Flutter Entertainment plc
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
FLUT$81.70-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0001628280-25-023168
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-07.
0001628280-25-038893
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 170 previous paragraphs and 228 current paragraphs.
88 unchanged; 52 reworded; 71 added; 28 removed; 2 previous and 17 current paragraphs rearranged.
Tables are not compared: 9 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (71)
Current report
On July 10, 2025, the Group entered into an agreement with Boyd Gaming Corporation to acquire the redeemable non-controlling of 5% held by Boyd Interactive Holdings L.L.C. (“Boyd”) in FanDuel Group Parent LLC (“FanDuel”) and terminate certain existing market access and retail agreements for an aggregate consideration of $1.76 billion, subject to certain adjustments (the “Boyd Transaction”). The Group also entered into new collaboration and market access agreements. The acquisition brings the Group’s holding in FanDuel to 100%. The transaction closed on July 31, 2025.
Current report
In recent months, we have seen several U.S. states enact gaming tax increases.
Current report
•On July 1, 2025, the state of Illinois introduced a betting transaction fee for licensed operators on all sports wagers placed within the state. In response, from September 1, 2025, FanDuel will introduce a new $0.50 transaction fee on each bet placed on our platform in Illinois. This decision reflects the significant increase in the cost of operating in Illinois driven by the new Illinois transaction fee. The introduction of this fee by the state follows a substantial increase in the betting tax rate in Illinois in 2024;
Current report
•From July 1 2025, New Jersey increased their gaming tax rates on both sports betting (from 13.5% to 19.75%) and gaming (from 15% to 19.75%);
Current report
The estimated impact from Illinois transaction fee for the fiscal 2025 is $5 million net, with a gross impact of $35 million mitigated by $30 million in other revenue from the proposed transaction fee. The estimated impact from the New Jersey and Louisiana tax increases for the fiscal 2025 is $35 million net, with a gross impact of $45 million and approximately 20% mitigation through locally optimized promotional and marketing spend. Maryland is estimated to have an impact of $10 million before any mitigation. We expect to mitigate a similar portion of this impact through locally optimized promotional and marketing spend.
Current report
Our revenue increased by 16%, to $4,187 million for the three months ended June 30, 2025, from $3,611 million for the three months ended June 30, 2024 and our AMPs increased 11% period over period to 16 million. The key driver of Group revenue growth was continued strong growth of our U.S. segment, with revenue increasing by 17% period over period, due to scaling of our U.S. business and strong growth in existing states (pre-2024 states). Revenue in our International segment increased by 15% period over period, primarily driven by (i) the acquisitions of Snai and NSX, which were consolidated for the first time during the second quarter of 2025 and contributed an 11% increase in revenue, and (ii)strong momentum in iGaming within our other brands with revenue increasing 14% period over period, partially offset by a decrease in sportsbook revenue in other brands of 5% driven by the prior period containing the European Football Championships (“Euros”) which accounted for 6% of stakes in the prior period.
Current report
Cost of sales increased by 21%, to $2,228 million for the three months ended June 30, 2025, from $1,835 million for the three months ended June 30, 2024. Cost of sales as a percentage of revenue increased period over period to 53% for the three months ended June 30, 2025 from 51% for the three months ended June 30, 2024. In our U.S. segment, cost of sales as a percentage of revenue decreased period over period by 90 basis points, from 54.9% for the three months ended June 30, 2024 to 54.0% for the three months ended June 30, 2025 primarily driven by (i) the benefit of a 50 basis points due to improvement in payment processing costs initiatives deployed in the second half of fiscal year 2024 and other cost initiatives which were partially offset by an increase in taxes in Illinois and (ii) the benefit of 40 basis points due to the impact of more favorable sports results in the current period when compared with the prior period which typically give rise to a lower cost of sales. Cost of sales as a percentage of revenue increased in our International segment by 320 basis points with the acquisition of Snai and NSX contributing 170 basis points of the period over period increase. The remaining 150 basis points of the increase was primarily driven by (i) a continued shift in revenue mix in favor of iGaming which incurs higher third-party costs than sportsbook and (ii) an increase in taxes in Central and Eastern Europe (CEE) and Betfair Brazil.
Current report
Technology, research and development expenses increased by 19%, to $256 million for the three months ended June 30, 2025 from $216 million for the three months ended June 30, 2024 primarily driven by (i) $13 million increase in our US segment primarily due to scaling of data storage and processing costs, (ii) $7 million of integration related expense primarily driven by the large-scale migration of Sky Betting & Gaming customers onto our shared UKI platform and migration of Pokerstars Italy to our Southern Europe and Africa (SEA) platform in the current period compared to other smaller migrations and integrations in the prior period and (iii) $5 million due to the consolidation of Snai and NSX.
Current report
Sales and marketing expenses increased by 6% to $789 million for the three months ended June 30, 2025, from $746 million for the three months ended June 30, 2024. Sales and marketing expenses as a percentage of revenue was 19% for the three months ended June 30, 2025, a decrease of 200 basis points from 21% for the three months ended June 30, 2024. In our US segment, sales and marketing expenses decreased by 13% period over period driven by heightened investment in the North Carolina launch in the prior year and a greater proportion of total marketing expenditure for fiscal year 2025 now expected to be incurred during the second half of fiscal year 2025 compared to the prior period. As a percentage of revenue, sales and marketing expenses decreased by 440 basis points period over period due to sustained operating leverage. In our International segment, sales and marketing expenses increased by $18 million or 5% with the acquisitions of Snai and NSX contributing to $37 million or 10% of the increase. As a percentage of revenue, sales and marketing expenses decreased by 150 basis points to 15.7% for the three months ended June 30, 2025 due to Euros related marketing expenses in the prior period which was offset by increased investment in Italy to support conversion of our retail customer base to online, and our growth plans in Turkey and Brazil in the current period. The decreases in our segment sales and marketing expenses as a percentage of revenue was offset by an increase of 90 basis points due to acceleration of amortization resulting from a change in estimated useful lives of acquired customer intangibles and amortization of acquired intangible assets from the Snai and NSX acquisitions.
Current report
General and administrative expenses increased by 18%, to $525 million for the three months ended June 30, 2025, from $445 million for the three months ended June 30, 2024. The increase was primarily as a result of (i) increased transaction fees and integration costs of $46 million which was primarily driven by (a) business process re-engineering cost and cost associated to our anticipated migration to a new enterprise resource planning system and (b) the acquisitions of Snai and NSX, (ii) an increase of $13 million due to the consolidation of Snai and NSX, (iii) increased share based compensation expense of $8 million due to an increase in stock price, timing of grants and number of grants awarded period over period and (iv) an increase in labor cost other than share based payments due to greater investment in the Group’s workforce.
Current report
Income tax expense increased by $115 million, to a $168 million income tax expense for the three months ended June 30, 2025, from a $53 million income tax expense for the three months ended June 30, 2024. The movement is primarily due to (i) the $50 million tax benefit in fiscal year 2024 related to utilization of U.S. federal deferred tax assets, (ii) $28 million of income tax expense resulting from the reorganization of our Betfair Brazil business in fiscal year 2025, and (iii) the income tax impact of loss-making jurisdictions, for which no benefit can be recognized, and return-to-provision adjustments.
Current report
Net income decreased by $260 million to $37 million for the three months ended June 30, 2025, from $297 million for the three months ended June 30, 2024 and net income margin decreased to 0.9% from 8.2% for the three months ended June 30, 2024, as a result of the factors above.
