Flutter reports $1.14bn net loss in Q3 as Brazil closure hits revenue

Flutter Entertainment reports lower full-year revenue and adjusted EBITDA forecasts after the closure of Brazil’s regulated betting market. At the end of Q3 group revenue increased 2% year-on-year to $3.87bn. However, adjusted EBITDA fell 25% to $360m, while the company’s net loss widened to $1.14bn. Sportsbook and iGaming year-on-year revenue was increased, where he US business delivering the strongest growth. Flutter CEO Dan Taylor, who took over from Peter Jackson during the quarter, said: In the US, our sportsbook improvement plan is delivering early but tangible progress in customer engagement and performance. Our International business continues to benefit from strong underlying momentum and the impact of cost transformation programmes. Online betting and gaming is still a relatively young industry, with significant room to grow as markets develop and customer behaviour evolves. Flutter enters its next phase from a position of strength. We have leading businesses in many of the world’s most attractive markets, great brands and scale advantages that few others can match. Our job now is to make more of those advantages. US business leads Flutter’s Q3 revenue growth US operations of the group had the strongest performance in Q3 with 6% to $1.46bn revenue. Sportsbook revenue was 4% up to $817m with 3% increase in handle to $12.02bn. US iGaming revenue also delivered growth, climbing 8% to $572m. The increase was supported by the introduction of exclusive content, with player frequency rising 12%. Flutter generated a further $66m from other activities, including prediction markets, representing a 20% year-on-year increase. The group highlighted progress at FanDuel Predicts, following product improvements and partnerships with Crypto.com and the FanDuel One App. Brazil market closure impact Flutter generated $2.42bn in Q3 revenue from international operations. Sportsbook revenue declined 2% to $963m, despite an 8% increase in handle to $8.57bn. International iGaming revenue increased 1% to $1.38bn. Flutter said the performance reflected its exit from India in August 2026, while organic iGaming revenue grew 3%. Revenue increased 4% in the UK and Ireland and 13% in Southeast Asia, supported by strong iGaming performance. Asia-Pacific revenue declined 4%. Brazil recorded a 31% decrease ahead of the market closure and betting ban in the country. Taylor said: Looking ahead, our priorities are clear: build on our US leadership, capture the prediction markets opportunity, unlock more value from our International portfolio and simplify the way we operate. Delivering against those priorities will require faster execution, tough decisions and disciplined investment. I am confident our actions will make Flutter a stronger business in the long-term. Flutter now expects full-year 2026 revenue of $17.61bn, approximately $300m below its previous forecast. Adjusted EBITDA guidance has been reduced by around $160m to $2.50bn.