Table of Contents Ireland 98-1782229 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37403 Flutter Entertainment plc (Exact name of registrant as specified in its charter) (State or Other ...

New York, August 7, 2025: Flutter Entertainment (NYSE: FLUT; LSE: FLTR) ("Flutter") the world's leading online sports betting and iGaming operator today announces Q2 results, and increased 2025 guidance. Key financial highlights: Exhibit 99.1 | In $ millions except where stated otherwise | | Three months ended June 30, | | | --- | --- | --- | --- | | | 2025 | 2024 | YOY | | Average monthly players (AMPs) ('000s)1 | 15,978 | 14,344 | +11% | | Revenue | 4,187 | 3,611 | +16% | | Net income | 37 | 297 | (88)% | ...

Core Insights - Flutter Entertainment reported strong Q2 2025 results with a 16% year-over-year revenue growth and a 25% increase in adjusted EBITDA, despite an 88% decline in net income due to non-cash charges [2][5][32] Financial Performance - Average monthly players (AMPs) increased by 11% to 15,978, while revenue reached $4,187 million, up from $3,611 million in Q2 2024 [2][32] - Net income fell to $37 million from $297 million, resulting in a net income margin of 0.9%, down 730 basis points year-over-year [2][32] - Adjusted EBITDA rose to $919 million, with an adjusted EBITDA margin of 21.9%, reflecting a 150 basis point improvement [2][32] - Earnings per share decreased to $0.59, while adjusted earnings per share increased by 45% to $2.95 [2][33] US Market Performance - US revenue grew by 17%, driven by a 42% increase in iGaming revenue and an 11% rise in sportsbook revenue [5][16] - Flutter maintained its leading position in the US market with a sportsbook gross gaming revenue (GGR) market share of 41% and a record 27% iGaming GGR market share [16][35] - The company reported a favorable gross revenue margin of 16.3% in June, the highest on record [16] International Market Performance - International revenue increased by 15%, with the Snai and NSX acquisitions contributing significantly to growth [22][40] - iGaming revenue in international markets grew by 27%, with notable performance in Turkey and Italy [45][46] - The company achieved a 21.7% overall market share in Italy, with 30.2% of the online market [14][46] Strategic Initiatives - Flutter's acquisition of Snai and NSX has positioned it as the largest operator in Italy and established a significant presence in Brazil [6][12] - The company extended its US market access partnership with Boyd to 2038, enhancing its market access efficiency [9] - Flutter's focus on innovation is evident with the launch of new features and products, including the FanDuel Rewards Club and Same Game Parlay+ [17][20] Updated Guidance - The company raised its full-year 2025 guidance, expecting group revenue and adjusted EBITDA of $17.26 billion and $3.295 billion, representing year-over-year growth of 23% and 40%, respectively [4][56] - The updated guidance reflects the impact of favorable US sports results, tax changes, and renegotiated market access savings [4][56]

Group 1 - The company focuses on macro investment strategies, particularly in under-valued sectors and thematic ideas such as metals, gold, and cryptocurrency [1] - The investment approach emphasizes diligent saving and investing as a means to achieve financial success, demonstrated by the management of a seven-figure investment account [2] - The portfolio includes a diverse range of assets, including broad market ETFs, sector-specific funds, alternative investments like Bitcoin and gold, and individual stocks [3] Group 2 - The investment group CEF/ETF Income Laboratory specializes in macro analysis and offers managed income portfolios targeting reliable yields of approximately 8% [3] - The majority of holdings in the investment group are monthly-payers, which facilitates faster compounding and steady income streams for investors [3] - Additional features of the investment group include 24/7 chat support and trade alerts, catering to both active and passive investors of varying experience levels [3]

Group 1 - Flutter Entertainment has extended its long-term strategic partnership with Boyd Gaming Corporation to 2038 and has completed the buyout of Boyd's 5% stake in FanDuel Group [1] - The market access savings from this transaction will be effective from July 1, 2025 [1] - Flutter is recognized as the leading online sports betting and iGaming operator globally, with a strong market position in the US [2][3] Group 2 - Flutter operates a diverse portfolio of well-known online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and others [3] - The company aims to leverage its size and challenger mindset to drive long-term growth while promoting sustainability through its Positive Impact Plan [2]

Core Insights - Boyd Gaming Corporation has completed the sale of its 5% equity interest in FanDuel Group to Flutter Entertainment for cash proceeds of $1.758 billion [1][2] - The company plans to use the proceeds to repay existing debt and continue its strategy of investing in properties, pursuing growth opportunities, and returning capital to shareholders while maintaining a strong balance sheet [2] Company Overview - Boyd Gaming Corporation, celebrating its 50th anniversary in 2025, operates 28 gaming entertainment properties across 10 states and manages a tribal casino in northern California [4] - The company also owns and operates Boyd Interactive, a B2B and B2C online casino gaming business, and prides itself on providing outstanding entertainment experiences and customer service [4]

Group 1 - The National Heads-Up Poker Championship is returning in 2025 after more than a decade, with a buy-in of $25,000 and featuring celebrity players [2][3][4] - The tournament will be exclusively aired on Peacock in fall 2025, followed by availability on PokerGO and PokerStars [1][2] - The event is known for its single-elimination, bracket-style format and aims to reignite interest in poker by combining celebrity participation with professional players [3][4] Group 2 - PokerGO has acquired the National Heads-Up Poker Championship brand and archived content from NBC Sports, marking the first edition under its ownership [4] - PokerStars is recognized as the world's most popular online poker site, having dealt more than 200 billion hands since its launch in 2001 [6] - PokerGO offers over 100 days of live poker annually and has a vast video-on-demand library, positioning itself as a leading poker content provider [5]