Current report
Total revenue for our U.S. segment increased by 17% to $1,791 million for the three months ended June 30, 2025, from $1,527 million for the three months ended June 30, 2024. AMPs grew by 2% period over period as we lapped the benefit of the North Carolina launch in March during the prior period. Pre-2024 states AMPs increased by 5% and pre-2022 states AMPs increased by 7%.
Current report
Sportsbook revenue increased by 11%, driven by increased stakes of 7% to $11,699 million and an improvement in net revenue margin. The increase in stakes was driven by an increase in player frequency with live-betting representing over half the stakes in the second quarter of 2025.
Current report
Sportsbook net revenue margin increased by 40 basis points to 10.4% for the three months ended June 30, 2025 compared to 10.0% for the three months ended June 30, 2024. This reflected structural revenue margin expansion of 70 basis points to 13.6% driven by our market leading pricing and risk capabilities and delivering continued increased penetration of parlay bets. The increase in structural revenue margin was partially offset by less favorable sports results of 30 basis points period over period (three months ended June 30, 2025: 80 basis points favorable, three months ended June 30, 2024: 110 basis points favorable).
Current report
Adjusted EBITDA for the U.S. was $400 million for the three months ended June 30, 2025, a $140 million increase compared to $260 million for the three months ended June 30, 2024. Adjusted EBITDA margin increased to 22.3% for the three months ended June 30, 2025 from 17.0% for the three months ended June 30, 2024. The improvements in Adjusted EBITDA margin were driven by (i) an increase in revenue of $264 million as a result of the factors above, (ii) a reduction in cost of sales as a percentage of revenue of 90 basis points from 54.9% for the three months ended June 30, 2024 to 54.0% for the three months ended June 30, 2025, primarily driven by (a) the benefit of 50 basis points due to improvement in payment processing costs initiatives deployed in the second half of fiscal year 2024 and other cost initiatives which were partially offset by an increase in taxes in Illinois and (b) the benefit of 40 basis points due to the impact of more favorable sports results in the current period when compared with the prior period which typically give rise to a lower cost of sales and (iii) a reduction in sales and marketing expenses as a percentage of revenue of 440 basis points from 16.6% for the three months ended June 30, 2024 to 12.2% for the three months ended June 30, 2025 due to (a) investment in North Carolina in the prior year, (b) sustained operating leverage and (c) a greater proportion of total marketing expenditure for fiscal year 2025 now expected to be incurred during second half of fiscal year 2025 compared to the prior period.
Current report
Total revenue for our International segment increased by 15% to $2,396 million for the three months ended June 30, 2025 from $2,084 million for the three months ended June 30, 2024 driven by a 15% increase in AMPs, with the acquisitions of Snai and NSX contributing an increase in revenue of 11%. Additionally, favorable changes in foreign currency exchange rates contributed to an increase in revenue of 3%.
Current report
Sportsbook revenue increased by 4% to $1,041 million for the three months ended June 30, 2025 from $997 million for the three months ended June 30, 2024, withthe acquisitions of Snai and NSX contributing an increase in revenue of 9%. Sportsbook stakes grew 7% period over period with Snai and NSX contributing 9% of the period over period growth offsetting the impact of the Euros in the prior period which accounted for 6% of handle in the prior period. Additionally, favorable changes in foreign currency exchange rate contributed revenue growth of 2%.
Current report
Sportsbook net revenue margin decreased by 30 basis points period over period to 13.1%. Structural revenue margin was flat period-over-period, as underlying pricing capability driven margin expansion was offset by faster growth in regions with lower margins including SEA, Brazil and CEE. A decrease in favorable sports results contributed to the decline with period-over-period impact of 90 basis points (three months ended June 30, 2025: 30 basis points favorable, three months ended June 30, 2024: 120 basis points favorable). A reduction in promotional spend of 60 basis points to 3.6% of stakes had a positive impact on net revenue margin, partially offsetting the impacts set out above.
Current report
iGaming revenue increased by 27% to $1,268 million for the three months ended June 30, 2025 from $997 million for the three months ended June 30, 2024, with the acquisitions of Snai and NSX contributing revenue growth of 13%. Additionally, revenue growth was driven by (i) strong performance in our other brands within SEA, continued momentum in India and double-digit growth in UKI due to higher engagement from new slots content and more targeted generosity partially offsetting the impact of slots limits and (ii) favorable changes in foreign currency exchange rates which contributed revenue growth of 4%.
Current report
Other revenue for the three months ended June 30, 2025 decreased by 3% driven by the lower commission from Betfair Exchange, partially offset by favorable changes in foreign currency exchange rates which contributed revenue growth of 4%.
Current report
UKI revenue grew by 1% period over period. UKI sportsbook revenue decreased by 12% due to a decrease in amounts staked of 3% driven by the Euros in the prior period, which accounted for 10% of overall volumes in the prior period. Adverse sports results also contributed to the decrease with period-over-period impact of 190 basis points with sports results in the three months ended June 30, 2025 being less favorable than those arising in the prior period (three months ended June 30, 2025: 0 basis points favorable, three months ended June 30, 2024: 190 basis points favorable). The overall decrease in sportsbook revenue was partially offset by a favorable change in foreign currency exchange rates which contributed revenue growth of 5%. UKI iGaming revenue grew 17% period-over-period driven by (i) continued product enhancements and generosity optimization, partially offsetting the impact of the Gambling Act review which led to player restrictions implemented during the quarter and (ii) a favorable change in foreign currency exchange rates which contributed revenue growth of 7%.
Current report
SEA revenue grew 68% period over period. The acquisition of Snai contributed revenue growth of 52% and a favorable change in foreign currency exchange rates contributed revenue growth of 5%. Sportsbook revenue for the region grew 64% due to (i) the acquisition of Snai which contributed an increase in revenue of 61%, (ii) a favorable change in foreign currency exchange rates which contributed revenue growth of 7%, (iii) revenue growth within our other brands, despite the prior period containing the Euros which accounted for 8% of stakes and (iv) an increase in structural revenue margin of 40 basis points offset by less favorable sporting results of 100 basis points period over period. iGaming revenue grew 70% period over period benefiting from (i) the acquisition of Snai which contributed an increase of 46%, (ii) continued momentum in our other brands in Italy and Turkey and (iii) favorable change in foreign currency exchange rates which contributed revenue growth of 3%. SEA Italian revenue grew by 67%, inclusive of Snai, and Turkey revenue grew by 87% period over period.
Current report
Asia Pacific (APAC) revenue was 4% higher period over period. Sportsbook revenue in Australia was 3% higher where a 6% decrease in amounts staked were partially offset by (i) a decrease in promotional spend due to optimized generosity and (ii) increased favorable sports results period over period. The increase in Sportsbook revenue was partially offset by unfavorable changes in foreign currency exchange rates which impacted revenue growth by 3%. iGaming growth in India of 24% primarily due to an increase in AMPs of 15% and improved monetization through pricing and bonus optimizations. The growth in India was impacted by unfavorable changes in foreign currency exchange rates which impacted revenue growth by 3%.
Current report
CEE revenue grew 8% primarily driven by iGaming growth of 13% due to (i) growth in Georgia and (ii) favorable change in foreign currency exchange rates which contributed revenue growth of 3%. The growth in iGaming was partially offset by a reduction in sportsbook revenue of 15%, primarily driven by the prior period containing the Euros which was partially offset by a favorable change in foreign currency exchange rates which contributed revenue growth of 4%.
Current report
Other regions revenue was 7% lower driven by the impact of market exits and regulatory change offset by a favorable change in foreign currency exchange rates which contributed revenue growth of 2%.
