News from The City, market updates plus comment and analysis from our business desk
Sign upI would like to be emailed about offers, event and updates from Evening Standard. Read our privacy notice.
Paddy Power and Betfair owner Flutter Entertainment has seen shares tumble after worse-than-expected full-year figures, but put faith in this summer’s Fifa World Cup as a “great opportunity” for the betting giant.
The group – which also owns Betfair, Sky Bet and FanDuel in the US – disappointed investors with full-year revenues of 16.4 billion US dollars (£12.2 billion) for 2025, which is up 17% on 2024 but below its most recent forecast of 16.7 billion dollars (£12.4 billion).
Flutter had already downgraded guidance from an earlier forecast for 17.3 billion dollars (£12.8 billion) in November.
The group, which switched its primary listing from London to New York last year, saw shares in London slump by as much as 13% in morning trading on Friday after reporting results after the market close late on Thursday.
It swung to a bottom line pre-tax loss of 121 million dollars (£89.7 million) in 2025, down from 16 million dollars (£11.9 million) profits in 2024, but underlying earnings rose 27% to 832 million dollars (£616.5 million).
The men’s Fifa World Cup finals in North America will begin on June 11 (PA)PA WireThe group said it expected to deliver revenues of 18.4 billion dollars (£13.6 billion) in 2026, which would see growth slow to 12% and comes in lower than expected in the market.
International sales growth – including the UK business – is also expected to slow to 13% down from 19% in 2025, while underlying earnings are predicted to edge just 1% higher in 2026, partly due to Britain’s recent move to ramp up online gambling taxes.
But the firm said events such as the upcoming Football World Cup, which is being held in the US, will be a “great opportunity for Flutter”.
It said: “The expanded tournament serves as a critical global focal point for customer acquisition and deploying innovative products, this time across more fixtures than ever before.
“Our global footprint, including the US where the tournament is primarily being held, means we are the best-placed operator to capitalise on this global opportunity.”
Scotland have also qualified for the 2026 Fifa World Cup (PA)PA WireThe men’s Fifa World Cup finals in North America will begin on June 11.
The lower than forecast figures come amid investor fears in the US over the impact of increasingly popular prediction markets – such as Kalshi and Polymarket – on traditional gambling.
Read MoreSponsoredPeter Jackson, chief executive of Flutter, said: “Looking ahead, we have a clear plan in place to navigate recent US trends and we continue to see a significant runway for growth in a dynamic market as we increasingly convert our scale, technology and customer proposition into sustained profitability.
“With a pivotal calendar of global sporting and iGaming moments ahead, including the World Cup, we are focused on capturing the full breadth of these opportunities in 2026 and beyond.”
The group added it was putting in place “robust” plans to mitigate the UK’s higher gambling taxes.
Paddy Power announced last October it was closing 57 of its 608 betting shops across the UK and Ireland – 29 in the UK and 28 in Ireland – with almost 250 jobs at risk following the move.
Flutter employs over 28,500 staff globally, with 11% of its workforce in the US.
