very confident around the fundamental foundation” of both international and US businesses.
The Flutter executives also spoke of their “incredible excitement” regarding the Brazilian market, which led Coldrake to feel “really validated” due to the increased traction reported during FY2025.
While Jackson and Coldrake both remained positive in regards to the operator’s leading sportsbook and iGaming position across the US, Flutter’s CEO stated its “not standing still” and will continue clearing out “a bunch of grit in the system.”
How will FanDuel Predicts continue to grow amid major sporting events in 2026?
Addressing FanDuel Predicts and its anticipated growth in 2026, Jackson said Flutter is “prepared to invest money” in prediction market operations, even in what Coldrake describes as a “shorter investment timeframe.”
“What we have to think about with FanDuel Predicts is the user journey and product catalog,” Jackson said.
“Q2 2026 will be important for how we go about market-making efforts, but I believe events such as the World Cup will be fantastic for customer acquisition. It’s all incremental for FanDuel Predicts.”
Despite the optimism from Jackson, Flutter’s CFO confirmed the operator “doesn’t want to spend too much until we know we’ve got the product,” especially given the current regulatory landscape of prediction markets.
Even more important in the US markets, volatility gets amplified, and we have to do a better job at reacting on a per customer basis
Jackson still called attention to the amount of consumers FanDuel Predicts can reach, however, as Flutter will look to offer event contract trading to markets where regulated online sports betting has not yet been legalized in the US.
He also stated Flutter has begun developing its own parlay-building mechanic for FanDuel Predicts, and will look to upgrade the prediction markets offering ahead of the 2026-2027 NFL season beginning in September.
Coldrake said Flutter has projected a $200-300m investment envelope for FanDuel Predicts, and cited data showcasing a lack of cannibalization potential in prediction markets when asked about the possibility during the panel.
Could future iGaming expansion in the US propel FanDuel’s online operations?
While Coldrake said Flutter is “not getting too ahead of ourselves” with hopes for US iGaming expansion, both executives believe there are a “couple states” moving closer to online gambling authorization, including Virginia.
Virginia lawmakers approved legislation authorizing online casino gaming in the Commonwealth on February 18, marking the latest step in the state’s gradual expansion of regulated gambling. The legislation still requires additional approval before going into effect, but does include language featuring a 15% tax on all internet gross gaming revenue for operators.
Jackson also remains excited over Flutter’s growth internationally, including in Australia with its social gaming products, and in the UK despite forthcoming tax increases.
“We’ve made sure we positioned our business to think through additional tax burdens,” Jackson said.
“I’d expect to see longer-tailed operators struggle with tax increases, but I’m most excited that we’ve spent more time talking about international now than we have in many of my other meetings.”
Flutter’s CEO concluded the fireside chat by reinforcing the operator’s efforts to enhance player loyalty, as he believes when “players feel more agency, that leads to them being more engaged.”
With prediction markets and iGaming continuing to expand in the US, how Flutter builds out FanDuel Predicts could define its 2026 performance, especially as competition grows across the space.
Flutter Brazil appointed Diego Buriti as its new Head of Online Media on February 26, part of a broader effort to professionalize leadership and elevate digital communication strategy in a dynamic betting market