Current report
The overall decrease in Adjusted EBITDA margin was primarily driven by an increase in cost of sales as a percentage of revenue of 320 basis points from 42.9% for the three months ended June 30, 2024, to 46.1% for the three months ended June 30, 2025, with the acquisitions of Snai and NSX contributing 170 basis points of the period over period increase. The remaining 150 basis points of the increase was primarily driven by (i) a continued shift in revenue mix in favor of iGaming which incurs higher third-party costs than sportsbook and (ii) an increase in taxes in CEE and Betfair Brazil. The increase in cost of sales as a percentage of revenue was partly offset by a reduction in sales and marketing expenses as a percentage of revenue of 150 basis points from 17.2% for the three months ended June 30, 2024 to 15.7% for the three months ended June 30, 2025 due to Euros related marketing expenses in the prior period which more than offset increased investment in Italy to support conversion of our retail customer base to online, and our growth plans in Turkey and Brazil.
Current report
Six months ended June 30, 2025 compared to six months ended June 30, 2024:
Current report
Cost of sales increased by 15%, to $4,184 million for the six months ended June 30, 2025, from $3,628 million for the six months ended June 30, 2024. Cost of sales as a percentage of revenue increased period over period from 52% for the six months ended June 30, 2024 to 53% for the six months ended June 30, 2025. Cost of sales as percentage of revenue in our U.S. segment decreased period over period by 120 basis points from 56.9% for the six months ended June 30, 2024 to 55.7% for the six months ended June 30, 2025 primarily driven by (i) the benefit of 150 basis points primarily from the year-over-year favorable impact of increased player incentive investment in North Carolina in the prior year and payment processing and other costs initiatives, partially offset by the impact of an increase in taxes in Illinois and (ii) the adverse impact of 30 basis points due to more unfavorable sports results in the current period when compared with the prior period. Cost of sales as a percentage of revenue increased in our International segment by 200 basis points with the acquisitions of Snai and NSX contributing 100 basis points of the period over period increase. The remaining 100 basis points of the increase was primarily driven by (i) a continued shift in revenue mix in favor of iGaming which incurs higher third-party costs than sportsbook and (ii) an increase in taxes in CEE and Betfair Brazil.
Current report
Technology, research and development expenses increased by 16%, to $471 million for the six months ended June 30, 2025 from $406 million for the six months ended June 30, 2024, primarily driven by (i) a $39 million increase in our U.S. segment primarily due to scaling of data storage and processing costs, (ii) $12 million of integration related expense primarily driven by the large-scale migration of Sky Betting & Gaming customers onto our shared UKI platform and migration of our Pokerstars Italy customers to our SEA platform in the current period compared to other smaller migrations and integrations in the prior period and (iii) $5 million due to the consolidation of Snai and NSX.
Current report
Sales and marketing expenses increased by $2 million to $1,629 million for the six months ended June 30, 2025 compared to $1,627 million for the six months ended June 30, 2024. Sales and marketing expenses as a percentage of revenue was 21% for the six months ended June 30, 2025, a decrease of 200 basis points from 23% for the six months ended June 30, 2024. In our U.S. segment, sales and marketing expenses decreased by 12% period over period driven by heightened investment in the North Carolina launch in the prior year and a greater proportion of total marketing expenditure for fiscal year 2025 now expected to be incurred during second half of fiscal year 2025 compared to the prior period. As a percentage of revenue, sales and marketing expenses decreased by 580 basis points period over period due to sustained operating leverage. In our International segment, sales and marketing expenses increased by $10 million or 1% with the acquisitions of Snai and NSX contributing a $37 million or 5% of the increase. As a percentage of revenue sales and marketing expenses decreased by 100 basis points to 16.6% for the six months ended June 30, 2025 due to Euros related marketing expenses in the prior period which more than offset increased investment in Italy to support conversion of our retail customer base to online, and our growth plans in Turkey and Brazil. The decreases in our segment sales and marketing expenses as a percentage of revenue was offset by an increase of 50 basis points due to acceleration of amortization resulting from a change in estimated useful livesand amortization of acquired intangible assets from the Snai and NSX acquisitions.
Current report
General and administrative expenses increased by 12%, to $956 million for the six months ended June 30, 2025, from $854 million for the six months ended June 30, 2024. The increase was primarily as a result of (i) increased transaction fees and integration costs of $30 million which was primarily driven by (a) business process re-engineering cost and cost associated to our anticipated migration to a new enterprise resource planning system and (b) the acquisitions of Snai and NSX, (ii) an increase in share based compensation expenses of $19 million due to an increase in stock price, timing of grants and number of grants awarded period over period, (iii) an increase of $13 million due to the consolidation of Snai and NSX and (iv) an increase in other labor cost due to greater investment in the Group’s workforce.
Current report
Operating profit increased by $119 million to $612 million for the six months ended June 30, 2025, from $493 million for the six months ended June 30, 2024, as a result of the factors above.
Current report
Other income (expense), net increased by $227 million, to a $142 million income for the six months ended June 30, 2025, from a $85 million expense for the six months ended June 30, 2024. This increase was primarily driven by (i) a movement in the fair value change on the Fox Option liability of $216 million to a gain of $124 million for the six months ended June 30, 2025 from a loss of $93 million for the six months ended June 30, 2024; and (ii) the impact of foreign exchange gain (loss) which was a gain of $33 million for the six months ended June 30, 2025 compared to a loss of $11 million for the six months ended June 30, 2024, partially offset by (i) a decrease in fair value gain on derivative instruments of $22 million period over period and (ii) an increase in loss on settlement of debt of $9 million primarily driven by the settlement of the bridge facility during the six months ended June 30, 2025.
Current report
Interest expense, net decreased by $25 million, to $195 million for the six months ended June 30, 2025, from $220 million for the six months ended June 30, 2024, primarily due to a $59 million decrease in Term Loan and Revolving Credit Facility interest expense as a result of falling interest rates, a reduced margin on the Term Loan B resulting from a repricing, lower average drawings on the Revolving Credit Facility and repayment of the EUR TLB in 2024 partially offset by (i) a $22 million increase in interest expense arising from the Bridge Credit Agreement dated April 29, 2025 and, the Senior Secured Notes due 2032 and the USD First Lien Term Loan B due 2032 which were issued on June 4, 2025 and (ii) additional interest expense of $20 million on our Senior Secured Notes issued in April 2024 arising from an extra four months of interest being charged in fiscal year 2025.
Current report
Income tax expense increased by $119 million, to a $187 million income tax expense for the six months ended June 30, 2025, from a $68 million income tax expense for the six months ended June 30, 2024. The movement is primarily due to (i) the $50 million tax benefit in fiscal year 2024 related to utilization of U.S. federal deferred tax assets, (ii) $28 million of income tax expense resulting from the reorganization of our Betfair Brazil business in fiscal year 2025, and (iii) the income tax impact of loss-making jurisdictions, for which no benefit can be recognized, and return-to-provision adjustments.
Current report
Adjusted EBITDA increased by 23%, to $1,535 million for the six months ended June 30, 2025, from $1,252 million for the six months ended June 30, 2024. Adjusted EBITDA margin increased by 160 basis points from 17.9% to 19.5% reflecting the revenue performance and expenses trend outlined above.
Current report
U.S.
Current report
Total revenue for our U.S. segment increased by 18% to $3,457 million for the six months ended June 30, 2025, from $2,937 million for the six months ended June 30, 2024, reflecting AMPs growth of 6%.
Current report
Sportsbook revenue increased by 13%, driven by increased stakes of 8% to $26,305 million and improvement in net revenue margin. The increase in handle was driven by an increase in player frequency, scaling of our U.S. business and strong growth in pre-2024 states.
