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]