Financial Data and Key Metrics Changes - For Q2 2025, revenues excluding tax pass-through amounts grew by 4%, while EBITDAR also increased by 4% to $358 million, marking the strongest year-over-year growth in over three years [5][21] - Property level margins exceeded 40%, a level consistently achieved since 2021 [5][21] - Total leverage at the end of Q2 was approximately 2.8 times, expected to reduce to below 2 times post-FanDuel transaction [20][21] Business Line Data and Key Metrics Changes - The Las Vegas Local segment reported its first year-over-year revenue and EBITDAR growth in over two years, maintaining segment margins of nearly 50% [6][9] - The Downtown Las Vegas segment showed stable performance, with revenue and EBITDAR up more than 1% year-to-date [9] - The Midwest and South segment achieved revenue and EBITDAR gains of over 3%, marking its highest quarterly performance in nearly three years [10] - The online segment saw revenue and EBITDA increases driven by Boyd Interactive and modest growth from market access agreements [11] Market Data and Key Metrics Changes - Southern Nevada's employment and local income are on the rise, with average weekly wages up more than 5% year-over-year, contributing to a positive economic outlook [7] - The Las Vegas Valley has nearly $11 billion in construction activity underway, indicating strength in the local economy [7] Company Strategy and Development Direction - The company plans to use proceeds from the FanDuel transaction to pay down debt, invest in properties, pursue growth opportunities, and return capital to shareholders [5][18] - Capital investment programs include ongoing renovations and new developments, with a focus on enhancing long-term growth profiles [12][15] - The company remains committed to a balanced approach to capital allocation, including investments in business growth and shareholder returns [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Southern Nevada economy and the local business prospects, citing positive economic indicators [7][9] - The company noted that the promotional environment has remained stable, with no heightened promotional activities observed [42][43] - Management indicated that while there is flexibility for capital deployment, disciplined capital allocation will continue to guide decision-making [33][39] Other Important Information - The company repurchased $105 million in stock during Q2 and plans to increase its share repurchase program to $150 million per quarter [17][24] - The recent tax bill includes provisions that will benefit the company's operations, such as tax deductions for tips and overtime [8][60] Q&A Session Summary Question: What will Boyd do with the proceeds from the FanDuel transaction? - Management clarified that proceeds will be used to reduce leverage and invest in future growth opportunities, maintaining a balanced capital allocation strategy [28][33] Question: What is the optimal leverage level for Boyd? - Management indicated that while leverage was previously targeted around 2.5 times, the company may operate below that level for the time being as it evaluates capital allocation [36][39] Question: What is the current promotional environment in key markets? - Management stated that the promotional environment has been stable, with no significant changes in promotional activities across their properties [42][43] Question: Can you provide insights on the pickup in retail play? - Management noted a recent improvement in unrated play, attributing it to local customers staying closer to home, but indicated the need for further observation to determine sustainability [50][52] Question: How will the company approach online gaming strategy post-FanDuel? - Management confirmed that there will be no change in strategy, focusing on a regional online casino approach while enhancing their core product [55][66]

Core Viewpoint - Flutter Entertainment plc has announced the pricing of a significant offering of senior secured notes and a new term loan facility, aimed at funding strategic acquisitions and partnerships in the gaming industry [1][2][3]. Group 1: Offering Details - The offering includes $625 million of 5.875% senior secured notes, €300 million of 4.000% senior secured notes, and £250 million of 6.125% senior secured notes, all due in 2031 [1]. - The notes will be issued at par and are part of a further issuance of previously issued notes from June 4, 2025 [1]. - The settlement for the offering is expected to occur around August 7, 2025, pending customary closing conditions [1]. Group 2: Use of Proceeds - Proceeds from the offering and the Fourth Incremental TLB Facility will be used to acquire the remaining 5% minority interest in FanDuel and to extend a strategic partnership with Boyd Interactive Gaming Holdings, L.L.C. [3]. - The issuer plans to utilize cash on its balance sheet to cover certain costs, fees, and expenses related to these transactions [3]. Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, holding a strong market position in the US and globally [4]. - The company aims to leverage its scale and innovative approach to drive long-term growth while promoting sustainability through its Positive Impact Plan [4]. - Flutter operates a diverse portfolio of well-known brands, including FanDuel, Sky Betting & Gaming, and PokerStars, among others [5].

Core Viewpoint - Flutter Entertainment is set to release its second quarter 2025 update on August 7, 2025, after market close, with all related materials available on its website [1] Group 1: Financial Update - The second quarter 2025 update will be released at 4:05 p.m. EDT (9:05 p.m. BST) on August 7, 2025 [1] - A conference call will be held on the same day at 4:30 p.m. EDT (9:30 p.m. BST) to review the results and answer questions [2] Group 2: Participation Details - Analysts and investors can participate in the live conference call by dialing specific numbers and using conference ID 20251, with a recommendation to join 10 minutes early [3] Group 3: Company Overview - Flutter is recognized as the world's leading online sports betting and iGaming operator, with a strong market position in the US and globally [3] - The company aims to leverage its size and innovative mindset to drive long-term growth while promoting sustainability through its Positive Impact Plan [3] Group 4: Brand Portfolio - Flutter operates a diverse portfolio of well-known online sports betting and iGaming brands, including FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, and others [4]