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Removed paragraphs (28)
Previous report
International
Previous report
There appears to be considerable interest in this tender, with between 40 and 50 operators expected to apply for these new licenses. These licenses will be valid for nine years and will cover all games that are not subject to exclusive licenses, such as online scratch cards. The new licenses are scheduled to take effect in the third quarter of 2025. Groups, such as Flutter, can hold a maximum of five licenses. At present, the Company does not expect a significant impact from these regulatory changes, given its reduced dependence on online advertising, its scale advantage and its retail presence in Italy. The above referenced legislative decree has also introduced provisions to promote the tender for the assignment of the Lotto License. Italian Lotto is currently managed by Lottoitalia s.r.l. (“Lottoitalia”), a joint venture company among IGT Lottery S.p.A., Italian Gaming Holding a.s. (Allwyn), Arianna 2001 (an entity associated with the Federation of Italian Tobacconists), and Novomatic Italia and the current license will terminate at the end of November 2025. The Lotto tender was published on January 10, 2025, with bids due by March 17, 2025. The Company has applied to the tender and has been formally admitted to the tender procedure. The award of the new Lotto license is expected within the next three months.
Previous report
Cost of sales increased by 9%, to $1,956 million for the three months ended March 31, 2025, from $1,793 million for the three months ended March 31, 2024. Cost of sales as a percentage of revenue remained consistent period on period at 53% for the three months ended March 31, 2025 and 2024, respectively. Cost of sales was impacted by increases in gaming taxes and partially offset by the decreases in the amortization in the acquired technologies.
Previous report
Technology, research and development expenses increased by 13%, to $215 million for the three months ended March 31, 2025 from $190 million for the three months ended March 31, 2024, primarily driven by continued investment in product development to enhance the customer proposition of our brands across the Group and increased labor costs as we continue to scale our business in the U.S.
Previous report
Sales and marketing expenses decreased by 5% to $840 million for the three months ended March 31, 2025, from $881 million for the three months ended March 31, 2024. Sales and marketing expenses as a percentage of revenue was 23% for the three months ended March 31, 2025, a decrease of 300 basis points from 26% for the three months ended March 31, 2024. This decrease was primarily driven by sustained operating leverage in the U.S.
Previous report
General and administrative expense increased by 5%, to $431 million for the three months ended March 31, 2025, from $409 million for the three months ended March 31, 2024. The increase was primarily as a result of (i) the continued expansion of our U.S. business; and (ii) an increase in labor cost due to greater investment in the Group’s workforce.
Previous report
Income tax expense increased by $4 million, to a $19 million income tax expense for the three months ended March 31, 2025, from a $15 million income tax expense for the three months ended March 31, 2024. The movement is primarily due to the change in amount and jurisdictional mix of profits in which the Group has a taxable presence, as well as the tax impact of discrete adjustments.
Previous report
Adjusted EBITDA for the U.S. was $161 million for the three months ended March 31, 2025, a $135 million increase compared to $26 million for the three months ended March 31, 2024. Adjusted EBITDA Margin increased to 9.7% for the three months ended March 31, 2025 from 1.8% for the three months ended March 31, 2024. The improvement in Adjusted EBITDA Margin reflects the sustained operating leverage progress we continue to see in our business. Cost of sales as a percentage of revenue of 57% was 170 basis points lower as compared to March 31, 2024, primarily reflecting the impact of increased North Carolina player incentive investment in the prior year. Sales and marketing expenses continued to deliver operating leverage and reduced by 750 basis points period over period as a percentage of revenue to 22% for the three months ended March 31, 2025.
Previous report
International
Previous report
UKI represents Sky Bet, Paddy Power and Betfair UK and Ireland operations as well as the tombola brand.
Previous report
Southern Europe and Africa comprises the Italian operations of our Sisal and PokerStars brands as well as Sisal’s business in Turkey and Morrocco.
Previous report
Asia Pacific includes our Sportsbet business in Australia and Junglee in India.
Previous report
Central and Eastern Europe comprises Adjarabet in Georgia and Armenia together with MaxBet in Serbia, Bosnia Herzegovina, North Macedonia and Montenegro.
Previous report
Brazil reflects our Betfair operations in the region.
Previous report
Sportsbook revenue decreased by 2% to $880 million for the three months ended March 31, 2025 from $900 million for the three months ended March 31, 2024 with a 6% decrease in amounts staked to $6,912 million during the three months ended March 31, 2024. The decrease in revenue reflected declining market trends in racing within UKI and Australia, which was offset by a shift to higher revenue margin same parlay products which have lower staking across our largest sports businesses in UKI, Australia and Italy and structural revenue margin improvement.
Previous report
iGaming revenue increased by 4% to $1,050 million for the three months ended March 31, 2025 from $1,006 million for the three months ended March 31, 2024, was driven by AMP growth of 9% primarily due to a strong performance in UKI and Southern Europe and Africa.
Previous report
Within Southern Europe and Africa (SEA), AMPs reached 1.8 million in the quarter, a growth of 25% which in turn drove the 14% growth in overall Southern Europe and Africa revenues. Sportsbook revenue for the region grew 27%, benefiting from expanded structural gross margin and favorable sports results and iGaming revenue grew 8% period over period benefiting from improved content. SEA Italian revenue grew 9% to $378 million with Turkey revenue growing 57% period over period, driven by AMP growth.
Previous report
Central and Eastern Europe revenue grew 15% primarily driven by strong performances in Georgia and Serbia.
Previous report
On April 29, 2025, the Company and certain of its subsidiaries entered into a definitive bridge credit agreement (the “Bridge Credit Agreement ”) with certain bank to draw down the senior secured first lien term loan comprising an aggregate Euro principal of €2.5 billion (the “Facility”) to fund, among others, the acquisition of Snai in full.
Previous report
The Company plans to use the Facility to:
Previous report
(i)finance or refinance amounts payable in connection with the acquisition of Snai;
Previous report
(ii)finance or refinance certain indebtedness as the Company may elect;
Previous report
(iii)pay fees and/or expenses in connection with the foregoing; and
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(iv)finance general corporate purposes and working capital of the Group.
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The Facility will:
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(i)mature April 29, 2026, with two six-month extension options; and
Previous report
Net cash used in investing activities decreased by $159 million, or 61%, for the three months ended March 31, 2025, to $100 million compared to $259 million for the three months ended March 31, 2024, the decrease was primarily driven by a decrease in capital expenditures period on period and cash payment of purchase consideration, net of cash acquired, for acquiring MaxBet in the three months ended March 31, 2024.
Previous report
For the three months ended March 31, 2025, net cash used in financing activities increased by $90 million, or 50%, to $271 million compared to $181 million for the three months ended March 31, 2024. The increase was primarily driven by repurchase of ordinary shares in the three months ended March 31, 2025 offset by a decrease in net repayment of long-term debt in the three months ended March 31, 2025.
Reworded paragraphs (52)
Previous wording
We operate a divisional management and operating structure across our geographic markets. Our segments have an empowered management team responsible for maintaining the momentum and growth in their respective geographic markets. Effective from the first quarter of fiscal 2025, the Company updated its internal reporting, including the information provided to the chief operating decision maker to assess segment performance and allocate resources, and, as a result, updated its reportable segments for the three months ended March 31, 2025.
Current wording
We operate a divisional management and operating structure across our geographic markets. Our segments have an empowered management team responsible for maintaining the momentum and growth in their respective geographic markets. Effective from the first quarter of fiscal 2025, the Company updated its internal reporting, including the information provided to the chief operating decision maker to assess segment performance and allocate resources, and, as a result, updated its reportable segments for the three and six months ended June 30, 2025.
