Flutter misses forecasts despite strategic expansion
Gambling giant Flutter Entertainment plc has reported solid annual growth but disappointed investors with weaker-than-expected fourth-quarter results and softer guidance, sending its shares down about nine percent.
In its annual report for the year ended December 31, 2025, filed with the US Securities and Exchange Commission, the Ireland-based gambling operator said it remains the world’s largest online sports betting and iGaming business by revenue. iGaming accounted for 44 percent of total group revenue, supporting international digital performance alongside its core sportsbook operations.
Flutter’s portfolio, including US market leader FanDuel and international brands such as PokerStars, Sky Betting & Gaming, Sportsbet (Sportsbet review) and Sisal, generated approximately $16.38 billion in revenue in fiscal 2025, supported by 15.9 million average monthly online players.
Strategic moves during the year included the acquisition of Snai and the consolidation of its stake in FanDuel. The company also launched FanDuel Predicts, a prediction-markets product developed in partnership with CME Group, marking a step into adjacent wagering verticals.
However, despite 17 percent year-on-year revenue growth, Flutter’s full-year performance came in below earlier projections of up to $17.3 billion and slightly under revised guidance. Fourth-quarter earnings per share and revenue both missed analyst expectations, while 2026 guidance for revenue and profit was also softer than forecast, reflecting more moderate customer engagement and a competitive US environment.
The filing also highlighted regulatory and legal uncertainties across jurisdictions as ongoing risk factors, warning that evolving laws and shifting public sentiment could affect operations, partnerships and expansion plans.
In the United States, FanDuel’s sportsbook operated in 25 states with online casino products live in five, while Flutter’s international business spanned roughly 100 markets.
