Flutter Entertainment (NYSE: FLUT) predicts significant growth in both revenue and earnings for 2025, partially attributing this to advantages gained from global acquisitions. 

The gaming firm announced it now anticipates 2025 earnings before interest, taxes, depreciation, and amortization (EBITDA) to be $3.18 billion on revenue of $17.08 billion as the midpoints of projected ranges, indicating growth of 35% and 22%, respectively. Excluding the latest purchases of Italy’s Snai and Brazilian sportsbook NSX, Flutter’s projected midpoints for 2025 EBITDA and sales are anticipated to rise by 14% and 30%, respectively. 

Flutter finalized its acquisition of Snai at the end of April and is nearing a similar deal with NSX. In September of last year, the Dublin-based firm announced it had purchased a 56% interest in the Brazilian operator for $350 million in cash, aimed at increasing the buyer’s presence in Latin America’s largest economy. With Betnacional included, NSX ranks as the fourth-largest online sportsbook and iGaming firm in Brazil. 

NSX is also profitable already. Together, NSX and Snai are projected to contribute $120 million to Flutter's 2025 EBITDA and $1.07 billion in revenue. 

FanDuel Remains Key Growth Catalyst for Flutter 

As Flutter had promised when it announced its fourth-quarter results, the initial three months of this year marked the first occasion that the operator separated its US business, primarily FanDuel, from its international divisions for reporting. 

Emphasizing FanDuel's robustness, Flutter estimates current US state EBITDA at $1.4 billion on revenue of $7.72 billion, an increase from earlier predictions of $1.31 billion and $7.68 billion, respectively. However, these US forecasts fall short of Wall Street expectations, attributed to customer-centric results in the initial quarter of 2025. 

The gaming firm reiterated that the onset of online sports betting in Missouri and a comparable rollout in Alberta, Canada, early next year may impact revenue and EBITDA by $40 million and $90 million, respectively. The increased FanDuel estimates suggest that Flutter may be relatively robust amid US trade tensions and even in the event

"Our business is resilient and we believe Flutter’s historical performance is instructive,” said CEO Peter Jackson in a letter to investors. “For example, during previous periods of consumer pressure in our International markets, we saw no discernible impact on our businesses, and we have conviction that online sports-betting and iGaming have strong defensive characteristics over the long term.”

Analysts have noted that Flutter is one of the most tariff-resistant gaming stocks since it does not rely on tourists at physical casinos, and most of its customers are casual bettors who do not place large wagers, suggesting they are unlikely to reduce their spending significantly even if the US economy falters. 

Flutter Oversight Forecasting Market Outcomes, Taxation 

With Flutter moving its main listing to New York and FanDuel being a key element of the overall investment thesis, market participants commonly assess the stock from a US perspective. This implies that state tax structures and the competitive challenge from prediction market operators are on Flutter's agenda. 

Jackson has previously emphasized the importance of states balancing their revenue needs with consumer pricing and the investment commitments of gaming companies — points he reiterated in the letter to shareholders. He also mentioned that Flutter possesses the expertise needed to enter the prediction markets sector if it decides to pursue that path in the US.

"We are also closely monitoring the developments around futures markets and the potential direct and indirect opportunities for FanDuel to explore,” wrote the Flutter chief executive officer. “We already operate what we believe is the world’s largest betting exchange, the Betfair Exchange, and we have vast experience in this space.”

Flutter has bought back $230 million in stock so far this year and still anticipates that amount will hit a minimum of $1 billion by the end of the year. At the conclusion of the first quarter, the company possessed $1.53 billion in cash and cash equivalents.