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Flutter Entertainment’s 19% iGaming Growth: Is The Market Missing The Stronger Engine?

Flutter Entertainment reported its first-quarter 2026 results with group revenue rising 17% year-over-year and adjusted EBITDA increasing by 2%. The growth was driven notably by contributions from recent acquisitions such as Snai and Betnacional, alongside a favorable year-over-year swing in sports outcomes. In the U.S.—a significant market for Flutter—sportsbook revenue grew 10%, supported by underlying improvements in key performance indicators (KPIs) like active monthly players (AMPs) and handle, which showed sequential gains as the quarter progressed. However, overall U.S. AMPs declined by 1% year-over-year, largely due to high gross revenue margins in late 2025’s NFL season that had dampened customer activity leading into 2026. Flutter has initiated sportsbook improvement initiatives that include product enhancements like expanded parlay offerings, personalized parlay building, full-screen streaming, and new customer promotions such as “Bet Protect+” and a sportsbook loyalty program, both receiving positive early responses.