Flutter reports $16.383bn revenue for 2025 as Spanish restrictions affect activity

Flutter Entertainment's revenue for 2025 was $16.383bn, compared with $14.048bn in 2024. The result was an increase of 17%.

Adjusted EBITDA reached $1.553bn, while the net result was a loss of $407m. According to the company, the net loss was mainly affected by an extraordinary asset impairment of $556m linked to India's ban on real-money gaming.

Flutter recorded an average of 15.9 million monthly active users during the year. The digital channel accounted for 88% of group revenue. The group also kept a network of 1,127 betting shops, mainly in the United Kingdom, Ireland, Italy and Serbia.

The Spanish market is part of the International division, which had revenue of $9.416bn in 2025. Flutter does not give a separate revenue figure for Spain in the main tables of its annual report. The group's activity in Spain runs only through the online channel and the PokerStars, Betfair and tombola brands. Among its main workstreams is the technology integration of PokerStars Spain, France and Portugal into the centralised SEA (Southern Europe & Africa) platform.

In its corporate documentation, Flutter identifies advertising restrictions as one of the factors that affect commercial activity in Spain. Limits on sports sponsorship and on the use of well-known figures in commercial communications influence operators' acquisition and promotion strategies. The group points to the importance of working on user loyalty and on developing its own digital platforms.