Previous wording
Following these changes, the Company reports its consolidated financial statements based on two reportable segments:
Current wording
The Company reports its consolidated financial statements based on two reportable segments:
Previous wording
Segment results for the three months ended March 31, 2024, have been revised to reflect the change in reportable segments.
Current wording
Segment results for the three and six months ended June 30, 2024, have been revised to reflect the change in reportable segments.
Previous wording
We report our financial results in this quarterly report in accordance with accounting principles generally accepted in the U.S. (“GAAP”); however, management believes that certain non-GAAP financial measures provide investors with useful information to supplement our financial operating performance in accordance with U.S. GAAP. We believe Adjusted EBITDA and Adjusted EBITDA Margin, both on a Group-wide basis, provide visibility to the performance of our business by excluding the impact of certain income or gains and expenses or losses. Additionally, we believe these metrics are widely used by investors, securities analysts, ratings agencies and others in our industry in evaluating performance.
Current wording
We report our financial results in this quarterly report in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP” or “GAAP”); however, management believes that certain non-GAAP financial measures provide investors with useful information to supplement our financial operating performance in accordance with U.S. GAAP. We believe Adjusted EBITDA and Adjusted EBITDA Margin, both on a Group-wide basis, provide visibility to the performance of our business by excluding the impact of certain income or gains and expenses or losses. Additionally, we believe these metrics are widely used by investors, securities analysts, ratings agencies and others in our industry in evaluating performance.
Previous wording
On April 30, 2025, we completed the acquisition of 100% of the outstanding shares of Pluto (Italia) S.p.A, the holding company that owns Snaitech S.p.A (“Snai”), one of Italy’s leading omni-channel operators in the Sports betting and iGaming market, for consideration of approximately €2.3 billion ($2.6 billion). Snai will be included in the International segment from the second quarter of fiscal 2025. See Note 17 “Subsequent Events” to the unaudited condensed consolidated financial statements included in Part I, “Item 1. Financial Statements” of this Quarterly Report.
Current wording
On April 30, 2025, we completed the acquisition of 100% of the outstanding shares of Pluto (Italia) S.p.A, the holding company that owns Snaitech S.p.A (“Snai”), one of Italy’s leading omni-channel operators in the sports betting and iGaming market, for consideration of approximately $2.6 billion (€2.3 billion). Snai is included in the International segment from the date of acquisition.
Previous wording
In September 2024, we announced the acquisition of a 56% interest in NSX Group, a leading Brazilian operator of the Betnacional brand for cash consideration of approximately $346 million (Brazilian Real 1,981 million), subject to customary completion accounts adjustments with a redemption mechanism in the form of call and put options which allows us to acquire the remaining interest in year five and year ten following the completion date. We expect the acquisition to be completed in May 2025 subject to customary closing conditions.
Current wording
On May 14, 2025, we completed the acquisition of a 56% interest in NSX Group (“NSX”), a leading Brazilian operator of the Betnacional brand for a total consideration of BRL 3,819 million ($678 million) comprising of a provisional cash consideration of approximately BRL 1,981 million ($352 million) and non-cash consideration of BRL 1,910 million ($326 million), with a redemption mechanism in the form of call and put options which allows us to acquire the remaining interest in year five and year ten following the completion date. NSX is included in the International segment from the date of acquisition.
Previous wording
On July 1, 2024, the state of Illinois increased its tax on online sports betting. On June 1, 2025, the state of Maryland will increase its tax rate on online sports betting from 15% to 20%, New Jersey, North Carolina, Louisiana, Iowa and Massachusetts are similarly weighing tax increases through pending legislation.
Current wording
•On June 1, 2025, the state of Maryland increased its tax rate on online sports betting from 15% to 20%;
Previous wording
Our International segment operates in over 100 different countries in both locally regulated and locally unregulated markets with select markets discussed below.
Current wording
Our International segment operates in around 100 different countries in both locally regulated and locally unregulated markets with select markets discussed below.
Previous wording
In October 2024, the Irish government enacted the Irish Gambling Act, which introduced major reform and consolidation of gambling laws in Ireland, including the creation of a Gambling Regulatory Authority of Ireland (“GRAI”), which will have broad powers to publish further guidance and codes of conduct. While the legislation has been enacted, it is yet to be formally commenced. The new licensing framework is expected to be commenced on a phased basis, with the issuing of licenses by the GRAI expected to take place in 2025 or 2026.
Current wording
In October 2024, the Irish government enacted the Irish Gambling Act, which introduced major reform and consolidation of gambling laws in Ireland, including the creation of a Gambling Regulatory Authority of Ireland (“GRAI”), which will have broad powers to publish further guidance and codes of conduct. While the legislation has been enacted, it is yet to be formally commenced. The new licensing framework is expected to be commenced on a phased basis, with the issuing of licenses by the GRAI expected to take place in 2026.
Previous wording
In addition, the UK government’s ongoing review of the UK Gambling Act may result in more onerous regulation of the betting and gaming industry in Great Britain, part of our second-largest market, which could have a material adverse effect on our business, financial condition and results of operations.
Current wording
In addition, the UK government’s ongoing review of the UK Gambling Act may result in more onerous regulation of the betting and gaming industry in Great Britain, part of our second-largest market, which could have a material adverse effect on our business, financial condition and results of operations. The UK Gambling Commission recently published the outcome of its socially responsible incentives consultation, which limits wagering restrictions to ten times and prohibits mixed product promotions from January 2026.
Previous wording
Italy is the largest regulated gambling market in the European Union. In recent years, the regulatory framework in Italy has tightened with a ban on online advertising issued in 2019. In August 2023, the Italian government approved the terms of a new legislative decree to reorganize the entire gambling sector with the primary objective of improving player protection, combating illegal gambling and increasing tax revenues through a new licensing framework. The first operational step was the approval of a decree in March 2024 to initiate the reorganization of the online sector through the issuing in December 2024 of a call for tenders for new online gaming licenses, with bids due by May 30, 2025.
Current wording
Italy is the largest regulated gambling market in the European Union. In recent years, the regulatory framework in Italy has tightened with a ban on online advertising issued in 2019. In August 2023, the Italian government approved the terms of a new legislative decree to reorganize the entire gambling sector with the primary objective of improving player protection, combating illegal gambling and increasing tax revenues through a new licensing framework. The first operational step was the approval of a decree in March 2024 to initiate the reorganization of the online sector through the issuing in December 2024 of a call for tenders for new online gaming licenses. The bids for new online gaming licenses were submitted on May 30, 2025. These licenses are valid for nine years and cover all games that are not subject to exclusive licenses, such as online scratch cards. On July 1, 2025, Italy’s Agenzia delle dogane e dei Monopoli (“ADM”) confirmed that 46 applications have been approved for new online gaming licenses in the country. Flutter is awaiting official confirmation of the assignment of the five licenses for all the brands we operate in Italy (confirmation expected by the end of September 2025).
Previous wording
On January 1, 2025, Brazil launched its regulated market for online sports betting and casino. We received a provisional license from the Ministry of Finance, Brazil on December 31, 2024 and launched Betfair in Brazil on January 1, 2025. On February 7, 2025, we received a full license from the Ministry of Finance, Brazil.
