Flutter Posts 17% Revenue Jump in Q1 2026, Reshuffles Leadership

Flutter Entertainment reported Q1 2026 group revenue of $4.30bn, up 17% year-over-year, driven by the acquisitions of Italy’s Snai and Brazil’s Betnacional, a favorable sports results swing, and sustained iGaming momentum across all regions. Net income fell to $209m from $335m in Q1 2025, while adjusted EBITDA reached $631m, up 2%.

Alongside the financials, the company announced a structural leadership change. Dan Taylor, previously CEO of Flutter International, has been appointed President of Flutter Entertainment, taking on oversight of the FanDuel business. Amy Howe has left the company, and Christian Genetski, previously President of FanDuel, will now lead the US operation. CEO Peter Jackson framed the move as preparation for Flutter’s next growth phase.

US: Recovery Signs, but Sportsbook Still Rebuilding

US revenue reached $1.76bn, up 6%, with iGaming growing 19% and sportsbook up 1%. Flutter said US revenue came in around $90m ahead of Q1 guidance excluding a $45m sports results headwind. FanDuel retained its number-one positions in both verticals, holding 39% sportsbook GGR market share and 27% in iGaming.

The sportsbook drag traces back to Q4 2025, when unfavorable recycling and customer churn left FanDuel with a smaller active base than expected entering the year. Sportsbook AMPs were 6% lower year-over-year in Q1, though monthly trends improved. January’s 5% AMP decline turned to 1% growth by March.

Flutter’s sportsbook recovery program includes a new loyalty scheme launched in April, the Bet Protect+ parlay insurance mechanic, and product changes to Same Game Parlay and live streaming. A full loyalty rollout is planned ahead of the 2026/27 NFL season.

US adjusted EBITDA came in at $119m, down 26% year-over-year, reflecting investment in the FanDuel Predicts prediction markets product and the accelerated Arkansas state launch, which added $35m in 2026 costs not previously included in guidance. Flutter said Arkansas performance exceeded expectations.

International: Acquisitions Drive Growth

International revenue hit $2.54bn, up 27% year-over-year, or 18% in constant currency, though organic revenue was flat. Sportsbook grew 22% and iGaming 32% internationally, both supported by M&A.

The Southern Europe & Africa region, which includes Italy, recorded 110% revenue growth after the Snai acquisition. On an organic basis, SEA AMPs grew 26% and revenue 23%. Flutter reported a 31% online market share in Italy, where Sisal’s MyCombo Same Game Parlay product now accounts for roughly half of pre-match soccer handle, with more than 30% of bets carrying five or more legs. Snai’s migration to Sisal’s product stack completed at the end of April, opening access to Sisal’s full product suite from Q2.

In Brazil, Betnacional AMPs grew over 40% year-over-year. Flutter is preparing to integrate its proprietary pricing engine into the product ahead of the FIFA World Cup, which the company sees as a Q2 and Q3 growth opportunity.

UKI iGaming delivered 14% revenue growth in Q1, before the UK iGaming duty increase from 19% to 40% took effect on April 1. Flutter said market conditions stayed stable heading into the change and expects to benefit from less profitable operators reducing marketing and generosity spend.

Flutter revised its full-year 2026 guidance to $18.31bn in revenue and $2.87bn in adjusted EBITDA, down from prior guidance of $18.4bn and $2.97bn respectively. The reduction accounts for Q1 sports results headwinds, Arkansas launch costs, and a reporting reclassification for PokerStars North America. On updated guidance, Flutter projects 12% revenue growth and 1% adjusted EBITDA growth for the full year.The company also confirmed it has begun a review of its London Stock Exchange listing.

TGJ Take

Flutter’s headline 17% revenue growth flatters the underlying picture: organic international revenue was flat and US sportsbook grew just 1%, while adjusted EBITDA margins compressed 210 basis points. The leadership reshuffle signals urgency around FanDuel’s sportsbook recovery before the NFL season, not just routine succession planning. For suppliers and affiliates with US exposure, the Q2-Q3 window matters: Flutter is set to run the FIFA World Cup, a full loyalty program rollout, and FanDuel Predicts expansion in the same half. That is a lot of execution risk concentrated in one period. In Italy and Brazil, Flutter’s results also show how deep product integration can support share gains in already-competitive markets.