Flutter Entertainment, the world’s largest online gambling company, said that it’s expecting strong earnings this year, driven by higher-than-anticipated growth in the U.S. market.

The New York-listed company said Tuesday that its adjusted core profit would grow by 34% to about $3.2 billion in 2025. Its revenue is forecast to increase by 13% to around $15.9 billion.

The U.S., which has been Flutter’s largest market in recent years, is expected to generate about $1.4 billion in adjusted core profit in 2025, up 176% from a year earlier.

Flutter’s CEO Peter Jackson said he expects the company’s customer base will continue to grow further in the U.S., where it operates the online betting platform FanDuel.

“We have had a great start to 2025, including record levels of customer engagement for the Super Bowl where FanDuel had 3 million active customers placing 17.7 million bets with $470 million wagered on the day,” he said.

FanDuel held the largest shares of the U.S. sports betting and iGaming markets in the fourth quarter of last year, with gross gaming revenue market shares of 43% and 26%, respectively.

Flutter said the positive outcome on Super Bowl LIX had helped to offset the “very unfavorable U.S. sports results” it had experienced at the end of last year.

In January, Flutter had warned of a hit to revenues and profits after U.S. gamblers enjoyed a string of winning bets on American football games. The company had described the first few months of the NFL season as being the “most customer friendly since the launch of online sports betting, with the highest rate of favorites winning in nearly 20 years.”

Flutter’s ongoing expansion in North America is expected to incur $90 million in costs this year with the company expecting to launch in Missouri in the fourth quarter and Alberta, Canada in early 2026.

The gambling giant generated $14 billion in revenue in 2024, a 19% jump from a year earlier. It booked a net profit of $162 million last year, compared to a loss of $1.2 billion in 2023, when it had been hit by an impairment charge to its PokerStars business.

JPMorgan said the results were broadly in line with underlying assumptions, and Flutter is its top overweight pick within the gaming sector.

The bank said Flutter has a leading presence across all of its key markets, including the U.K., the U.S., Australia, and Italy, which together account for about 90% of its revenues.

“Flutter comes with a strong moat (leading product, scale, brand), which continues to reinforce its positioning despite increased competitive intensity (especially in the U.S.) and ongoing regulatory headwinds,” JPMorgan analysts led by Estelle Weingrod said in a March 5 note.

Flutter (previously named Paddy Power Betfair) switched its primary listing from London to New York in May last year to gain access to the world’s largest capital markets.

In recent years, Flutter’s chief executive has been pursuing an aggressive expansion into overseas markets that has turned the company into a global betting giant with 35 million customers worldwide in 2024.

In regards to its operations outside of the U.S., Jackson said, “Our commitment to first-to-market product innovation led to market share gains in key markets including the U.K. and Italy, while in Australia, we saw encouraging trends in our player base.”