Current wording
On January 1, 2025, Brazil launched its regulated market for online sports betting and casino. We received a provisional license from the Ministry of Finance, Brazil on December 31, 2024 and launched Betfair in Brazil on January 1, 2025. On February 7, 2025, we received a full license from the Ministry of Finance, Brazil. On May 14, 2025, Flutter completed its acquisition of a 56% interest in NSX operator of the Betnacional brand in Brazil. On May 29, 2025, Brazil’s Senate approved a bill implementing new rules to ban betting advertising during live sports broadcasts and prohibit the use of celebrities, influencers, and active athletes in gambling promotions. The bill will now be deliberated in the Chamber of Deputies. In June 2025, Brazil’s government published a provisional measure that if approved in Congress would raise the gross gaming revenue tax rate from 12% to 18%.
Previous wording
Among the other international markets in which we operate, Turkey, Georgia, Serbia, India and Spain are our five largest markets after UK&I, Italy and Australia.
Current wording
Among the other international markets in which we operate, Turkey, Georgia, Spain, Serbia and India are our five largest markets after UKI, Italy and Australia.
Previous wording
In circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the Group level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the Group level. AMPs presented above reflects a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Current wording
In circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the Group level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the Group level. AMPs presented above reflect a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Previous wording
Net income (loss) margin is net income (loss) divided by revenue.
Current wording
Net income margin is net income divided by revenue.
Previous wording
Operating profit increased by $99 million to $223 million for the three months ended March 31, 2025, from $124 million for the three months ended March 31, 2024, as a result of the factors above.
Current wording
Operating profit increased by $20 million to $389 million for the three months ended June 30, 2025, from $369 million for the three months ended June 30, 2024, as a result of the factors above.
Previous wording
Other income (expense), net increased by $390 million, to a $216 million income for the three months ended March 31, 2025, from a $174 million expense for the three months ended March 31, 2024. This increase was primarily driven by (i) a movement in the fair value change on the Fox Option liability by $389 million to a gain of $205 million for the three months ended March 31, 2025 from a loss of $184 million for the three months ended March 31, 2024; and (ii) the impact of foreign exchange gain (loss) which was a gain of $8 million for the three months ended March 31, 2025 compared to a loss of $3 million for the three months ended March 31, 2024, partially offset by a decrease in fair value gain on derivative instruments of $16 million for the three months ended March 31, 2025 when compared to the three months ended March 31, 2024.
Current wording
Other (expense) income, net decreased by $163 million, to a $74 million expense for the three months ended June 30, 2025, from a $89 million income for the three months ended June 30, 2024. This decrease was primarily driven by the movement in the fair value (loss) gain on the Fox Option liability of $172 million to a loss of $81 million for the three months ended June 30, 2025 from a gain of $91 million for the three months ended June 30, 2024, partially offset by the impact of foreign exchange gain (loss) which was a gain of $25 million for the three months ended June 30, 2025 compared to a loss of $8 million for the three months ended June 30, 2024.
Previous wording
Interest expense, net decreased by $27 million, to$85 million for the three months ended March 31, 2025, from $112 million for the three months ended March 31, 2024, due to (i) a $38 million decrease in Term Loan and Revolving Credit Facility interest expense as a result of falling interest rates, a reduced margin on the Term Loan B and lower drawings on the Revolving Credit Facility; and (ii) a $4 million increase in interest income for the three months ended March 31, 2025 resulting from increased cash and cash equivalent balances; and (iii) additional interest expense of $15 million on our Senior Secured Notes issuedin April 2024.
Current wording
Interest expense, net increased by $2 million, to $110 million for the three months ended June 30, 2025, from $108 million for the three months ended June 30, 2024, primarily due to a $22 million increase in interest expense arising from the Bridge Credit Agreement dated April 29, 2025, the Senior Secured Notes due 2032 and the USD First Lien Term Loan B due 2032 which were both issued on June 4, 2025 offset primarily by a $21 million decrease in Term Loan and Revolving Credit Facility interest expense as a result of falling interest rates, a reduced margin on the Term Loan B resulting from a repricing and lower average drawings on the Revolving Credit Facility.
Previous wording
Adjusted EBITDA increased by 20%, to $616 million for the three months ended March 31, 2025, from $514 million for the three months ended March 31, 2024. Adjusted EBITDA Margin increased by 170 basis points from 15.1% to 16.8% reflecting the revenue performance and expenses trend outlined above.
Current wording
Adjusted EBITDA increased by 25%, to $919 million for the three months ended June 30, 2025, from $738 million for the three months ended June 30, 2024. Adjusted EBITDA margin increased by 150 basis points from 20.4% to 21.9% reflecting the revenue performance and expenses trends outlined above.
Previous wording
Total U.S. AMPs is not a sum total of the AMPs for each product category because in circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the U.S. segment level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the U.S. segment level. AMPs presented above reflects a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Current wording
Total U.S. AMPs is not a sum total of the AMPs for each product category because in circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the U.S. segment level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the U.S. segment level. AMPs presented above reflect a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Previous wording
iGaming revenue for the three months ended March 31, 2025 increased by 32% driven by an increase in AMPs of 28% period on period to 1 million for the three months ended March 31, 2025 as compared to 0.8 million for the three months ended March 31, 2024, driven by the launch of site-wide jackpots and the roll out of more exclusive content, including the first of our quarterly installments of the iconic Huff 'n Puff family of games reflecting our focus on direct casino customer preferences.
Current wording
iGaming revenue for the three months ended June 30, 2025 increased by 42% driven by an increase in AMPs of 32% period over period to 0.9 million for the three months ended June 30, 2025 compared to 0.7 million for the three months ended June 30, 2024 and an increase in player frequency driven by the launch of site-wide jackpots and the roll out of new titles to the platform.
Previous wording
Other revenue for the three months ended March 31, 2025 decreased by 9% period on period mainly due to a decline in DFS where a portion of our DFS player base has migrated some or all of their play to our sportsbook product.
Current wording
Other revenue for the three months ended June 30, 2025 decreased by 8% period over period mainly due to a decline in DFS where a portion of our DFS player base has migrated some or all of their play to our sportsbook product.
Previous wording
Total International AMPs is not a sum total of the AMPs for each product category because in circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the International segment level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the International segment level. AMPs presented above reflects a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Current wording
Total International AMPs is not a sum total of the AMPs for each product category because in circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the International segment level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the International segment level. AMPs presented above reflect a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Previous wording
Other regions comprises PokerStars’ non-Italian operations and Betfair’s non-Brazilian business.
Current wording
Other regions is comprised of PokerStars’ non-Italian operations and Betfair’s non-Brazilian business.
Previous wording
Brazil revenue was 44% lower reflecting the transitory impact of customer re-registration friction in the newly regulated market.
Current wording
Brazil revenue grew 144% period over period with NSX contributing 185% of revenue growth. The increase in revenue was partially offset by an unfavorable change in foreign currency exchange rates which contributed a revenue decline of 31%. Betfair Brazil revenue decreased period over period due to (i) adverse sports results and (ii) customer re-registration friction in the newly regulated market.
Previous wording
Adjusted EBITDA for International was $518 million for the three months ended March 31, 2025, a 1% decrease from $524 million for the three months ended March 31, 2024, and Adjusted EBITDA Margin decreased by 50 basis points to 25.9% for the three months ended March 31, 2025. The decrease was primarily driven by tax increases in Central and Eastern Europe.
Current wording
Adjusted EBITDA for International was $591 million for the three months ended June 30, 2025, a 13% increase from $523 million for the three months ended June 30, 2024, and Adjusted EBITDA margin decreased by 40 basis points to 24.7% for the three months ended June 30, 2025. The acquisitions of Snai and NSX contributed to the increase in Adjusted EBITDA by $33 million and the decrease in Adjusted EBITDA margin by 110 basis points.
