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- **Revenue Growth**: 17% YoY revenue growth driven by 44% iGaming surge and disciplined sportsbook margin management.
- **Strategic Expansion**: $200-$300 million 2026 investment in FanDuel Predict to capture unregulated U.S. prediction markets.
- **Guidance Update**: Full year 2025 EBITDA reduced by $880 million due to sports results and strategic investments.
- **International Resilience**: 21% YoY international growth, with Turkey and Italy leading.
- **Cost Efficiency**: $300 million cost transformation program delivering $65 million annual Boyd savings.

**【CEO Summary Section】**
- Flutter reported Q3 2025 revenue growth of 17% YoY, driven by 44% iGaming revenue growth and 5% sportsbook handle growth. Adjusted EBITDA increased 6% YoY to $505 million.
- A $556 million non-cash impairment charge related to India's regulatory changes and a $205 million payment to Boyd for U.S. market access terms impacted net loss.
- Launched FanDuel Predict in December 2025, targeting unregulated U.S. states with a nationwide sports prediction product, with planned investments of $40-$50 million in Q4 2025 and $200-$300 million in 2026.
- U.S. sportsbook market share remained strong at 47% in September, despite elevated competitor generosity during NFL season start.
- International business grew 21% YoY, led by Turkey and Italy, with SNI and CCL acquisitions contributing 18 percentage points.

**【CFO Financial Commentary】**
- Group revenue: $16.69 billion (midpoint of updated guidance), +19% YoY; Adjusted EBITDA: $2.95 billion, +24% YoY.
- Q3 2025 net loss: $789 million (vs. $114 million prior year), driven by impairment charges and Boyd payment.
- Operating cash flow reduced by $81 million YoY due to Boyd payment; free cash flow reduced by $87 million YoY.
- Share repurchases of $225 million in Q3 and $245 million in Q4, completing $1.12 billion of 2025 buyback program.
- 2026 guidance includes $200-$300 million investment in FanDuel Predict, with focus on disciplined ROI monitoring.

**【Q&A Key Highlights】**
- **Prediction Markets Investment**: CFO Rob Coldrake stated Q4 2025 investment of $40-$50 million, with 2026 spend of $200-$300 million. CEO Jeremy Jackson emphasized disciplined customer acquisition and LTV monitoring.
- **U.S. Sportsbook Competition**: CFO highlighted Q4 2025 handle growth and NBA season strength, with 1,100bps improvement in parlay mix YoY. CEO noted competitor generosity moderation but elevated levels persist.
- **India Regulatory Impact**: CEO stated focus on free-to-play products in India, with lobbying efforts ongoing.
- **U.K. Market Resilience**: CFO noted 7% iGaming growth and confidence in SkyBet platform migration benefits.
- **Tax Risks**: CFO mentioned potential U.K. tax increases but confidence in Flutter's scale to mitigate impact.


Flutter Entertainment plc(FLUT)-20251113-2025 Q3 Earnings call transcript

Sports

Gaming

Other

The United States

The United Kingdom

Ireland

Australia

Italy

Rest of World

FLUT

FLUT fundamentals

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