Flutter Entertainment is the larger business by fiscal-2025 revenue, while DraftKings is more concentrated in its sportsbook and iGaming products and North American operations. The useful comparison is not size alone: product and geographic mix, player economics, profitability, growth execution, and exposure to regulation and sports outcomes all shape how these companies may perform.
DraftKings vs. Flutter at a glance
The figures below are company-reported results for the fiscal year ended December 31, 2025, unless otherwise noted. The companies have different regional and product mixes, so revenue is a measure of scale, not a like-for-like measure of business quality.
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| Measure | DraftKings | Flutter Entertainment |
|---|---|---|
| Fiscal-2025 revenue | $6,054.5 million (DraftKings Inc., 2026) | $16,383 million (Flutter Entertainment plc, 2026) |
| Revenue by product | Sportsbook and iGaming together accounted for 93% (DraftKings Inc., 2026) | Sportsbook 53%, iGaming 44%, and other products 3% (Flutter Entertainment plc, 2026) |
| Online and retail mix | Comparable online share and retail-shop count not stated in the cited 2025 filing | Online businesses generated 88% of group revenue; 1,127 retail shops at December 31, 2025 (Flutter Entertainment plc, 2026) |
How DraftKings makes money
DraftKings describes itself as a digital sports entertainment and gaming company. Customers wager through its sportsbook and play online casino games where those products are permitted. It also offers daily fantasy sports, a digital lottery courier, prediction markets, and other products. Its business therefore depends on both customer activity and the revenue it retains from that activity, which can vary across products and periods.
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For 2025, DraftKings reported 4.0 million average monthly unique payers and $53.6 billion in sportsbook handle. Handle is the amount wagered, not revenue. The company reported a 7.1% sportsbook net revenue margin for the year, compared with 6.0% in 2024. That margin is a period result, not a fixed take rate: customer outcomes and the mix of wagers can move it.
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DraftKings’ branded app ecosystem and concentrated product base put customer acquisition, retention, and monetization at the center of its model. The company says contribution profit depends on attracting and keeping players efficiently, increasing their value over time, and scaling its operations.
How Flutter Entertainment makes money
Flutter runs a portfolio of sports betting and iGaming brands across multiple markets. Its 2025 filing lists FanDuel, Sky Betting & Gaming, Sportsbet, PokerStars, Paddy Power, Sisal, Snai, tombola, Betfair, TVG, Adjarabet, MaxBet, and Betnacional. Its products also include exchange betting, pari-mutuel wagering, daily fantasy sports, and U.S. prediction markets, so the “other” category is not a single product or business model.
Flutter reported 15.9 million average monthly players in fiscal 2025. Alongside its online operations, it has a retail presence, mainly in the UK, Ireland, Italy, and Serbia. Its brand portfolio allows it to serve different markets under locally established names, but operating many brands across jurisdictions also adds complexity.
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DraftKings: North American access, subject to local rules
DraftKings’ core sportsbook and iGaming operations rely on access to regulated markets in the United States and Canada. In the U.S., its filing describes sportsbook operations through state-level licenses or regulatory arrangements. Availability is jurisdiction-specific: a product offered in one state or province should not be assumed to be available in another. Its filing’s operating footprint reflects the date of that report, not a permanent list of markets.
Flutter: a broader international portfolio
Flutter’s brands and acquired businesses give it a broader country footprint, alongside its U.S. presence through FanDuel. The breadth can diversify exposure across markets, but it does not remove regulatory risk: each jurisdiction can have its own licensing conditions, tax rules, permitted products, and compliance requirements. Product access, including prediction markets, should be assessed market by market rather than inferred from the group’s global reach.
Growth plans and recent moves
DraftKings: app integration and a new product category
DraftKings announced a plan for a unified Sports & Casino app bringing Sportsbook, Predictions, Casino, and Lottery together in one account and wallet, with access varying by jurisdiction. The company also described investment in Predictions. These are plans and opportunities identified by management; adoption, economics, and regulatory treatment are not established outcomes.
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For fiscal 2026, DraftKings management gave revenue guidance of $6.5 billion to $6.9 billion and adjusted EBITDA guidance of $700 million to $900 million. The company said the guidance assumes state tax rates remain consistent and excludes potential variance related to sports outcomes. These are management expectations, not reported results.
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Flutter reported completing its purchase of the remaining 5% non-controlling interest in FanDuel, acquiring 56% of Brazilian NSX Group (Betnacional), and acquiring Italy’s Snai operator. Those transactions add ownership and market exposure; they do not by themselves establish that expected integration benefits or synergies have been achieved.
In December 2025, Flutter launched FanDuel Predicts with CME Group in five states, with a phased rollout planned into early 2026. The launch expands the portfolio into prediction markets, but future adoption, returns, and regulatory conditions remain uncertain.
What recent results do—and do not—show
DraftKings reported fourth-quarter 2025 revenue growth of 43% year over year and positive net income for fiscal 2025. A strong quarter and a positive full-year net-income result are useful context, but neither alone establishes the durability of growth or future profitability. In evaluating either company, consider revenue alongside earnings, adjusted EBITDA, marketing and customer-acquisition costs, and cash generation; the cited headline figures do not provide a complete like-for-like comparison on all of those measures.
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Regulation, tax, and responsible gambling
Both companies rely on regulated wagering and gaming markets. DraftKings warns that changes in law, regulation, tax treatment, or regulatory interpretation could materially harm its operations and results. Flutter’s wider geographic exposure brings jurisdiction-specific legal and tax requirements of its own. Licensing, product restrictions, compliance obligations, and responsible-gambling requirements can affect market access and operating costs.
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Sports results and revenue margin
Sportsbook results can be volatile because revenue depends partly on event outcomes and customer wins and losses. A favorable or unfavorable run for customers can move a period’s sportsbook margin, so neither company’s reported margin should be treated as a guaranteed recurring rate. DraftKings explicitly excluded sports-outcome variance from its fiscal-2026 guidance.
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Competition and customer economics
Sportsbooks and online casinos compete for players, and promotional intensity can raise the cost of acquiring or retaining them. Growth in users or handle is not automatically attractive if it requires spending that overwhelms the contribution those customers generate. DraftKings specifically identifies efficient acquisition, retention, monetization, scale, and market access as important to its profitability.
Acquisition and new-product execution
Flutter’s acquired operations create integration work across brands and markets; the acquisitions are not proof that integration will be seamless. DraftKings’ planned app integration and both companies’ activity in prediction products also require execution in changing regulatory environments. The commercial opportunity for a new product is not the same as demonstrated demand or earnings.
How to compare the businesses as an investor
- Separate scale from economics. Revenue indicates business size, but compare profitability, cash generation, marketing expense, and the mix of products producing that revenue.
- Account for geography. Market access, licensing, tax, and product rules differ by jurisdiction and can change. A broad footprint can diversify revenue while increasing regulatory and operating complexity.
- Look beyond player or wager growth. Monthly players and handle provide activity measures, not a complete picture of customer value, retention, or profit.
- Treat management plans as uncertain. Guidance, app plans, rollout schedules, and long-term targets are company expectations or intentions until results demonstrate delivery.
DraftKings may be the more focused comparison for someone assessing a North American digital wagering business, while Flutter offers a larger, multi-brand international portfolio. Neither description establishes which is the better investment: that depends on the price paid, future execution, and the risks an investor is willing to accept. This is company analysis, not individualized investment advice.
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