Previous wording
Our revenue increased by 8%, to $3,665 million for the three months ended March 31, 2025, from $3,397 million for the three months ended March 31, 2024 and our AMPs increased 8% period on period to 14.9 million. The key driver of Group revenue growth was continued strong revenue growth of our U.S. segment, with revenue increasing by 18% period on period, due to scaling of our U.S. business and strong growth in existing states (pre-2024 states) despite unfavorable sports results primarily relating to the “March Madness” NCAA college basketball tournament during the three months ended March 31, 2025. Our revenue in the International segment increased by 1% period on period, primarily driven by strong momentum in iGaming with revenue increasing 4% period on period offset by a decrease in Sportsbook revenue of 2% period on period.
Current wording
Our revenue increased by 12%, to $7,852 million for the six months ended June 30, 2025, from $7,008 million for the six months ended June 30, 2024 and our AMPs increased 10% period over period to 15.4 million. This was primarily driven by the continued strong revenue growth of our U.S. segment, with revenue increasing by 18% period over period, due to scaling of our U.S. business and strong growth in existing states (pre-2024 states). Our revenue in the International segment increased by 8% period over period, driven by (i) our acquisitions of Snai and NSX which contributed revenue growth of 6% and (ii) strong momentum in iGaming within our other brands with revenue increasing 9% period over period, partially offset by a decrease in sportsbook revenue of 4% in our other brands due to a decrease in stakes of 4%driven by the prior period containing the Euros.
Previous wording
Net income (loss) increased by $512 million to $335 million net income for the three months ended March 31, 2025, from a net loss of $177 million for the three months ended March 31, 2024 and net income margin increased to 9.1% from 5.2% net loss marginfor the three months ended March 31, 2024, as a result of the factors above.
Current wording
Net income increased by $252 million to $372 million for the six months ended June 30, 2025, from $120 million for the six months ended June 30, 2024 and net income margin increased to 4.7% from 1.7% for the six months ended June 30, 2024, as a result of the factors above.
Previous wording
Total revenue for our U.S. segment increased by 18% to $1,666 million for the three months ended March 31, 2025, from $1,410 million for the three months ended March 31, 2024, reflecting AMPs growth of 11%. Sportsbook revenue increased by 15%, with amounts staked up 8% to $14,606 million and AMPs 9% higher at 3.6 million due to scaling of our U.S. business and strong growth in pre-2024 states. Sportsbook net revenue margin increased to 7.8% for the three months ended March 31, 2025 compared to 7.3% for the three months ended March 31, 2024. This reflected (i) continued expansion of our expected sportsbook net revenue margin by 50 basis points, driven by our market leading pricing and risk capabilities and increase in Same Game parlay penetration of 260 basis points across NFL and NBA; and (ii) an increase driven by player incentive spend of 50 basis points as we lapped the impact of state launch investment in North Carolina in the prior year. These improvements in sportsbook net revenue margin were partly offset by unfavorable sports results relating to the “March Madness” NCAA college basketball tournament during the three months ended March 31, 2025. There was a 70 basis points adverse impact from unfavorable sports results compared with the prior period (sports results for the three months ended March 31, 2025: 200 basis points unfavorable; for the three months ended March 31, 2024: 130 basis points unfavorable).
Current wording
Sportsbook net revenue margin increased by 40 basis points to 8.9% for the six months ended June 30, 2025 compared to 8.5% for the six months ended June 30, 2024. This reflected (i) continued expansion of our expected sportsbook net revenue margin by 70 basis points to 13.6%, driven by our market leading pricing and risk capabilities and increase in Same Game parlay penetration and (ii) a decrease in player incentive spend of 30 basis points as we lapped the impact of state launch investment in North Carolina in the prior year. These improvements in sportsbook net revenue margin were partially offset by unfavorable sports results primarily relating to the “March Madness” NCAA college basketball tournament during the six months ended June 30, 2025. There was a 50 basis points adverse impact from unfavorable sports results compared with the prior period (sports results for the six months ended June 30, 2025: 70 basis points unfavorable; for the six months ended June 30, 2024: 20 basis points unfavorable).
Previous wording
Total revenue for our International segment increased by 1% to $1,999 million for the three months ended March 31, 2025 from $1,987 million for the three months ended March 31, 2024, in addition to an 8% increase in AMPs.
Current wording
Total revenue for our International segment increased by 8% to $4,395 million for the six months ended June 30, 2025 from $4,071 million for the six months ended June 30, 2024, in addition to an 11% increase in AMPs. The increase of revenue was partially driven by the acquisitions of Snai and NSX, which contributed to an increase in revenue of 6%.
Previous wording
Sportsbook net revenue margin expanded by 50 basis points period over period to 12.7% driven bystructural revenue margin improvement of 110 basis points to 16.9% driven by our market-leading pricing and risk management capabilities along with increased Parlay product penetration across our largest sports businesses in UKI, Australia and Italy. These increase were partially offset by less favorable sport results of 10 basis points period over period (three months ended March 31, 2025: 20 basis points favorable impact; three months ended March 31, 2024: 30 basis points favorable impact) and increased promotional spend of 50 basis points to 4.4% of handle, with UKI re-investment of favorable sporting results into enhanced customer generosity being partially offset by increasingly sophisticated generosity targeting in Asia Pacific.
Current wording
Sportsbook net revenue margin expanded by 10 basis points period over period to 12.9% driven by (i) structural revenue margin improvement of 50 basis points to 16.6% driven by our market-leading pricing and risk management capabilities along with increased Parlay product penetration across our largest sports businesses in UKI and Australia and (ii) a decrease of 10 basis points in customer generosity period over period. These increases were partially offset by less favorable sport results of 50 basis points period over period (six months ended June 30, 2025: 20 basis points favorable impact; six months ended June 30, 2024: 70 basis points favorable impact).
Previous wording
Other revenue for the three months ended March 31, 2025 decreased by 15% drivenbythe lower commission from Betfair Exchange.
Current wording
Other revenue for the six months ended June 30, 2025 decreased by 9% driven by the lower commission from Betfair Exchange.
Previous wording
UKI revenue grew 2% period over period. UKI Sportsbook revenue was down 2% with lower horse racing handle outside of major festivals, including Cheltenham, partly offset by continued expansion in structural gross win margin driven by ongoing investment in sports product, including Super Sub, to offer even more markets helping drive increased parlay penetration. UKI iGaming grew 9% year-over-year driven by the roll out of premium and bespoke games.
Current wording
UKI revenue grew 2% period over period. UKI sportsbook revenue was down 7% driven by (i) lower handle of 5% due to the Euros during the prior period and a decrease in horse racing handle outside of major festivals, including Cheltenham, (ii) a decrease in favorable sports results of 70 basis points period over period and (iii) an increase in customer generosity of 70 basis points partly offset by continued expansion in structural revenue margin of 100 basis points driven by ongoing investment in sports products, including Super Sub, to offer even more markets, helping drive increased parlay penetration. The decrease in sportsbook revenue was partially offset by a favorable change in foreign currency exchange rates which contributed revenue growth of 2%. UKI iGaming grew 13% year-over-year driven by (i) continued product enhancements and generosity optimization, offsetting the impact of the Gambling Act Review which led to player restrictions implemented during the quarter and (ii) favorable change in foreign currency exchange rates which contributed revenue growth of 3%.
Previous wording
APAC revenue was 13% lower driven by 18% lower sportsbook revenues in Australia, where unfavorable sports results compounded the previously highlighted horse racing market softness, which was offset by strong iGaming growth in India of 45%.
