Flutter Cuts Full-Year Forecast as Brazil Ban Drives $1.15 Billion Q3 Loss
Flutter Entertainment has lowered its 2026 guidance after a weak third quarter hit by the betting ban in Brazil and unfavourable sports results.
The company posted a net loss of $1.15 billion for the three months to the end of September, compared with a loss of $789 million in Q3 2025.
Revenue rose 2% to $3.87 billion, but the result included $873 million in non-cash impairment charges linked to its Brazilian business. Adjusted EBITDA fell 25% to $360 million.
After President Lula shut down Brazil’s regulated market in late September, Flutter closed its Betfair business in the country. Betnacional is now its only brand there.
Flutter cut its full-year revenue guidance midpoint by $300 million to $17.61 billion. Its adjusted EBITDA guidance was lowered by $160 million to $2.495 billion.
Dan Taylor, CEO of Flutter, stated:
In response, we have acted decisively; our operations are currently closed, and we have paused all discretionary and uncommitted spend.
Taylor, who replaced Peter Jackson on October 1, 2026, also said the company is ready to resume operating if the market returns.
In the US, FanDuel revenue grew 6% to $1.46 billion, while its adjusted EBITDA dropped 94% to $3 million. Flutter linked this to investment in its prediction market product and its July launch in Alberta, Canada.
In the UK and Ireland, revenue increased 4% to $889 million as iGaming revenue rose 12%.
