Flutter Reduces FY 2026 Guidance as Brazil iGaming Shutdown Impacts Financials

Flutter Entertainment has published its financial report for the third quarter of the year, highlighting a double-digit decrease in EBITDA. To make matters worse, the closure of Brazil’s iGaming market impacted the company’s revenues, causing it to adjust its outlook for the year. Flutter Reported Mixed Q3 Results In its report, the international gaming giant reported $3.87 billion in revenue. This figure marks a 2% increase year-on-year, highlighting some improvements. Flutter explained that the revenue was driven by strong performances in the UKI and SEA regions, which were partially offset by weaker sports results in the wider International segment. At the same time, the company’s adjusted EBITDA plummeted to $360 million, down 25% year-on-year. For comparison, the company’s adjusted EBITDA for Q3 2025 was $478 million. Taking a look at Flutter’s two main reporting segments, US revenue reached $1,455 million, up 6% year-on-year. The increases were driven by the expansion of FanDuel rewards, the launch of new iGaming products, and the growth of the FanDuel Predicts prediction market platform. US adjusted EBITDA, meanwhile, was only $3 million, down 94% year-on-year. The company explained that this was due to its heavy investment in prediction markets and the lunch of gaming in Alberta. The International segment, on the other hand, reported $2,419 million in revenue, which was mostly consistent with the prior-year results. The segment’s adjusted EBITDA, however, decreased by 14% to $435 million. Flutter attributed the decrease to the UK tax hikes and said that its cost savings in UKI and Brazil partially offset the decline. Speaking of Brazil, the Provisional Measure, which banned online sports betting and iGaming in the country, impacted Flutter, resulting in $873 million in non-cash impairment charges. The company added that $537 million of the post-tax impairment charge was attributable to Flutter reflecting 56% ownership of Flutter Brazil. In any case, the difficulties led to a group net loss of $1,148 million, which marks a significant increase from a loss of $789 million in Q3 2025. Flutter Lowered Its FY 2026 Guidance In addition to publishing its financial report, Flutter Entertainment also announced changes to its full-year guidance. As a result of the various headwinds and the impact of the closure in Brazil, the company reduced its financial expectations for 2026. According to the announcement, the revenue midpoint guidance has been reduced by $300 million to $17.61 billion, while the full year adjusted EBITDA guidance has been lowered by $160 million to $2.495 billion. CEO Dan Taylor remained optimistic about Flutter’s direction despite the headwinds, saying that he trusts in the strength of both the US and International segments. He was likewise pleased with the iGaming performance, saying that there is significant room to grow yet. He added that 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. Dan Taylor, CEO, Flutter Entertainment Talor cited building on its US leadership, capturing prediction market opportunities, and enhancing its International portfolio as Flutter’s three core goals.