Flutter Q3: $789m net loss, FanDuel sportsbook revenue down 5%

Flutter Entertainment has reported its financial results for the third quarter of 2025, as total revenue increased 17% to $3.8bn, but the operator also witnessed a net loss of $789m throughout the period, equating to growth of 592% year-over-year.

"The Group reported a net loss of $789m for the quarter compared to $114m in the prior year, primarily due to the impact of a non-cash impairment charge relating to regulatory changes in India and the previously communicated $205m payment to Boyd for improved US market access terms," Flutter CEO Peter Jackson said.

"Flutter delivered a solid third quarter, with continued momentum in both our US and International businesses. We are the clear number one operator in the US, and we will continue to build on that position to drive future profitability."

Despite the net loss witnessed for Q3 2025, Flutter managed to increase adjusted EBITDA by 6% to $478m, while the operator's average monthly player total grew 9% to just over 14.1m users. Flutter's share price was also set at $234.29 at the time of writing, having increased 1.05% after market close on November 12 and remaining strong throughout the week.

Throughout Q3 2025, Flutter generated a gross profit of just over $1.6bn, equating to growth of 8.7%, although the company also reported an operating loss of $834m after witnessing a $97m profit for the third quarter of 2024. Loss per basic share was $3.91 for Q3 2025, a rise from the $0.58 loss per share recorded for the prior year period.

As a result of Q3 2025 results, Flutter projects a full-year 2025 revenue midpoint of $16.69bn, which would result in an increase of 19%. The operator also expects its FY2025 adjusted EBITDA to be $2.915bn, equating to a potential increase of 24%. US operations are expected to account for $7.17bn of revenue and $935m of revenue, representing forecasted growth of 24% and 84%, respectively.

FanDuel results

In the US, Flutter reported a Q3 2025 revenue of close to $1.4bn, representing an increase of 9% and primarily driven by 44% growth in FanDuel's iGaming vertical, having totaled $530m throughout the period.

Sportsbook revenue decreased by 5% to $783m, however, which Flutter stated was a result of customer-friendly sports results related to the NFL in September and October.

The revenue decrease from FanDuel sportsbook was not a result of a decline in handle, though, given Flutter reported a Q3 2025 US handle of nearly $10.7bn, equating to 6% growth from the prior year period. Average monthly players also increased in the US, as the total came in at 3.5m by the conclusion of Q3 2025.

Reportable adjusted EBITDA for the segment decreased by 12% to $51m, while the cost of sales, R&D and sales & marketing all grew year-over-year throughout the third quarter of 2025.

Flutter CFO Rob Coldrake stated fellow operators were offering "uneconomical promotions" early in the NFL season, while also detailing how Flutter maintained growth despite the customer-friendly results.

Prediction markets

In August, FanDuel formed a new partnership with derivatives marketplace CME Group to begin the development of "fully funded, event-based contracts with defined risk," where customers will have the opportunity to "express their views" multiple times a day on numerous markets with "yes" or "no" positions for as low as $1.

On November 12, FanDuel and CME Group announced FanDuel Predicts would debut across the US in December, offering sporting event-related contracts for baseball, basketball, football and hockey.

In states where online sports betting has not yet been legalized, customers who are not on Tribal lands will be able to trade event contracts on the outcome of sporting events. FanDuel also stated it would cease offering sporting event-related contract trading in states where online sports betting is legalized.

"We can't wait to bring FanDuel's proven approach to product innovation into this dynamic sector," FanDuel CEO Amy Howe said.

"Our partnership with CME Group allows us to leverage their deep market expertise built over decades while delivering the seamless, accessible and trusted experience our customers expect."

Once a FanDuel Predicts account is created, customers will then be able to buy or sell event contracts with bet amounts ranging from $0.01 to $0.99. Event contracts offered on FanDuel Predicts will also include the S&P 500 and Nasdaq-100, prices of oil and gas, gold, cryptocurrencies and economic indicators such as GDP and CPI.

"Our launch strategy has been developed in close consultation with state regulators and tribal authorities, resulting in a tailored, state-specific approach that enables us to launch in those states where no local regulation exists. At launch, FanDuel Predicts will offer sports markets in states without a current sports betting regulatory framework. Sports markets will also be restricted to non-tribal lands," Jackson said.

"This means that a significant proportion of the US population will soon have access to a brand new FanDuel sports product, operating with the same high standards regarding customer protection, (KYC) and anti-money laundering as all our FanDuel products.

"A range of financial and cultural markets will also be offered across virtually all states. In our existing sportsbook and iGaming states our primary focus will continue to be the state-regulated market and strengthening our leadership position in our core sports betting and iGaming businesses."

Operators such as DraftKings, Underdog Fantasy and PrizePicks have also made efforts to join the prediction markets industry, but multiple state regulators have already issued notices warning such entities of integrating contract trading into its current offering. With Flutter officially crossing the sports language threshold with FanDuel Predicts, it remains to be seen how regulators will respond to the December launch.

Jackson would go on to state Flutter wants to see "every state" introduce a legalized sports betting market as part of a Q3 2025 conference call, while the operator will take a "comprehensive approach" to player acquisition with FanDuel Predicts. The Flutter CEO also mentioned how the operator hopes FanDuel Predicts can "accelerate" sports betting legislation in certain states.

Additional expansion

FanDuel's expansion efforts throughout Q3 2025 also related to entering new territories across the US, with the operator having partnered with the St. Louis City SC professional soccer team in August to join Missouri's newly regulated online sports betting market on December 1.

The operator also introduced its new peer-to-peer fantasy sports product, FanDuel Picks, to 17 states throughout the US in August, allowing customers to select between three-to-six players, choose "more" or "less" on projected stat lines and set their wager amount.

FanDuel Picks users will then earn points for every correct selection, and customers with the highest score win a share of the prize pool.

International operations

For Flutter's international revenue, the figure grew by 21% for a total of $2.4bn, driven primarily by a 31% increase in international iGaming revenue to $1.4bn. Sportsbook revenue in international markets totaled $982m for Q3 2025, representing an increase of 11% year-over-year. Similar to its US counterpart, total handle from international operations increased 13% to just over $7.9bn, while total monthly users grew 10% to 10.7m.

Cost of sales for international operations were nearly $1.2bn for Q3 2025, equating to growth of 30%. R&D and sales and marketing cost $109m and $413m, respectively, increasing 4% and 19% from the prior year period. However, total adjusted EBITDA for Flutter's international operations increased 10% for a total of $505m.

The UK and Ireland drove the highest amount of revenue for Flutter's international business, accounting for $853m and increasing 1%. The southern Europe and Africa region generated $743m of Q3 2025 revenue, representing a significant increase of 101%. Central and Eastern Europe revenue grew 14% to $151m, while Brazil operations accounted for $87m and increased 412%.

The only international region to witness a decrease in revenue year-over-year was Asia-Pacific, having fallen 12% to $363m due to a "110bps adverse swing" in sports results generated across Australia. Total adjusted EBITDA for Flutter's international operations increased 10% for a total of $505m.

In October 2025, at least 28 Paddy Power stores closed business in Ireland following company-wide consolidation and restructuring efforts by Flutter, with an additional 29 predicted to close across the UK in the coming months.

Despite iGaming growth across all international regions for Q2 2025, sportsbook revenue began to fall in Central and Eastern Europe, as well as the UK & Ireland, ultimately leading to Flutter's choice of closing numerous betting shops.

Dibz, an experimental platform released by Flutter in 2023 and serving as a bingo sports betting hybrid application, officially closed all UK operations on October 30. The correlation between Paddy Power and Dibz may have been for varying reasons, however, as Flutter stated the platform was shut down so it could analyze collected data and player trends.