Current wording
APAC revenue was 4% lower driven by 7% lower sportsbook revenues in Australia due to (i) a decrease in amounts staked of 7% resulting from the previously highlighted horse racing market softness and (ii) less favorable sports results period over period which were partially offset by a decrease in customer incentive spend due to optimized generosity. The decrease in sportsbook revenue was also impacted by an unfavorable change in foreign currency exchange rates which contributed a revenue decline of 3%. The decrease in sportsbook revenue was partially offset by strong iGaming growth in India of 32%, which was also impacted by an unfavorable change in foreign currency exchange rates which impacted revenue growth by 6%.
Previous wording
Other regions revenue was 12% lower driven by the impact of market exits and regulatory change.
Current wording
Other regions revenue was 10% lower driven by the impact of market exits and regulatory change.
Previous wording
Adjusted EBITDA is defined on a Group basis as income (loss) before income taxes; other income (expense), net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; legal settlements; impairment of property and equipment and intangible assets and share-based compensation charge. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue.
Current wording
Adjusted EBITDA is defined on a Group basis as income (loss) before income taxes; other (expense) income, net; interest expense, net; depreciation and amortization; transaction fees and associated costs; restructuring and integration costs; legal settlements; impairment of property and equipment and intangible assets and share-based compensation charge. Adjusted EBITDA Margin is Adjusted EBITDA as a percentage of revenue.
Previous wording
•Other income (expense), net is excluded because it is not indicative of our core operating performance.
Current wording
•Other (expense) income, net is excluded because it is not indicative of our core operating performance.
Previous wording
Fees primarily associated with (i) transaction costs of $1 million related to Snai and NSX during the three months ended March 31, 2025; and (ii) advisory fees of $29 million related to implementation of internal controls, information system changes and other strategic advisory related to the change in the primary listing of the Group during the three months ended March 31, 2024.
Current wording
During the three and six months ended June 30, 2025, transaction costs of $19 million and $20 million, respectively, relate to the Snai and NSX acquisitions. During the three and six months ended June 30, 2024, advisory fees of $16 million and $45 million, respectively, primarily relate to implementation of internal controls, information system changes and other strategic advisory related to the change in the primary listing of the Group.
Previous wording
During the three months ended March 31, 2025, costs of $41 million (three months ended March 31, 2024: $23 million) primarily relate to various restructuring and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.
Current wording
During the three and six months ended June 30, 2025, costs of $70 million and $111 million, respectively, (three and six months ended June 30, 2024: $22 million and $45 million, respectively) primarily relate to various restructuring, acquisition integration and other strategic initiatives to drive synergies. The programs are expected to run until 2027. These actions include efforts to consolidate and integrate our technology infrastructure, back-office functions and relocate certain operations to lower cost locations. It also includes business process re-engineering cost, planning and design of target operating models for the Group's enabling functions and discovery and planning related to the Group's anticipated migration to a new enterprise resource planning system. The costs primarily include severance expenses, advisory fees and temporary staffing costs.
Previous wording
Our principal sources of liquidity are our cash and cash equivalents, cash generated from operations, and borrowings from various financial institutions and debt investors. We expect to continue to have cash requirements to support working capital needs and capital expenditures, to pay interest and service our long-term debt, to service our obligations under our operating leases, and to repurchase our ordinary shares subject to economic and market conditions and our capital requirements, and otherwise as described below under “—Other Purchase Obligations.” We believe we have the ability and sufficient capacity to meet these cash requirements in the short term and long term by using available cash, internally generated funds and borrowings under the Group’s £1.05 billion committed revolving credit facility. As of March 31, 2025, we had $1,537 million of cash and cash equivalents available for corporate use.
Current wording
Our principal sources of liquidity are our cash and cash equivalents, cash generated from operations, and borrowings from various financial institutions and debt investors. We expect to continue to have cash requirements to support working capital needs and capital expenditures, to pay interest and service our long-term debt, to service our obligations under our operating leases, and to repurchase our ordinary shares subject to economic and market conditions and our capital requirements, and otherwise as described below under “Other Purchase Obligations.” We believe we have the ability and sufficient capacity to meet these cash requirements in the short term and long term by using available cash, internally generated funds and borrowings under the Group’s £1.05 billion committed revolving credit facility. As of June 30, 2025, we had $1,691 million of cash and cash equivalents available for corporate use.
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Rearranged current paragraphs (17)
Current report — wording carried from elsewhere
•From August 1 2025, the state of Louisiana will increase its tax rate on online sports betting from 15% to 21.5%.
Current report — wording carried from elsewhere
The following table presents our AMPs for the Group, by total Group and by product category for the interim periods indicated:
Current report — wording carried from elsewhere
In circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the Group level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the Group level. AMPs presented above reflect a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Current report — wording carried from elsewhere
The following table presents a summary of our financial results for the periods indicated and is derived from our condensed consolidated financial statements for the interim periods indicated:
Current report — wording carried from elsewhere
Net income margin is net income divided by revenue.
Current report — wording carried from elsewhere
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See “—Supplemental Disclosure of Non-GAAP Measures” for additional information about these measures and reconciliations to the most directly comparable financial measures calculated in accordance with U.S. GAAP.
Current report — wording carried from elsewhere
Operational and Financial Metrics by Segment
Current report — wording carried from elsewhere
The following table presents a summary of our operational metrics for the U.S. segment for the interim periods indicated.
Current report — wording carried from elsewhere
Total U.S. AMPs is not a sum total of the AMPs for each product category because in circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the U.S. segment level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the U.S. segment level. AMPs presented above reflect a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Current report — wording carried from elsewhere
The following table presents our revenue, Adjusted EBITDA and Adjusted EBITDA margin for the U.S. segment for the interim periods indicated.
Current report — wording carried from elsewhere
Other revenue for the six months ended June 30, 2025 decreased by 9% period over period mainly due to a decline in DFS where a portion of our DFS player base has migrated some or all of their play to our sportsbook product.
Current report — wording carried from elsewhere
The following table presents a summary of our operational metrics for the International segment for the interim periods indicated.
Current report — wording carried from elsewhere
Total International AMPs is not a sum total of the AMPs for each product category because in circumstances where a player uses multiple product categories within one brand, we are generally able to identify that it is the same player who is using multiple product categories and therefore count this player as only one AMP at the International segment level while also counting this player as one AMP for each separate product category that the player is using. As a result, the sum of the AMPs presented at the product category level presented above is greater than the total AMPs presented at the International segment level. AMPs presented above reflect a level of duplication that arises from individuals who use multiple brands or product offerings. See “—Key Operational Metrics” above for additional information regarding how we calculate AMPs data, including a discussion regarding duplication of players that exists in such data.
Current report — wording carried from elsewhere
The following table presents our revenue, Adjusted EBITDA and Adjusted EBITDA margin for the International segment for the interim periods indicated.
Current report — wording carried from elsewhere
The following tables present the International segment disaggregated revenue:
Current report — wording carried from elsewhere
Other regions is comprised of PokerStars’ non-Italian operations and Betfair’s non-Brazilian business.
Current report — wording carried from elsewhere
The Group was required to allocate goodwill in the previous International reporting unit to the newly identified reporting units based on their relative fair values.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
The other terms of the Bridge Credit Agreement are substantially similar to the terms of the Term Loan A, Term Loan B and Revolving Credit Facility Agreement dated as of November 24, 2023 (and as amended from time to time) entered into between, amongst others, the Company and J.P. Morgan SE as Administrative Agent.
Previous report — wording carried elsewhere
Three months ended March 31, 2025 compared to three months ended March 31, 2024: