Flutter Lowers Full-Year Guidance as US Sportsbook Profits Dip
Group revenue rose 17% to $4.304 billion in the first quarter.
Flutter Entertainment (FLUT), the global betting and gaming operator, reported first-quarter revenue of $4.304 billion, a 17% increase from $3.665 billion in the prior-year period.
The results arrived alongside a strategic pivot in the company's corporate structure. Flutter announced it will delist its ordinary shares from the London Stock Exchange effective August 3, 2026, and will maintain its primary listing on the New York Stock Exchange.
Profitability margins tightened during the quarter. Group net income margin compressed 420 basis points to 4.9%, down from 9.1% in the first quarter of 2025. Adjusted EBITDA margin also fell 210 basis points to 14.7%.
In the United States, revenue grew 6% to $1.763 billion. A 19% increase in iGaming revenue offset a 1% rise in sportsbook revenue. However, US sportsbook adjusted EBITDA fell 26% to $119 million, which the company attributed to the Arkansas state launch and investments in prediction markets.
International revenue rose 27% to $2.541 billion, aided by the acquisitions of Betnacional and Snai. While international adjusted EBITDA grew 13% to $587 million, organic adjusted EBITDA declined 5% as the business shifted toward regions and products with higher costs of sale.
Average monthly players declined 3% to 14.38 million, a drop the company attributed to the closure of its India market. To optimize costs, Flutter said it will close the FanDuel Picks product and the FanDuel TV racing network in 2026.
The company lowered its full-year 2026 guidance. Revenue expectations were reduced to $18.305 billion from a previous estimate of $18.4 billion, while adjusted EBITDA guidance was cut to $2.865 billion from $2.97 billion.
Flutter also announced leadership changes following the departure of CEO Amy Howe. Christian Genetski assumed leadership of the FanDuel business, and Dan Taylor was appointed President of Flutter Entertainment to oversee both FanDuel and International operations.