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1. Flutter Entertainment

Flutter Entertainment has racked up six consecutive first place finishes in the EGR Power 50, underlining the New York-listed operator’s standing as the industry’s undisputed international powerhouse. Its unparalleled scale is borne out in the fact revenue and adjusted EBITDA are expected to be $16.7bn (£12.7bn) and $2.9bn at the midpoint, respectively, for full-year 2025, while it occupies gold medal and podium positions in key regulated markets.  In the US, its FanDuel brand remains out front with a 38% share of online sports betting and a 27% slice of igaming, based on gross gaming revenue (GGR). Incidentally, Flutter took full control of FanDuel in July, shelling out $1.8bn for Boyd Gaming’s 5% stake.

Across the pond in the UK and Ireland (UKI), which accounted for 23% of H1 group revenue, Flutter is still the largest online group thanks to brands including Sky Betting & Gaming and Paddy Power. One lever that has been periodically pulled by management to turbocharge growth is M&A. In April, Flutter completed the €2.3bn purchase of Italy’s Snaitech, with the transaction swelling the group’s online market share in the country – where it also owns Sisal – to approximately 30%.

The following month saw the completion of a 56% stake – worth around $350m – taken in NSX Group, parent company of Brazil-licensed bookmaker Betnacional. There have been bumps in the road of late, however. In August, Indian lawmakers dealt the country’s skill games industry a hammer blow by banning products like daily fantasy sports (DFS), rummy and poker from being played for money. Flutter, which owns Junglee Games, said it was “extremely disappointed” by the decision.

Elsewhere, there is growing regulatory pressure in the UK, while the threat posed by prediction markets in the US could give bosses sleepless nights. Needing skin in the game, Flutter announced in August that FanDuel had partnered with deriv­atives marketplace CME Group to offer contracts on financial markets like oil, gold and crypto. Later, in November, it was revealed that the new FanDuel Predicts app, slated for a December launch, will offer sports event contracts in states where sports betting isn’t yet legal, though not on tribal lands. “The FanDuel Predicts product is something very exciting for the half of America who can’t currently access sports betting,” group CEO Peter Jackson said on the Q3 earnings call.

Financials: Group-wide revenue for the first six months of 2025 rose 12% year on year (YoY) to $7.9bn and adjusted EBITDA jumped 23% to $1.54bn

Strategy & impact: Its foundation for growth is built on a stable of ‘local hero’ brands, as well as the so-called ‘Flutter Edge’ for leveraging the company’s global scale and in-house expertise

Geographic reach: The US – where FanDuel leads online sports betting and igaming – remains the group’s engine of growth. Also holds gold medal positions in tier-one regulated markets like the UK, Italy and Australia

Influence & leadership: Remains the industry’s largest online operator – both in terms of scale and market cap – a feat achieved through a combination of organic growth and strategic M&A

If you are lucky enough to be ranked a Power 50 operator, secure your place at the Power 50 Summit next April

The post EGR Power 50 2025: 1. Flutter Entertainment first appeared on EGR Intel.