Shares in Flutter Entertainment PLC (LSE:FLTR, NYSE:FLUT) fell 3% despite the world’s largest online sports betting and iGaming operator raising its full-year 2025 guidance after a strong second quarter, with performance largely anticipated by the market.
Revenue rose 16% year-on-year to $4.2 billion in the three months to 30 June, while adjusted earnings before interest, tax, depreciation and amortisation increased 25% to $919 million.
The United States business, led by FanDuel, delivered 17% revenue growth and a record $400 million in adjusted EBITDA. FanDuel maintained its lead in sportsbook market share and extended its top position in iGaming, where revenue climbed 42%.
International operations reported a 15% rise in revenue, supported by acquisitions including Snai and NSX. Net income fell 88% to $52 million, primarily due to non-cash charges including changes in the Fox Option valuation and increased amortisation of acquired intangibles.
Flutter raised its full-year 2025 revenue guidance to $17.3 billion, with adjusted EBITDA expected to reach $3.3 billion. Chief executive Peter Jackson said the results reflected “excellent underlying performance” and progress on key strategic initiatives.
While the [second quarter] results were good and accompanied by an upgrade, we do not believe they will provide further impetus to the share price," said Peel Hunt in a note.
The shares, up 6.4% in the last month, dropped 560p to 22,350p.